Indonesia finance minister to approve new levy on crude palm exports on Tues

[JAKARTA] Indonesia's finance minister will sign a regulation on Tuesday imposing a levy of US$50 a tonne on exports of crude palm oil, the chief economic minister said.

"Today, it will be signed by the finance minister because the finance minister is going to Washington later," Sofyan Djalil told reporters.

Under the regulation, levies will be charged when the export tax is zero and the money gained will go to fund new biodiesel subsidies and rules announced this year.

The president must approve the regulation before it can take effect.

REUTERS