Makassar, S. Sulawesi (ANTARA News) - The government has until now no plan to include the rupiah's redenomination in its agenda, Economic Affairs Coordinating Minister Hatta Radjasa said.
Speaking at a National Mandate Party (PAN) regional meeting in Makassar Tuesday, Hatta said the issue of redenominating the rupiah or making it more easy to exchange was now only the subject of a study by Bank Indonesia (BI) or the central bank, and not a government plan.
"The government has yet to make it part of its agenda. It's only a BI study," he said.
Hatta further said he did not want to speculate whether the next government would actually redominate the national currency, if the results of the BI's study were feasible and ready for immediate implementation.
Earlier, BI Governor Darmin Nasution had said the rupiah's redenomination BI was studying would delete the last three zeros of the nominal value of banknotes. For instance, a Rp1,000 banknote would be redominated to Rp1.
The redenomination would make transactions in Rupiah easier, he said.
BI had come to the redenomination idea after taking note of the finding of a study conducted by the World Bank that the maximum nominal value of Indonesia's legal tender was the second highest in the world after Vietnam's.
The maximum nominal value of the Vietnamese Dong was 500,000 and that of the Indonesian Rupiah 100,000.
According to BI, money with a high nominal value was less efficient and often complicated transactions. Therefore, the redenomination policy would be of great benefit to the country's economy. (E002/B003).
Speaking at a National Mandate Party (PAN) regional meeting in Makassar Tuesday, Hatta said the issue of redenominating the rupiah or making it more easy to exchange was now only the subject of a study by Bank Indonesia (BI) or the central bank, and not a government plan.
"The government has yet to make it part of its agenda. It's only a BI study," he said.
Hatta further said he did not want to speculate whether the next government would actually redominate the national currency, if the results of the BI's study were feasible and ready for immediate implementation.
Earlier, BI Governor Darmin Nasution had said the rupiah's redenomination BI was studying would delete the last three zeros of the nominal value of banknotes. For instance, a Rp1,000 banknote would be redominated to Rp1.
The redenomination would make transactions in Rupiah easier, he said.
BI had come to the redenomination idea after taking note of the finding of a study conducted by the World Bank that the maximum nominal value of Indonesia's legal tender was the second highest in the world after Vietnam's.
The maximum nominal value of the Vietnamese Dong was 500,000 and that of the Indonesian Rupiah 100,000.
According to BI, money with a high nominal value was less efficient and often complicated transactions. Therefore, the redenomination policy would be of great benefit to the country's economy. (E002/B003).