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House on Board With Govt Plan To Redenominate the Rupiah

boomer113189

By boomer113189,
in LOPster tank

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boomer113189 Newbie

boomer113189

Posted
Posted (edited)

1 - 29 - 2014

Exchange rate 1000 old to 1 new

677px-Indonesian_Rupiah_IDR_banknotes200Current Currency

copybanknotes.jpgAfter Deletion of three zeros

aka Redenomination

 

 

No Millionaires Will be made by holding onto the old currency that will get Redenominated

 

A rupiah redenomination bill is currently being sought by the Indonesian government and it is asking the House of Representatives to start the legislation process for the bill next year.

The redenomination is an attempt to simplify currency transactions by replacing the currency with a new one. In the past, officials have mooted the idea of removing three zeros from the rupiah. For example, a Rp 1,000 note would become simply Rp 1.

Finance Minister Agus Martowardojo conveyed the plan to House Deputy Speaker Anis Matta on Friday, according to Ignatius Mulyono, chairman of the House’s legislation committee.

“The House accepted the government’s plans,” Ignatius said. “We are now awaiting the draft to be submitted to the House.”

Ignatius said that the House would discuss whether the redenomination bill could be included in the 2013 national legislation program — a list of bills that the House targets to ratify during a year.

An academic study of the bill, Ignatius said, has been completed. “With the redenomination, transactions would be simpler and faster,” he said.

Bank Indonesia has introduced higher-denomination bills five times since 1964 because of inflation. That makes current daily transactions often run into the millions of rupiah.

The Rp 100,000 ($10.43) note is now the second-highest denomination banknote in the region after Vietnam’s 500,000 dong note.

There are concerns, however, that the proposal could devalue the currency. But Ignatius said that the House would ensure that the government would conduct intensive socialization programs for the public should the bill be passed.

Agus said that the government and Bank Indonesia had coordinated closely to transform the redenomination idea into a workable plan.

He also added that any redenomination process would take anywhere from five to 10 years to complete.

One of the likely consequences of a redenomination is marked prevalence in the use of coins because they are worth smaller denominations.

 

http://goo.gl/BSO3mW

Edited by boomer113189
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mrparrot Newbie

mrparrot

Posted
Posted

I bet the Lopster tank is all twitterpated about this

story and how it helps their case with a redenom

of the IQD...

 

1)to be completely enamored with someone/something.
2) the flighty exciting feeling you get when you think about/see the object of your affection.
3) romantically excited (i.e.: aroused)
4) the ever increasing acceleration of heartbeat and body temperature as a result of being engulfed amidst the exhilaration and joy of being/having a romantic entity in someone's life.
 
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ReinMan Newbie

ReinMan

Posted
Posted

A redenomination is only logical....

Well the Indo gov't was supposed to wrap up talking about it in 2013, so I wonder where the RD is?

 

I bought half a mil just for giggles.

The worst that can happen is that I break even.

Old currency is exchanged for new within a certain timeline......

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AmericaInc Newbie

AmericaInc

Posted
Posted

1 - 29 - 2014

Exchange rate 1000 old to 1 new

677px-Indonesian_Rupiah_IDR_banknotes200Current Currency

copybanknotes.jpgAfter Deletion of three zeros

aka Redenomination

 

 

No Millionaires Will be made by holding onto the old currency that will get Redenominated

 

A rupiah redenomination bill is currently being sought by the Indonesian government and it is asking the House of Representatives to start the legislation process for the bill next year.

The redenomination is an attempt to simplify currency transactions by replacing the currency with a new one. In the past, officials have mooted the idea of removing three zeros from the rupiah. For example, a Rp 1,000 note would become simply Rp 1.

Finance Minister Agus Martowardojo conveyed the plan to House Deputy Speaker Anis Matta on Friday, according to Ignatius Mulyono, chairman of the House’s legislation committee.

“The House accepted the government’s plans,” Ignatius said. “We are now awaiting the draft to be submitted to the House.”

Ignatius said that the House would discuss whether the redenomination bill could be included in the 2013 national legislation program — a list of bills that the House targets to ratify during a year.

An academic study of the bill, Ignatius said, has been completed. “With the redenomination, transactions would be simpler and faster,” he said.

Bank Indonesia has introduced higher-denomination bills five times since 1964 because of inflation. That makes current daily transactions often run into the millions of rupiah.

The Rp 100,000 ($10.43) note is now the second-highest denomination banknote in the region after Vietnam’s 500,000 dong note.

