Rupiah Redenomination to Reshape Stock Price Structure, IDX Warns
Ubud, Bali. The rupiah redenomination plan will directly affect Indonesia’s stock-market pricing structure, as removing three zeros from the currency could leave many listed shares trading at extremely low nominal prices, Indonesia Stock Exchange (IDX) President Director Iman Rachman said recently.
Redenomination -- which will drop three zeros from the rupiah without reducing its real value -- will force the IDX to revise transaction rules across the board.
“For example, if a stock price is only Rp 200, will we allow decimal pricing, or trade in cents?” Iman told reporters during a media gathering in Ubud on Saturday.
He stressed that any changes must be carefully prepared to avoid disrupting trading activities.
SROs Expect Technical Shake-Up
Indonesia Clearing and Guarantee Corporation (KPEI) President Director Iding Pardi said the capital market will be affected largely from a technical standpoint if redenomination is implemented. The adjustments would range from revamped trading systems to regulations linked to rupiah nominal values.
“Conceptually, removing zeros is simple, but the implementation is highly detailed and technical -- it will definitely require time,” he said.
Indonesian Central Securities Depository (KSEI) President Director Samsul Hidayat added that as a self-regulatory organization (SRO), KSEI will comply with whatever policy the government adopts, including redenomination.
“If redenomination is carried out, each SRO will need to adjust its systems -- for trading, clearing, and custody. The impact is on the systems we use, including the additional cost required to adjust to the new policy,” Samsul noted.
The Indonesian government is currently preparing steps toward redenomination. The digit simplification plan is included in the 2025–2029 Strategic Plan of the Ministry of Finance.
According to the document signed by Finance Minister Purbaya Yudhi Sadewa, drafting the Bill on Rupiah Value Adjustment (Redenomination) is designated as one of the national priority programs in fiscal policy.
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