BI Explains Rationale Behind Reissuing Rupiah Signed by Former Officials

Bank Indonesia (BI) has revealed the reasons behind the reissuance of rupiah banknotes bearing the signatures of former Finance Minister Purbaya Yudhi Sadewa and former BI Governor Perry Warjiyo. BI Governor Destry Damayanti explained that this reissuance is part of the central bank's routine activities to meet the public's demand for physical currency. According to her, the issuance of rupiah with the signatures of new officials follows the demand for physical currency and the printing stages set by BI. "Today, a new series is issued, with the signatures of the former Minister of Finance and the former Governor. So, it was issued today, or a few days ago, but it already existed. Are collectors requesting it?" Destry said during a press conference at the BI Building in Jakarta on Thursday (24/9). Destry emphasized that the printing of money is not a sudden event but a routine activity that BI conducts annually. "Printing money is a normal thing. Every year, we print money," said Destry. According to her, the printing of money is carried out in stages based on calculations of the demand for physical currency within a certain period. Therefore, BI does not print the entire demand at the beginning or end of the year. "There must always be a period each year. So, printing doesn't happen suddenly at the beginning or end of the year, but in stages. Because, after all, the demand for physical currency still exists." Destry pointed out that physical currency is still needed by the public, especially in areas that are not yet fully covered by digital payment services. "Especially for our friends who are still in areas where the signal is patchy (flickering). So, it's a normal thing," she said. She explained that the decision to print money is discussed by BI with the government, considering the target for money circulation and the need for physical currency issuance within a period. "From the beginning, we always discuss with the government, what is the target for money circulation that will be in one period," Destry said. This discussion includes the demand for paper money and coins to be issued by BI. According to Destry, coordination is usually done towards the end of the year to determine the needs for the next period. "BI has a money supply target like this, the government has a target for issuance like this, and then we discuss it, including how much BI plans to issue physical currency, or print paper money and coins," she concluded. The rupiah that has become a topic of discussion on social media and a target for collectors is the Rp100,000 denomination from the Emission Year (TE) 2022. Although it uses the TE 2022 design, the banknote has a printing year of 2026 and bears the signatures of Purbaya as Minister of Finance and Perry Warjiyo as BI Governor. Source: CNN Indonesia