There are concerns, however, that the proposal could devalue the currency. But Ignatius said that the House would ensure that the government would conduct intensive socialization programs for the public should the bill be passed.

Agus said that the government and Bank Indonesia had coordinated closely to transform the redenomination idea into a workable plan.

He also added that any redenomination process would take anywhere from five to 10 years to complete.

One of the likely consequences of a redenomination is marked prevalence in the use of coins because they are worth smaller denominations.

 

http://goo.gl/BSO3mW

YOU LOPSTERS ON THIS SITE IS LIKE PEOPLE WHO HATE ICE CREAM INSIDE AN ICE CREAM SHOP SCREAMING...THIS WON'T TASTE GOOD! THERE WILL BE NO HAPPY PEOPLE HERE!!!!!!!!!

 

You can only be one of two things - trolls, or dumpers.

 

Either one is reprehensible, sneaky, deceptive and generally vile....

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keepmwlknfny Newbie

keepmwlknfny

Posted
Posted

YOU LOPSTERS ON THIS SITE IS LIKE PEOPLE WHO HATE ICE CREAM INSIDE AN ICE CREAM SHOP SCREAMING...THIS WON'T TASTE GOOD! THERE WILL BE NO HAPPY PEOPLE HERE!!!!!!!!!

You can only be one of two things - trolls, or dumpers.

Either one is reprehensible, sneaky, deceptive and generally vile....

You only see it that way cause your judgement is clouded from reality.....

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Butifldrm Apprentice

Butifldrm

Posted
Posted (edited)

I just have to point out some differences:

 

The Rupea has 4 zeros and where on the xe exchange rate  site does it say there is a chance for re-denomination?

 

 
1.00 IDR = 0.0000859893 USD Indonesian Rupiah ↔ US Dollar 1 IDR = 0.0000859893 USD 1 USD = 11,629.35 IDR Convert againchartScurve.pngView ChartMid-market rates: 2014-02-26 01:53 UTC
 
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The IQD has three zeros and  the xe.com site does says that there is a chance for redenomination.

 

IQD - Iraqi Dinar
 
Iraq, Dinar

The Iraqi Dinar is the currency of Iraq. Our currency rankings show that the most popular Iraq Dinar exchange rate is the USD to IQD rate. The currency code for Dinars is IQD, and the currency symbol is د.ع. Below, you'll find Iraqi Dinar rates and a currency converter. You can also subscribe to our currency newsletters with daily rates and analysis, readIraqi Dinar News, or take IQD rates on the go with our XE Currency Apps and website.

Notice: IQD may be redenominated. More info ►

Top IQD Exchange Rates
Click on a currency code to learn about it.
Currency Facts
IQD Stats

Name: Iraqi Dinar

Symbol: د.ع

Minor Unit: 
1/1000 = fils

Top IQD Conversion: 
USD/IQD

Top IQD Chart: 
USD/IQD Chart

IQD Profile

Inflation: 6.1%

Coins: 
Freq Used: د.ع25, د.ع50, د.ع100

Banknotes: 
Freq Used: د.ع50, د.ع100, د.ع250, د.ع500, د.ع1000, د.ع5000, د.ع10000, د.ع25000

Central Bank: 
Central Bank of Iraq 
Website: http://www.cbi.iq/

Users: Iraq

Have more info about the Iraqi Dinar? 
Email us ►
XE Currency Converter   ↔
▼
 

 

 

 

 

 

 

Tell me why in the world would xe.com have have a warning on the re-denomination of the Iraqi Dinar which is under article XIV and not the Indonesian Rupea, which is under article VIII? http://www.imf.org/external/np/fin/tad/exfin2.aspx?memberKey1=440&date1key=2014-02-26.  I'm laughing my arrse off on this one.  I can't wait to see the answer.  

Edited by Butifldrm
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keepmwlknfny Newbie

keepmwlknfny

Posted
Posted

I just have to point out some differences:

The Rupea has 4 zeros and where on the xe exchange rate site does it say there is a chance for re-denomination?

1.00 IDR = 0.0000859893 USD Indonesian Rupiah ↔ US Dollar 1 IDR = 0.0000859893 USD 1 USD = 11,629.35 IDR Convert againchartScurve.pngView Chart

Mid-market rates: 2014-02-26 01:53 UTC

Send a cheap money transfer ►

Looking to send money abroad? Transferring money online is easy with XE Trade. It works with your bank and it's free to sign up.

