Re-denomination of Indonesian Rupiah Drafted by Bank Indonesia

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Foreign Currency Loan Restrictions and Reporting Obligations
March 29, 2017
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re-denomination rupiah indonesia

Bank Indonesia Prepared Draft Bill for Re-denomination of the Indonesian Rupiah

re-denomination rupiah indonesiaRecently, PNB Law Firm provided a new legal business column for the investment website indonesia-investments.com. In the column we discuss the draft bill from Bank Indonesia regarding the re-denomination of the Indonesian Rupiah (Bill). The Bill suggests to remove the final 3 digits of the current Rupiah in an aim to simplify the use of the Indonesian Rupiah. Bank Indonesia intends to complete the process before January 1, 2020. The implementation will be performed in two phases. During the first phase the new Rupiah will be circulated, however the public can still pay with the old Rupiah. During the second phase, no payment transaction can be made anymore with the old Rupiah, however the public can still exchange the old Rupiah at Bank Indonesia for the new Rupiah.

The Bill also explains the mandatory implementation measures for the new Rupiah, which are further discussed in detail in the column.

Readers can find the full column on indonesia-investments.com.

 

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