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Jakarta Post

Rupiah redenomination will not change its value: BI

  • The Jakarta Post

Jakarta   /   Wed, August 4 2010   /  08:53 am

The planned redenomination of the rupiah unveiled by the central bank early last week has raised public concern that the monetary policy may devalue the currency.To ease concern, Bank Indonesia Governor Darmin Nasution immediately called for a press conference early Tuesday, saying that the planned redenomination of the national currency would not inflict any financial losses as the measure would only strike a few zeros from the current denominations.Darmin said the redenomination was different from the currency policy employed by the government in the early 1960s, which involved reducing the exchange value of the currency. “We haven’t yet decided how many zeros will be removed. However, we are sure that it will not cause any loss to the currency’s value,” Darmin Nasution told a press conference on Tuesday.  “The central bank is considering the rupiah redenomination becaus...