“Simplifying the number of digits on rupiah denominations will not decrease consumers' purchasing power as it will also be followed by the prices of goods and services being adjusted,” BI governor Agus Martowardojo said at the central bank’s headquarters on Monday, during an event on the issuance of new banknotes and coins.

Agus said should the bill be passed into law the denomination process would need a minimum transition period of eight years, adding that BI would coordinate with the Finance Minister to accelerate the bill’s completion. 

Jokowi, who also came to the event, said the bill should have been included as a priority item in the 2017 National Legislation Program (Prolegnas).

(Read also: New banknotes launched, redenomination will go on)

The previous government had discussed plans to slash three zeroes off the local currency since 2013. However, until this point, the draft bill still has not been deliberated by the House of Representatives. (win/dan)

Popular

Military deployment against student protest draws flak

Andy Burnham's election win paves way for bid to oust Starmer

Traffic flows through Hormuz as US-Iran deal takes effect, questions remain