"The redenomination of the rupiah value will take a long process of about eight years," Director General of State Treasury of the Finance Ministry Agus Suprijanto said.Jakarta (ANTARA News) - The Indonesian government will redednominate the rupiah value beginning in 2014 and will be completed in 2022, a senior Finance Ministry official said.
"The redenomination of the rupiah value will take a long process of about eight years," Director General of State Treasury of the Finance Ministry Agus Suprijanto said here on Friday.
He said the process will start in 2014 if the law to that effect was accomplished in 2013 and its popularization was already carried out in the same year.
The redenomination process is expected to be completed in 2022.
"The draft law on it has been submitted to the House for deliberation from January to June 2013," he said.
Redenomination is the simplification of the rupiah nominal by reducing three zeros in one unit of the currency so that money with a nomination of Rp1,000 will become Rp1.
The redenomination process will start in 2014 and finish in 2018 when the new rupiah with a new nominal will begin to be circulated but the old rupiah type is not yet withdrawn until the process is completed.(*)
Editor: Heru Purwanto
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