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These are the Reasons for Redenomination


Jakarta, dpd.go.id - Committee IV DPD RI held a Hearing (RDP) with Bank Indonesia (BI), Financial Services Authority (OJK), Bank Nasional Indonesia (BNI), Bank Rakyat Indonesia (BRI) and Bank Mandiri with the agenda of Supervision of the Implementation of Law related to electronic money policy and redenomination policy plan in Building B Complex Parliament Senayan, Jakarta (11/12/2017).

Vice Chairwoman of Committee IV DPD RI, Siska Marleni led the meeting as well as questioning the impact of redenomination policy on the economy and about the electronic money policy.

Deputy Governor of Bank Indonesia, Erwin Riyanto gave a direct response to the question. "The current condition of the National Payment System (SP) still retains some structural problems that require revamping. We believe that electronic money or non-cash transactions will provide efficiency benefits in the community. Bank Indonesia continues to encourage shifting of people's transactions behavior from cash to non-cash through 4 electronication strategies synergized with government programs that facilitate business models and innovation, support regulations also optimize local resources, education and monitoring. "

"We also improve the payment system infrastructure (SP) with the pricing policy in the arrangement of the National Payment Gateway (GPN), this was intended to prevent economic rents and encourage competition in terms of efficiency to realize the fairness of prices. Bank Indonesia's step in encouraging efficiency in a more systematic way has been initiated since late 2016, beginning with the establishment of Bank HIMBARA ATM synergies through ATM links ", continued Erwin.

Erwin added, "Redenomination only reduces the number of digits without reducing the value of money, in contrast to sanering that reduces the value of money. We want to create a better perception of the Indonesian economy with the aim of improving the efficiency of the Indonesian economy, avoiding technical obstacles due to the increasing number of digits, and increasing the pride of the rupiah ".

OJK Audit Board Chairman, Ahmad Hidayat also responded that in general the background of redenomination policy is due to the high inflation rate, the declining value of currency against other currencies and the desire to simplify currency denomination. (sna)

11 Desember 2017