Indonesia plans to redenominate its banknotes (update)

Indonesia plans to redenominate its rupiah banknotes from 1 January 2014. According to this article  (google translate) the new banknotes will get a small design update and the denomination will have three 0's less. After the transition and a short time period where people can get used to the new denomination a new set of banknotes will be issued with new portraits. These notes with the new design will probably be issued on 17 August 2014. The Bank Indonesia has pointed out that the old notes will remain legal tender for the next 10 years side by side with the new notes.

The plan has yet to be approved by the parliament though.

Images of the proposed new banknotes before, and after the redenomination. The notes on the right show the proposed new design:

Source

Update: The latest news on this issue suggests that a redenomination won't take place before 2015 but more likely it will around 2020. More news to be found here (translation).

Update 1 Agust 2014: the new series of banknotes will be issued from 1 January 2018.

2014-08/rupiah.jpg

Steven Friday 15 November 2013 at 09:28 am | | news
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