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Jakarta Post

Govt approves redenomination proposal

  • Ester Samboh

    The Jakarta Post

Jakarta   /   Wed, December 7 2011   /  10:39 am

The government has approved Bank Indonesia’s proposal to omit three zeros off the Indonesian currency, a minister says.

Finance Minister Agus Martowardojo said on Tuesday that the government would submit a draft law on the redenomination plan to the House of Representatives (DPR) next year to support the program.

The minister said that the draft of the redenomination bill, which was currently being finalized by the central bank and the government, should first receive approval from the Law and Human Rights Ministry, before being submitted to the House.

“If the bill is passed, there will be five to 10 years for the implementation. So, this is a good process and we support it, but it won’t happen overnight. We will take lessons both from successful countries and those failing to implement redenomination. We hope Indonesia’s case will succeed,” he told reporte...