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Jakarta Post

Central Bank keeps redenomination hope alive

Central Bank keeps redenomination hope alive Bank Indonesia Governor Agus Martowardojo shows new banknotes during its official release in Jakarta on Dec. 19. (Antara/Yudhi Mahatma)
Prima Wirayani
Jakarta   ●   Tue, January 3, 2017

Bank Indonesia (BI) still remains hopeful that a redenomination bill will be deliberated by the House of Representatives this year, even if the chance of that happening seems to be slim.

"It seems the bill can't be included in the 2017 Prolegnas [National Legislation Program] deliberation," BI Governor Agus Martowardojo said during a discussion in the 2017 first trading day opening ceremony at the Indonesia Stock Exchange (IDX) building in South Jakarta on Tuesday.

"But we remember that the bill has 18 articles only so if during the sitting period two bills have been completely deliberated, we can probably propose [deliberation of the redenomination bill]."

Agus previously urged President Joko “Jokowi” Widodo to support the passing of the redenomination bill in a bid to make rupiah denominations simpler and more efficient.

Jokowi said the bill should have been included as a priority item in the 2017 Prolegnas.

Plans to slash three zeroes off the local currency have been floated around by the previous government since 2013. However, the deliberation by the House was postponed in 2014 due to an unfavorable economic situation.

"Now, the economic situation has already improved," Agus said. "We hope it can be rediscussed." (bbn)