President Joko Widodo (Jokowi) has reportedly given his blessing to the central bank (Bank Indonesia/BI)’s plan to re-denominate the rupiah. BI has already prepared a draft bill on the re-denomination of the Indonesian Rupiah with the aim to improve economic efficiency and to create smoother commercial transactions. While the rupiah value would remain unchanged, the draft bill eyes to remove the last three zeros on all rupiah bills and coins. Bank Indonesia’s draft bill is now expected to be discussed in a plenary session of the cabinet before being formally submitted to the House of Representatives (DPR).
