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Bank Indonesia Explains Why Rupiah Redenomination Yet to Be Realized

23 June 2023 23:17 WIB

Illustration of Indonesian currency, Rupiah. ANTARA FOTO/Syifa Yulinnas

TEMPO.CO, JakartaBank Indonesia stated that rupiah redenomination or simplifying the number of digits in the rupiah, such as from Rp1,000 to Rp1, has been prepared for a long time. The country’s central bank Governor Perry Warjiyo claimed that Bank Indonesia is ready to carry out the plan.

Perry explained that he had paid attention to the design, stages, and steps toward this transition. “But of course, this decision requires the right timing,” Perry said in a virtual press conference on Thursday, June 22, 2023.

Perry outlined three factors that prevent the policy from being implemented. It must be executed during good macroeconomic conditions and a stable monetary and financial system. In addition, the country’s socio-political conditions must also be supportive, positive, and strong.

Indonesia's economy is relatively good, he said, but there is still uncertainty in the global economy. The public is thus expected to be patient waiting for the right moment.

Perry was reluctant to explain the reason from a social and political perspective. “The government knows better,” he shortly responded.

Redenominating the national currency will remove the three zeros. Although the number will be smaller, this will not make the value of the rupiah. The redenomination plan was first voiced by Darmin Nasution when serving as BI Governor from 2009 to 2013.

The issue of rupiah redenomination emerges almost every year, generally during Money Day. However, this plan is not yet realized since it was first initiated during the era of President Susilo Bambang Yudhoyono and the era of President Joko Widodo or Jokowi.

The Finance Ministry also released the bill on rupiah redenomination as one of the focuses of the 2020-2024 National Medium-Term Development Plan (RPJMN). The ministerial regulation (PMK) No. 77/PMK.01/2020 contains the details of the ministry’s strategic program.

Previously, Bank Indonesia stated that a special team is studying the rupiah redenomination while monitoring developments in the economic situation. In the 2014-2019 period, the plan was included in the Finance Ministry's strategic program but was not executed.

RIANI SANUSI PUTRI

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