DAMPAK REDENOMINASI RUPIAH TERHADAP INFLASI DAN EFISIENSI TRANSAKSI

Abstract

The redenomination of rupiah is a monetary policy aimed at simplifying the currency's denomination (removing three tailing zeros), to enhance economic efficiency and national competitiveness. This policy resurfaced through the Ministry of Finance Regulation (PMK) No. 70 of 2025, targeting the completion of the Draft Bill in 2026–2027. This research analyzes the potential impact of redenomination on inflation and transaction efficiency using a sequential explanatory mixed-method approach. The dominant quantitative phase involves descriptive analysis of secondary data from Bank Indonesia (BI) and the Central Bureau of Statistics (BPS) for the period 2015–2025, focusing on inflation stability, UMKM digital transaction volumes, and real GDP growth. The primary quantitative phase employs a Likert-scale survey on 29 respondents (N = 29) (UMKM and consumers) to measure perceptions of inflation risks (money illusion) and transaction efficiency. Results indicate stable macroeconomic conditions: inflation below 5%(average 2.9%), significant growth in UMKM digital transactions (over 300% cumulative), and real GDP averaging 4.78%. These findings suggest stability requirements are met, similar to Turkey (2005–2009). However, survey data reveal a perception dilemma: while support for redenomination and confidence in digital/system efficiency are high (over 70% agreement), concerns about psychological inflation and skepticism regarding individual transaction efficiency (62.0% agree there will be no effect) remain significant. Economists' critique on the risks of "symbolic policy" and high transition costs amidst an exchange rate exceeding Rp16,000 per USD is also highlighted. The research recommends phased implementation with intensive public education to mitigate money illusion prior to the realization of PMK 70/2025.