"Not yet — it's still a long way off," he said when met at the Presidential Palace Complex on Monday.
Hadi explained that the government is currently preparing a Bill on Rupiah Redenomination, targeted for completion in 2027.
The preparation of the bill is stipulated under Minister of Finance Regulation (PMK) Number 70 of 2025, which outlines the Ministry of Finance’s Strategic Plan for 2025–2029.
According to Hadi, the PMK states that the ministry is drafting four bills related to Auctions, State Asset Management, Rupiah Redenomination, and Appraisers.
The Rupiah Redenomination Bill seeks to simplify the nominal value of the rupiah without altering its real value or purchasing power.
Rupiah redenomination will remove several zeros from the rupiah’s nominal value to make transactions more efficient and practical, without reducing the actual worth of goods or services.
For instance, if a currency unit was previously recorded at Rp1,000, it would become Rp1 after redenomination — without affecting the value of goods or the public’s purchasing power.
The regulation also outlines the rationale behind the redenomination, including improving economic efficiency through greater competitiveness, maintaining sustainable economic growth, stabilizing the rupiah’s value to protect purchasing power, and enhancing the currency’s credibility domestically and internationally.
The Rupiah Redenomination Bill has been included in the 2025–2029 Medium-Term National Legislation Program (Prolegnas) as a government-initiated proposal from Bank Indonesia.
Bank Indonesia (BI) has also emphasized that the redenomination will be carried out at the right time, taking into account political, economic, and social stability, as well as legal, logistical, and technological readiness.
"Bank Indonesia will remain focused on maintaining rupiah stability and supporting economic growth throughout the redenomination process," BI Communications Department Head Ramdan Denny Prakoso said on Monday.
Related news: Indonesia targets completion of rupiah redenomination bill by 2027
Translator: Fathur Rochman/Andi Firdaus, Resinta Sulistiyandar
Editor: M Razi Rahman
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