Indonesia announced plans to bring commodity exports under centralized government control, according to statements from President Joko Widodo. The move comes as the country faces economic pressures including a weakening rupiah currency.

Palm oil stocks declined following news of Indonesia's plan to tighten export controls. Indonesia is one of the world's largest palm oil producers, and changes to export policies typically have significant impacts on global commodity markets.

The Indonesian rupiah has been hitting new lows against major currencies, prompting speculation that Bank Indonesia may consider raising interest rates to defend the currency. The central bank faces pressure to balance supporting economic growth while maintaining currency stability.

The centralized export control plan represents a shift toward greater government oversight of Indonesia's key commodity sectors. Details of how the new system would operate and which specific commodities would be affected have not yet been released.

Indonesia's economy relies heavily on commodity exports, including palm oil, coal, and other natural resources. Any changes to export policies could affect global supply chains and pricing for these materials.