Jakarta. The newly established commodity export agency has managed more than $10.5 billion in export foreign exchange during its first six weeks of operation, President Prabowo Subianto said on Monday, hailing the early performance of the state-backed institution.

Prabowo said Danantara Sumberdaya Indonesia (DSI), established by sovereign wealth fund Danantara Indonesia to oversee exports of selected natural-resource commodities, had also helped narrow the gap between domestic commodity prices and international market prices.

“I received a report from Rosan [Roeslani], CEO of Danantara, that after only one month and two weeks of operations, DSI has already managed more than $10.5 billion in foreign exchange,” Prabowo told a cabinet meeting at the Presidential Palace in Jakarta.

The government established DSI after saying it had uncovered widespread under-invoicing and transfer-pricing practices among exporters of commodities such as crude palm oil and coal. Officials said the practices had deprived the state of billions of dollars in revenue each year.

Under the new policy, exports of selected strategic commodities are required to pass through DSI as part of the government's effort to strengthen oversight of export proceeds and improve transparency in commodity trading.

Prabowo said that before DSI began operating, the gap between domestic commodity prices and international market prices ranged from 30% to 45%. He said the gap had now almost disappeared, reflecting what he described as a more efficient and transparent commodity trading system.

The president also reaffirmed his administration's commitment to cracking down on under-invoicing, transfer pricing and other forms of export trade manipulation involving natural-resource commodities.

“I will not discriminate. We will revoke the licenses of anyone who refuses to comply with Indonesian law,” Prabowo said.

The government has said DSI is intended to strengthen oversight of Indonesia's strategic commodity exports while ensuring that export earnings are fully reported and contribute to state revenue.