Friday, May 10, 2013

The Car Insurance Info : BI reiterate the re-denomination must be approved by the PARLIAMENT

Jakarta (The Car Insurance Info)-the re-denomination rupiah still require long road and a long time before it is implemented, said the Executive Director of the Center for research and Education the Central Bank Bank Indonesia Iskandar Simorangkir.

"The current draft his rule yet delivered in the HOUSE of REPRESENTATIVES. Once approved the HOUSE still takes two years to three years to put in place. So, not really when there are rumors that mention the re-denomination goes into effect in 2013, "said Iskandar Simorangkir in Jakarta on Tuesday.

Iskandar said the value of the rupiah has been urging the redenomination carried out due to the nominal value of the currency of Indonesia is currently quite large when compared to other countries.

Benefits of redenomination, says Alexander, is the efficiency of the economy, increase pride against the rupiah in the currency other currencies due to technical constraints and the growing number of digits.

"Re-denomination is not sanering lose purchasing power because the value of money was cut while prices remain. Redenomination is a simplification of the number of digits in the fractional money without reducing the purchasing power of money, "he said.

Although urged to do, but He says the Government requires BI and planning before enacting the re-denomination. According to him, there are four critical success of the re-denomination must be met government and BI.

First, strong support from all walks of life, especially the Government, Parliament and businessmen. He said countries that fail to perform due lack of redenomination one community support.

"Second, the re-denomination must have a strong legal basis in the form of legislation which expressly regulate it. In 1965 Indonesia never done redenomination but failed because only through presidential regulation in addition to the high fiscal deficit caused, "he said.

Third, the redenomination is done at the right time, namely a stable macroeconomic conditions and a conducive social and political. In macroeconomics, Iskandar said Indonesia is ready to do the redenomination.

The last is a transitional period and intensive socialization to society so that no excessive price increases occurred as a result of actions of businessmen who take advantage of the structure of the market oligopolistik on some staple goods.

"Transition and socialization is also to give understanding to the public that the redenomination was not duly sanering program Government in 1959," he said.

Iskandar Simorangkir was one of the speakers at the Seminar ", Indonesia ready to face the Re-denomination?" held the set Student Study Accounting scandal Perbanas Institute at the Auditorium scandal Perbanas Jakarta.

In addition to the other speakers, He was Bank Mandiri Chief Economist Destry Damayanti and economic experts University of Indonesia Jakarta Telisa Aulia Falianty.

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Title Post: The Car Insurance Info : BI reiterate the re-denomination must be approved by the PARLIAMENT
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Author: Mohammad Zulfi Satriawan

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