Indonesia withdraws special rupiah issued in 1995 from circulation

The denominations of the special rupiah currency revoked and withdrawn from circulation were that of the 300,000 denomination in the series of democracy, and that of the 850,000 denomination in the series of the President of the Republic of Indonesia.

 

Jakarta (Indonesia Window) – Bank Indonesia has revoked and withdrew the special rupiah currency commemorating the 50th anniversary of the Indonesian independence, issued in 1995 from circulation, according to the central bank.

The revocation and withdrawal of the special rupiah currency was based on Bank Indonesia Regulation No. 24/15/PBI/2022, effective as of Aug. 30, 2022, the Indonesian central bank said in an official statement received here on Thursday.

Thus, as of the date referred to, the special currency is no longer valid as a legal tender in the territory of the Republic of Indonesia, Head of the BI Communications Department Erwin Haryono said in the statement on Aug. 31, 2022.

The denominations of the special currency revoked and withdrawn from circulation were that of the 300,000 denomination in the series of democracy, and that of the 850,000 denomination in the series of the President of the Republic of Indonesia, Erwin said.

According to Erwin, for people who have the special rupiah currency and want to exchange it, they can exchange it at commercial banks starting from Aug. 30, 2022 to Aug. 30, 2032, or 10 years from the date of withdrawal.

The special rupiah currency issued in 1995 which was revoked and withdrawn from circulation is replaced at the same nominal value as stated in the said special rupiah currency, Erwin added.

Exchange services can also be carried out at the BI Head Office and Representative Offices in accordance with BI’s operational schedule and public services, said Erwin.

Replacement of the special rupiah currency in a shabby, defective, or damaged condition is carried out by referring to Bank Indonesia Regulations regarding the management of rupiah.

The regulation states, (1) In the event that the physical rupiah currency is greater than 1/2 (one half) of its original size and the characteristics of the rupiah currency can be recognized as authentic, a replacement shall be given at the nominal value of the Rupiah exchanged, and (2) In the case of physical coin rupiah is equal to or less 1/2 (one half) of its original size, no replacement shall be given.

BI calls on people who would like to make exchanges to continue carrying out the Covid-19 prevention health protocol that has been set by the government.

Reporting by Indonesia Window