Bank Indonesia has announced plans to withdraw current Rp. 100,000 and Rp. 50,000 notes from circulation, perhaps as early as late this year or early in 2005.
The move affecting the two largest denominations of the Indonesian Rupiah is being taken by the Government to reduce the flow of counterfeit money in public circulation.
According to local press reports, current government estimates put a total of Rp. 1.2 billion (approximately US$ 128,000) in counterfeit money in circulation.
The issuance of new Rp. 100,000 and Rp. 50,000 bills to replace those being withdrawn is aimed at maintaining public confidence in the national currency and as a step intended to frustrate counterfeiters.
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