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Redenomination, How Much Benefit or Harm?

Reporter: Ruisa Khoiriyah | Editor: Uji Agung Santosa

JAKARTA. The rupiah redenomination policy plan put forward by Bank Indonesia has sparked debate in the public. Many circles
who considered the simplification of digit recording money would only be troublesome. Not to mention calculating the costs that must be incurred to replace the recording system and the IT system. For example, among players in the financial industry such as banking and the capital market.

BI itself admits that costs are a logical consequence of a change. However, BI assesses that the benefits of redenomination are quite comparable to the inconvenience. “There must be a cost, the price tag will be two. But there will also be benefits, the recording will be simpler,” said the Acting. BI Governor Darmin Nasution, Tuesday (3/8).

Darmin added, in the next five to seven years, many calculation tools or applications will be difficult to reuse because the number of zeros in the currency will increase. “Digits will exceed the capabilities of the machine. So it is true that there are costs, but each of us will also get national benefits and that is more than if it is left alone (it remains as it is now),” Darmin explained.

For the banking sector, changes to the system are also needed so that the recording of numbers will not be confused. “The bank’s new system must also be created, changed first so that it is not confused, say the system can be changed around 2011-2012 so that the bank prepares its application,” he said. The costs must also be borne by each industry player.

Deputy Governor of BI Budi Rochadi added that BI is serious about this policy. “We have discussed it since five and six years ago, but it has only been intensifying for the past two years. So, don’t fail, you have to be determined you can’t go back and forth,” he explained.

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