USD accounts surge in Indonesia, according to data from the Indonesia Deposit Insurance Corporation (LPS), which recorded a sharp increase in the number of US dollar accounts at commercial banks as of May 2026. Several factors are driving this trend, including the weakening rupiah exchange rate, high global uncertainty, and new regulations requiring natural resource export proceeds (DHE SDA) to be placed in state-owned banks.
The Numbers Behind the USD Accounts Surge in Indonesia
Based on LPS deposit distribution data as of May 2026, the number of USD accounts reached 8.92 million, jumping 58.2% year-on-year. Meanwhile, rupiah accounts grew 8.4% year-on-year to 673.14 million accounts. Beyond the number of accounts, foreign currency deposit values also grew more aggressively than rupiah deposits.
Total foreign currency deposits at commercial banks reached Rp1,714.76 trillion as of May, up 18.7% year-on-year. Over a six-month period, foreign currency deposits also grew significantly by 16.5%, while rupiah deposits rose only 1.7%. Year-to-date, foreign currency deposits increased 18.1%, while rupiah deposits contracted 0.3%.
Why the USD Accounts Surge in Indonesia Doesn’t Signal a Rupiah Exodus
Responding to the data, PT Bank Permata Tbk (Permata Bank) Chief Economist Josua Pardede said the surge does not automatically mean the public is abandoning the rupiah en masse, but it clearly reflects a sharp rise in interest in holding and transacting in US dollars.
“The main factors are a combination of rupiah weakness, global uncertainty, foreign currency transaction needs, changing customer behavior aimed at spreading risk, and the impact of the DHE SDA policy,” Josua explained to Investor Daily on Wednesday, July 15, 2026.
According to Josua, LPS data also shows USD accounts have grown rapidly across various deposit tiers, particularly small-denomination accounts, which are very large in number. This means the rise in account numbers doesn’t always correspond to a surge in large foreign currency deposit values.
The rise in USD accounts, he continued, does reflect some concern about the rupiah, but it cannot yet be described as a broad symptom of eroding confidence.
“As the rupiah approaches or breaks through Rp18,000 per US dollar, it’s natural for upper-middle-income households, business operators, importers, exporters, and investors to start setting up dollar accounts as a store of value, transaction tool, or for future payment needs,” Josua said.
“However, as long as most domestic transactions continue to use rupiah, credit growth remains steady, and rupiah liquidity stays strong, this phenomenon is more accurately described as deposit diversification and value protection, rather than a mass shift from rupiah to US dollars,” he added.
Retail Customers Drive Account Growth, Corporations Drive Deposit Value
Josua explained that in terms of account numbers, growth is likely driven by retail customers, as opening foreign currency accounts has become easier through digital banking services. However, in terms of deposit value, dollar accounts remain dominated by corporations, exporters, importers, and high-net-worth customers. This pattern helps explain why the USD accounts surge in Indonesia looks larger in headline numbers than in actual deposit value.
Separately, Danamon’s Consumer Funding & Wealth Business Head Ivan Jaya explained that foreign currency savings jumped 52% year-on-year to around Rp8.5–9 trillion. This growth was driven by competitive exchange rate offerings, a growing base of affluent customers, and product innovation.
“We prioritize offering some of the best foreign currency rates in the market, both for the Global Currency Card and the JCB Precious credit card,” Ivan added.
How the DHE SDA Policy Contributes to the USD Accounts Surge in Indonesia
Speaking separately, Chairman of the National Banks Association (Perbanas) and President Director of PT Bank Rakyat Indonesia (Persero) Tbk (BBRI), Hery Gunardi, revealed that the surge in USD accounts is also partly aligned with regulations requiring DHE SDA placement in banks, particularly Himbara (state-owned banks).
“Yes, there is (growth), because of DHE, and the DHE flowing into Himbara banks is quite high, so it’s certainly increasing,” Hery said after attending the OJK Banking Forum in Jakarta on Tuesday, July 14, 2026.
Government Regulation (PP) Number 21/2026 concerning DHE SDA took effect on June 1, 2026. This means exporters are required to place their natural resource export proceeds in state-owned banks starting June 1, 2026, and businesses were expected to have already opened USD accounts before the regulation took effect.
Mandatory foreign exchange placement must be done through Himbara banks under a tightened retention scheme: a minimum of 30% for three months for the oil and gas industry, and full retention of 100% for 12 months for non-oil and gas industries.
Echoing Hery’s view, Josua also considers the DHE SDA policy a significant contributor to the growth in dollar accounts, particularly within the corporate segment. Under this policy, exporters in the natural resources sector are required to place 100% of their export proceeds into Indonesia’s financial system through dedicated bank accounts, primarily at Himbara banks, and to retain a portion of those funds for a specified period.
“This policy naturally encourages the opening of foreign currency accounts, especially among exporters and commodity-based companies,” he said.
Beyond DHE SDA: Broader Market Factors at Play
However, Josua emphasized that the USD accounts surge in Indonesia cannot be fully explained by the DHE SDA regulation alone. If the DHE SDA policy were the sole driver, account growth should be more concentrated among exporting corporations. In reality, the very high increase in account numbers indicates broader factors are also at work, including rupiah weakness, expectations of continued high US interest rates, rising oil prices, and increasing global geopolitical risk.
According to Josua, Bank Indonesia’s decision to raise the BI-Rate to 5.75% also shows that pressure on the exchange rate remains a top concern for monetary authorities.
“My conclusion is that the surge in USD accounts is a mix of the DHE SDA policy’s impact and the market’s response to rupiah uncertainty, but market factors appear to be growing stronger,” Josua said.
The DHE policy explains the rise in corporate and exporter accounts, while rupiah weakness explains growing interest among retail and affluent customers in opening dollar accounts. Josua recommended that the government and Bank Indonesia maintain rupiah stability, strengthen certainty around the DHE policy to avoid market distortions, deepen the domestic foreign exchange market, and ensure incoming foreign currency funds genuinely add to foreign exchange supply rather than simply sitting idle in accounts.
“For banks, the most important thing is to monitor USD deposit concentration, maintain adequate foreign currency liquidity, and avoid interpreting a rise in account numbers as a fully stable increase in liquidity,” he concluded. Whether this USD accounts surge in Indonesia proves temporary or structural will likely depend on how the rupiah performs in the months ahead.
Manage Your Foreign Currency Needs with Cash X Change
As more Indonesians turn to US dollar accounts for savings and transactions, having a trusted partner for physical currency exchange remains just as important. Cash X Change, an Authorized Money Changer with more than 40 outlets across Indonesia, offers transparent and competitive exchange rates whenever you need to exchange currency.
Need to send or receive funds internationally? Ditransferin provides Western Union services with extended operating hours beyond standard banking hours, giving you the flexibility to complete your transfers whenever you need them.
Source: Investor Daily
