What’s the big deal about redenominating the rupiah?

SINGAPORE (Dec 21): Redenomination of the rupiah (IDR) is back on the cards for Indonesia, revealed the country’s central bank governor, Agus Martowardojo, on Monday.

Bank Indonesia (BI) is seeking to slash three zeroes off the face value of the notes in an attempt to simplify the country’s currency system, such that all prices across the Indonesian economy will be reduced by the same value.

In a Tuesday note by UOB’s Global Economics & Markets Research division, FX strategist Peter Chia and economist Francis Tan note how the IDR remains “fairly resilient in the current Trump tantrum”.

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