Indonesia to study plans to redenominate rupiah

21:14, August 03, 2010      

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Indonesian Vice President Boediono said on Tuesday that the government is studying plans to redenominate its currency in a bid to simplify daily transaction that often run into millions of rupiah.

The vice president said that one of the focus of the study is to find out if the planned policy would have any inflationary impact,as the country had failed in implementing such a policy for inflation reason.

The Boediono could not say when the policy would be implemented, as the government would wait for the result of the study conducted by the central bank.

"The study has not finished yet. The result will be discussed later before it become a policy," he told a press conference.

Central Bank governor Darmin Nasution said that the study may take over 10 years.

"One of the goals is to learn why some countries succeed while others not, what is its impact on the inflation," he said.

Some countries such as Turkey have successfully implemented such policy, he said.

Rupiah is currently traded at less than 9,000 per U.S. dollar.

Source: Xinhua


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