BOOTS-ON-GROUND BANK STORY FROM INDONESIA, 15 AUGUST

BOOTS-ON-GROUND BANK STORY FROM INDONESIA, 15 AUGUST

Zuvrick Rm:Boots-on-ground bank story from Indonesia. I just returned from my BCA (Bank Central Asia) branch, and chatted with the customer service manager. I asked if they knew that the Rupiah was going to be revalued. 

They didn't really know about the rate against the other foreign currencies like the dollar, but did know that it was being redenominated and they emphasized 3 times that the value of the larger notes would not be changed. I said I knew that had to be that way (not like in 1965 when it was devalued 1000:1--a traumatic time still remembered by older people).

Then he pulled out his smartphone and entered a PIN code and up popped images of the new 20, 50 and 100 Rupiah notes (presently the smallest denomination is 1000 and 2000, and they are so bloody worn out, like rags, the 1000s are rare, but 500 Rupiah coins are common). 

I asked if they had any of the new notes, and they said not yet, no announcement has been made.

But there have been rumors that I heard 1-2 weeks ago that a new 15000 Rp note (an unlikely denomination even outside of the RV rate changes---rumors!) was going to be announced on the Independence Day, which is 17 August, this Sunday, so this whole thing may slide into the GCR-RV like a hand into a glove. There are central bank (Bank Indonesia) branches in all major cities. 

They do not do regular banking services, are there to service the banks. So when the announcement is made, I'd guess all of the banks will have the new lower denominations in less than a day.