NEW MONEY IN INDONESIA WAS LAUNCHED

Indonesia has launched new nominal money for 2000 rupiah. And now that money was in using in Indonesia money market too.
Money has a new background color is gray with Prince Antasari picture on the front of the dance and the bell in the back. Issuance of money bills, are intended to meet the needs of people with cash to the nominal low. Up to now cash transactions are still relatively high even though the non-cash transactions continue to grow.

Bank Indonesia has officially released news of retrieving four denomination of rupiah notes from public and stop their circulation as of 31 December 2

Bank Indonesia has officially released news of retrieving four denomination of rupiah notes from public and stop their circulation as of 31 December 2008.

The Four denominations and notes are Rp10.000 that was issued in 1998 with the face of Pahlawan Nasional Cut Nyak Dhien, Rp20.000 issued in 1998 with face of Pahlawan Nasional Ki Hajar Dewantara, Rp50.000 issued in 1999 with face of Pahlawan Nasional WR Soepratman and Rp100.000 notes issued in 1999 with the face of Pahlawan Proklamator Dr.Ir.Soekarno and Dr. H. Mohammad Hatta made with polymer.

Here is the picture of the four Indonesia currency notes that will be retrieved from circulation:



“With the retrieval of these rupiah notes from circulation as of 31 December 2008, these notes will not be accepted as payment (legal tender),” Deputi Gubernur BI, S Budi Rochadi.

However, these notes are still accepted at Bank Indonesia and local Banks and can be exchanged for new notes of the same denomination or other smaller denominations. Local Banks will accept these notes until 30 December 2013 or 5 (five) years from now. As for Bank Indonesia, the notes can be exchanged for newer notes until 30 December 2018 or for 10 (years) from now.

“Bank Indonesia regularly retrieve old notes from circulation as these notes has been circulated for a long period of time and the conditions can be poor. Other reasons for this is to anticipate and follow new technologies in security features of currency notes”

Money changers overseas may still carry these old notes hence we share this information with you here so the public including travelers can be aware of which rupiah notes are legal tender and will be aware when exchanging currencies with money changers overseas.

If you are in Medan, then its time for you to go shopping and spend all your old rupiah notes before 31 December 2008!

New Southeast Asian Economic Outlook on track update article

The ASEAN Secretariat and the OECD Development Centre launched a collaborative project on the occasion of the 2nd OECD-Southeast Asia Regional Forum entitled “Enhancing Competitiveness through Regional Integration” which took place in Bangkok on Monday 29 April 2009.

At the Forum’s opening ceremony, the Secretary-General of ASEAN Dr. Surin Pitsuwan welcomed the joint collaboration to produce the Southeast Asian Economic Outlook. The report will serve as a tool for facilitating policy dialogue between OECD Member and Southeast Asian states, by providing up-to-date information on regional macroeconomic trends and policy developments, as well as the progress of regional integration among the latter group of countries which is one of the thematic issues of the first edition to be published in 2010.

“This partnership will bring to the ASEAN Secretariat the much needed resources and expertise to identify the progress and gaps and challenges facing economic integration in ASEAN", he said. “The global financial crisis that hit the region in the last quarter of 2008 highlights the importance of improving the risk management framework to implement the roadmap of establishing the ASEAN Economic Community (AEC) by 2015 as planned. Hopefully, this Outlook will serve as a tool for promoting peer learning among all stakeholders involved in the region by identifying potential risks and challenges ahead.”

The Deputy Secretary- General of the OECD Mr. Mario Amano also welcomed this collaboration and said,

“We support the goal of economic integration as outlined in the AEC Blueprint and the ASEAN Charter to create a stable, prosperous and competitive economic community.”

The Southeast Asian Economic Outlook comprises two main parts. Part 1, entitled Regional Economic Perspectives, will discuss macroeconomic trends, regional integration and growth in the region. It will provide an overall picture of what is happening in the region and identify potential risks and policy challenges which will be a bridge to thematic discussion in the subsequent part. Part 2 - Development Challenges - will offer detailed analyses on thematic issues. The main topic will change in every volume; the first edition in 2010 will focus on how to enhance competitiveness in Southeast Asia, with three thematic issues, namely, productivity gains from trade opening, small and medium-sized enterprises (SMEs) development and innovation, and infrastructure development.

Dr. Surin added that “the initiative will help build the capacity of the ASEAN Secretariat to improve the data quality of its regional integration indicators and to further enhance regional surveillance efforts to provide timely alerts and advice to ASEAN and its Dialogue Partners on the regional economic trends, issues and priorities.”

This new Outlook will build upon the successful model of two regional economic outlooks, the African Economic Outlook and the Latin American Economic Outlook, both produced annually by the Development Centre in partnership with regional organisations. The Southeast Asian Economic Outlook will be a biannual product with an update of the first part to be released every year.

“Our two organisations have a lot in common and a lot to share and the important new missions between ASEAN and OECD would open further opportunities for strengthening our relations,” Mr. Amano further added.