  • Free online quotes
  • Competitive exchange rates
  • No-fee money transfer options
  • Bid for your preferred rate
Transfer Money with XE Trade

Get a currency data feed ►

Need commercial grade rates for your business? XE Currency Data Feed easily integrates with your system and has guaranteed data delivery.

  • 150+ global sources
  • Rates for every world currency
  • Accuracy with proprietary rates
  • Choose frequency of updates
Order the XE Data Feed

More Tools & Services

The IQD has three zeros and the xe.com site does says that there is a chance for redenomination.

IQD - Iraqi Dinar

▼

Iraq, Dinar

The Iraqi Dinar is the currency of Iraq. Our currency rankings show that the most popular Iraq Dinar exchange rate is the USD to IQD rate. The currency code for Dinars is IQD, and the currency symbol is د.ع. Below, you'll find Iraqi Dinar rates and a currency converter. You can also subscribe to our currency newsletters with daily rates and analysis, readIraqi Dinar News, or take IQD rates on the go with our XE Currency Apps and website.

Notice: IQD may be redenominated. More info ►

Full currency list

Top IQD Exchange Rates

▼

Auto-refresh 15x

0 : 46

USD MYR CAD GBP EUR INR PKR IDR AUD 1 IQD 0.00086 0.00282 0.00095 0.00052 0.00063 0.05316 0.09020 9.99089 0.00096 Inverse: 1163.99 354.681 1049.32 1941.07 1599.84 18.8120 11.0859 0.10009 1047.00

Mid-market rates: 2014-02-26 01:56 UTC

Click on a currency code to learn about it.

Currency Facts

IQD Stats

Name: Iraqi Dinar

Symbol: د.ع

Minor Unit:

1/1000 = fils

Top IQD Conversion:

USD/IQD

Top IQD Chart:

USD/IQD Chart

IQD Profile

Inflation: 6.1%

Coins:

Freq Used: د.ع25, د.ع50, د.ع100

Banknotes:

Freq Used: د.ع50, د.ع100, د.ع250, د.ع500, د.ع1000, د.ع5000, د.ع10000, د.ع25000

Central Bank:

Central Bank of Iraq

Website: http://www.cbi.iq/

Users: Iraq

Have more info about the Iraqi Dinar?

Email us ►

XE Currency Converter

More currencies

▼

↔

▼

Tell me why in the world would xe.com have have a warning on the re-denomination of the Iraqi Dinar which is under article XIV and not the Indonesian Rupea, which is under article VIII? http://www.imf.org/external/np/fin/tad/exfin2.aspx?memberKey1=440&date1key=2014-02-26. I'm laughing my arrse off on this one. I can't wait to see the answer.

Whats the funny part? I think I missed it.....

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fib1618 Newbie

fib1618

Posted
Posted

Lobsters wouldn't see the ground if you were skydiving from a jet.

More dense than plutonium.

Can't see the ground cause it's covered with 85 TRILLION dinar... And 3.5 QUADRILLION dong.

Go rv.

Lobsters wouldn't see the ground if you were skydiving from a jet.

More dense than plutonium.

How do you get any denser than someone sitting around waiting for a staggering 100,000+% OKIE OIL MAN RV?????

That's DENSE.

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ReinMan Newbie

ReinMan

Posted
Posted

I'm just sitting back watching..... a LOP is a realistic step, modeled after Turkey's recent RD.

 

Pump that RV to happen any day now, I'll just say AND PROVE that you're wrong time after time after time.

Go ahead.... say it's this week, I dare you.

 

I'll take WHATEVER happens, let's just have that soon please, I'm tired of this pile of cow pies.

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dontlop Newbie

dontlop

Posted
Posted

I don't think anyone in the lop tank is giving dates and rates

source familiar with (of the Agency news): The security force detained, at the hour of the night yesterday, Deputy Governor of the Central Bank of the previous appearance of Mohammed Saleh at Baghdad International Airport, upon his return from the province of Sulaymaniyah, noting that the reasons for the detention charges dating back to the previous administrative and financial corruption Saleh had been arrested on the basis of which during the year 2012. / End / b. PVC /

Read more: http://dinarvets.com/forums/index.php?/topic/166627-delete-three-zeros-redenomination/page-22#ixzz2uT1zIsa5

I'm just sitting back watching..... a LOP is a realistic step, modeled after Turkey's recent RD. Pump that RV to happen any day now, I'll just say AND PROVE that you're wrong time after time after time.Go ahead.... say it's this week, I dare you. I'll take WHATEVER happens, let's just have that soon please, I'm tired of this pile of cow pies.

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