Indonesia govt postpones redenomination bill

“I think this [redenomination] is good, but the government has not submitted the bill,” said Sri said in Jakarta on Thursday as reported by kompas.com.
She made the announcement after President Joko “Jokowi” Widodo said that rupiah redenomination would not be implemented in the near future as the government needed to study the impact, consider its urgency and decide when to implement the policy.
Bank Indonesia governor Agus Matowardojo revived the idea of rupiah redenomination, which was first floated in 2013. He previously supported chopping three zeroes off the end of a bill, reducing a 25,000 rupiah note to 25 rupiah, for example. The 2013 proposal was dismissed due to the relatively weak economy at the time.
Agus stressed that this year was the best time to start the process, considering the condition of the economy.
Agus cited a number of economic parameters, including a 3 per cent inflation rate and 5 per cent economic growth rate last year, as well as a 5 per cent economic growth rate in the first quarter of 2017. Coordinating Economic Minister Darmin Nasution supported Agus’ suggestion.
Sri argued that the government and the House were currently focused on the 2018 state budget bill. She added that many bills listed in the National Legislation Program (Prolegnas) also needed immediate attention.
“Let’s have public discourse on redenomination, but the government has postponed the plan. I will focus on the 2018 state budget deliberation,” she added.
Agus said deliberating the issue would not take much time because the bill consisted of only 17 articles.