Rupiah Redenomination Process Will Take 11 Years
Bank Indonesia (BI) Governor Agus Martodjojo said that the process to redenominate rupiah could take as long as 11 years. Therefore, Agus said that that the rupiah redenomination process must be initiated soon.

According to Agus, now is the perfect time to commence the rupiah redenomination. The political and economic conditions are currently sable, Agus said today.

President Jokowi will be involved to draft a law on the rupiah redenomination. The draft bill will be immediately be suggested to the House of Representatives as soon as the government approves it.

Agus reveled that the draft bill (RUU) is expected to be deliberated in in August so that it could be finalized by the end of this year.

If the draft bill was to be completed on schedule, the government will be able to start the preparation in 2018 or 2019. The transition process will take place in the period of 2020-2024. Bank Indonesia will introduce the currency before and after the redenomination.

Source : July 22, 2017

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