(Jakarta, 9th) Indonesia’s Ministry of Finance said it is planning to introduce a new bill to adjust the denomination of the Indonesian rupiah, in order to improve economic efficiency, maintain stability, and enhance the credibility of its currency.
The regulation draft released by the Ministry of Finance on November 8 stated, "The bill to readjust denominations is a continuity project and is expected to be finalized in 2027."
In recent years, plans to remove zeros from the rupiah denominations have been discussed multiple times.
The last time the Indonesian government submitted a related bill to parliament was in 2013, when it proposed cutting three zeros from rupiah banknotes, but it was eventually shelved. It remains unclear how many digits will be trimmed in the latest adjustment plan.
At the current exchange rate, 1,000 Indonesian rupiah is about 0.25 ringgit, 100,000 rupiah is about 25 ringgit, and 1,000,000 rupiah is about 250 ringgit.
Comparisons with other Southeast Asian currencies:
1,000 Vietnamese dong = 0.16 ringgit;
1,000 Lao kip = 0.19 ringgit;
1,000 Cambodian riel = 1 ringgit;
1,000 Myanmar kyat = 1.99 ringgit;
1,000 Philippine pesos = 71 ringgit;
1,000 Thai baht = 129 ringgit;
1,000 Singapore dollars = 3,209 ringgit;
1,000 Brunei dollars = 3,209 ringgit.