Indonesia plans a bill to redenominate rupiah currency

[JAKARTA] Indonesia’s finance ministry said it is planning a new bill to redenominate the rupiah in an effort to improve economic efficiency, maintain stability and improve the currency’s credibility.

“The bill on redenomination is a carryover draft bill that is planned to be finalized in 2027,” a ministry regulation reviewed on Saturday showed.

The plan to slash zeroes from the currency has been discussed in past years.

The last time the government submitted a draft to Parliament was in 2013. It proposed slashing three zeroes of the rupiah banknote, but the draft was shelved. It was not immediately clear how many digits would be removed under the latest redenomination plan. REUTERS