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Economy

Indonesian bureaucrats moot a currency redenomination

President and others are wary of a move that sparked chaos in 1965

Most Indonesians tend to ignore the last three zeros on the country's bank notes. (Photo by Nozomu Ogawa)

JAKARTA It is perhaps little surprise that Indonesian bank notes come in far higher denominations than those of most other major currencies. A Starbucks latte, after all, costs 33,000 rupiah ($2.47), while a Toyota Avanza starts at around 189 million rupiah. The nation's budget for fiscal 2017 is 2,070 trillion rupiah.

Denominations have risen rapidly over the years in response to inflation and a plunge in the value of the currency during the Asian financial crisis. The result is bank notes with face values in the thousands, tens of thousands and even hundreds of thousands.

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