06/05/2015 (Reuters) - A new Indonesian regulation requiring exporters to pay a levy of US$50 per tonne of crude palm oil and US$30 for processed palm oil product shipments will take effect by the third week of May at the latest, the Chief Economic Minister said on Wednesday.

The regulation, which was signed by Indonesian President Joko Widodo late on Tuesday, will fund Indonesia's recently announced biodiesel subsidies and may help underpin palm prices if biodiesel demand picks up. "It will be implemented as late as the third week of May, Sofyan Djalil told Reuters.