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Jakarta Post

Govt officially starts currency redenomination campaign

  • The Jakarta Post

Jakarta   /   Fri, January 25 2013   /  11:32 am

The government officially started its campaign to strike off three zeros from the rupiah on Wednesday, with top officials expressing their optimism that the “redenomination” would make the economy more efficient without sparking inflation.

At its current rate of around 9,700 per US dollar, the rupiah appeared to be among the world’s weakest currencies but its value did not accurately reflect the country’s strong economic fundamentals, Finance Minister Agus Martowardojo said.

“A currency that has too many digits brings complexity to calculations and economic transactions, potentially causing mistakes and ineffectiveness [during the computation process],” the minister said during the redenomination public hearing in Jakarta.

The government has included redenomination as one of the priority bills to be discussed in the House of Representatives (DPR) this yea...