Indonesia looking to biodiesel as way to shore up FX shortage

In Indonesia, the president believes the country will be able to keep the national currency from continuing its nosedive if it immediately implements higher biodiesel blending and stops spending its scarce foreign currency on buying fossil fuels. Oil prices have risen sharply lately while vegetable prices remain low. The rupiah has fallen 6% in recent months and ministers believe that in addition to asking importers to bring their dollars in from offshore accounts, boosting biodiesel production will help reduce the currency’s slide.