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Jokowi wants detailed redenomination plans: Sri Mulyani
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President Joko "Jokowi" Widodo answers questions on June 24 during a visit to Bandung, West Java. (Courtesy of Presidential Palace)
F
inance Minister Sri Mulyani Indrawati has said that President Joko “Jokowi” Widodo instructed her to carry out with Bank Indonesia a comprehensive study on the rupiah redenomination plan before the policy could be implemented.
The redenomination plan intends to issue smaller denominations of the rupiah.
Sri Mulyani said on Tuesday that the President underlined the importance of detailed plans, including concrete benefits for the economy and the people when the national currency was finally redenominated.
Jokowi also stressed the importance of public knowledge about the redenomination, she added.
Read also: House lawmaker supports rupiah redenomination“The President has ordered us to prepare [plans] on how to explain it to the public and how to set each step of the redenomination. It is also important to know the benefits of the redenomination for our economy and for the citizenry,” she said in Jakarta.
Sri Mulyani said the President had agreed to organize a Cabinet meeting to discuss all aspects of the plan: legislation process, transition period and adjusting to the recalibrated currency.
Earlier, Bank Indonesia governor Agus Martowardoyo had called on lawmakers to start deliberating the redenomination bill, citing the current good economic condition for redenominating the rupiah by eliminating three or four zeroes from the currency.
Sri Mulyani said the redenomination plan would be followed by price adjustment measures to ensure that Indonesian citizens would not incur financial losses as a result. (mrc/bbn)
