Bank Indonesia Confirms No Redenomination Of Three Zeros In Rupiah

Illustration (Photo: Doc. Antara)

JAKARTA - Bank Indonesia (BI) stated that until now the value of the currency that is validly valid is reflected in the full nominal amount in each circulating rupiah.

This was emphasized by the Head of the BI Money Management Department, Marlison Hakim when responding to the redenomination issue related to the elimination of three digits behind zero which is currently blowing fast.

According to him, the latest edition of the 2022 edition of the rupiah currency has intentionally omitted three zeros for reasons of strengthening the security system and not about redenomination.

"It has nothing to do with redenomination," he said, quoted Thursday, August 25.

In addition, Marlison also revealed that if the numbers are written in full, it will make the writing format smaller.

"The space for paper money is limited, (if the writing is small) it will be difficult for people to identify its value," he said.

For information, the discourse on redenomination of the value of the rupiah currency first surfaced in 2020 when the Minister of Finance (Menkeu) Sri Mulyani signed PMK Number 77/PMK.01/2020 concerning the Strategic Plan of the Ministry of Finance for 2020-2024.

The regulation contains a plan that redenomination will begin five years after the PMK is signed, or in other words in 2025.

It is stated that this government initiative is intended to simplify the reporting system and financial transactions. For example, for a nominal value of IDR 1.000, it will be redenominated to IDR 1.

In fact, the former Governor of BI Darmin Nasution echoed the effort to simplify the value of the currency in 2010.