Indonesia contemplating currency revaluation
Aug 04, 2010 07:38 AM Category: East and Southeast Asia
On 3 August 2010, Darmin Nasution, the incoming governor of Bank Indonesia stated the central bank is studying revaluing its currency by removing two or three zeros from the rupiah in an attempt to make economic transactions more efficient and bring the currency in line with those of Indonesia’s neighbors. The study won’t be completed until the end of this year, and any move to revalue the rupiah wouldn’t take place until 2013 at the earliest. Currently the largest denomination in Indonesia is the 100,000-rupiah (US$11.20) note.