THE HYPERINFLATION that has now hit Venezuela has entered a stage that is quite terrible because the prices of various basic needs soared. A journalist, photographing several types of necessities and on his side, there is a pile of bolivar, Venezuelan currency. One of them, one roll of toilet paper in rupiah currency for Rp. 26.5 million more. The figure is very fantastic because with IDR 26.5 million you can buy 16.7 grams of pure gold.

In another picture also seen several pieces of meat and a heap of higher money. Likewise, there were pictures of some fresh tomatoes that had to be purchased with two piles of money that almost tripled the stack of tomatoes. Truly extraordinary.

This scene is reminiscent of the economic disaster that had befallen Zimbabwe where its currency was destroyed to reach 35 trillion per 1 USD. To buy just one egg, you have to carry money with a motorcycle. Economists at the Cato Institute estimate monthly inflation in Zimbabwe to reach 7.9 billion percent in 2008. The government of the country in southern Africa has 'surrendered' to calculate inflation. The economic disaster caused President Robert Mugabe to step down after taking office for 37 years.

VARIOUS ways have been done by the Venezuelan Government to overcome the economic and financial disasters that have struck, among others by redenominating the value of the currency and issuing a cryptocurrency called petro. So far the impact has not been seen because the value of petro does not attract the attention of the global community of cryptocurrency users.

Redenomination is the simplification and equalization of currency values by removing nominal amounts. In contrast to sanering or cutting that is detrimental to society because it reduces purchasing power, redenomination does not erode the value of the currency. For example, when the community wants to buy goods or services worth Rp100,000, after the redenomination of the rupiah the price becomes only Rp100. However, the value of Rp100 is equivalent to Rp100,000 before redenomination. After nominal simplification, continued with the simplification of the accounting system and payment system without having a negative impact on the economy.

Some experts say that redenomination cannot be done in unstable economic conditions such as in Zimbabwe and Venezuela. Nominal simplification is carried out in stable conditions towards a healthier economy. The country that succeeded in redenominating was Turkey with the Lira currency.

Indonesia is also reviewing redenomination by removing three zeros. However, before redenomination is carried out, the government will conduct economic, social and political socialization and alignment. People are given the understanding that redenomination is not sanering so it does not harm the community. After that, a legal decision will be made through the law in parliament. The process towards redenomination is estimated to take decades until the new currency is fully ready for full use.

For Indonesia, it is now considered appropriate to do redenomination because the economic conditions are stable even though the value of the rupiah against the US dollar has reached Rp. 14,600. With an average economic growth above 5 percent and maintained economic fundamentals, adequate foreign exchange reserves, trade balance maintained, inflation under control, Indonesia is ready to redenominate.

So, redenomination is not the right decision to reduce inflation, especially hyperinflation like what happened in Venezuela. No wonder the redenomination decision is not able to reduce inflationary pressures. []

Meredam Inflasi Dengan Redenominasi

HIPERINFLASI yang kini melanda Venezuela sudah memasuki tahap yang cukup mengerikan karena harga berbagai kebutuhan pokok melambung tinggi. Seorang wartawan, memotret beberapa jenis barang kebutuhan dan di sisinya terdapat tumpukan uang bolivar, mata uang Venezuela. Salah satunya, satu gulung tisu toilet dalam mata uang rupiah seharga Rp26,5 juta lebih. Angka yang sangat fantastis karena dengan Rp26,5 juta bisa membeli 16,7 gram emas murni.

Pada gambar lain juga terlihat beberapa potong daging dan tumpukan uang yang lebih tinggi lagi. Demikian juga ada gambar beberapa buah tomat segar yang harus dibeli dengan dua tumpuk uang yang hampir tiga kali lipat tumpukan tomat. Sungguh luar biasa.

Pemandangan ini mengingatkan kepada bencana ekonomi yang pernah menimpa Zimbabwe di mana mata uangnya hancur hingga mencapai 35 triliun per 1 dollar USD. Untuk membeli satu butir telur saja, harus menggotong uang dengan sepeda motor. Ahli ekonomi di Cato Institute memperkirakan inflasi bulanan di Zimbabwe mencapai 7,9 miliar persen pada 2008. Pemerintah negara di selatan Afrika itu sudah ‘menyerah’ untuk menghitung inflasi. Bencana ekonomi itu membuat Presiden Robert Mugabe lengser setelah berkuasa selama 37 tahun.

BERBAGAI cara dilakukan Pemerintah Venezuela untuk mengatasi bencana ekonomi dan keuangan yang melanda, antara lain dengan melakukan redenominasi nilai mata uang dan mengeluarkan cryptocurrency yang bernama petro. Sejauh ini belum terlihat dampaknya karena nilai petro tidak menarik perhatian masyarakat dunia pengguna cryptocurrency.

Redenominasi adalah penyederhanaan dan penyetaraan nilai mata uang dengan membuang sejumlah nominal. Berbeda dengan sanering atau pemotongan yang merugikan masyarakat karena menurunkan daya beli, redenominasi tidak menggerus nilai mata uang. Misalnya, ketika masyarakat ingin membeli barang atau jasa senilai Rp100.000, setelah redenominasi rupiah harganya menjadi Rp100 saja. Namun, nilai Rp100 setara dengan Rp100.000 sebelum redenominasi. Setelah penyederhanaan nominal, dilanjutkan dengan penyederhanaan sistem akuntansi dan sistem pembayaran tanpa menimbulkan dampak negatif bagi perekonomian.

Beberapa ahli menyebutkan redenominasi tidak bisa dilakukan dalam kondisi ekonomi yang tidak stabil seperti di Zimbabwe dan Venezuela. Penyederhanaan nominal dilakukan dalam kondisi yang stabil menuju perekonomian yang lebih sehat. Negara yang berhasil melakukan redenominasi adalah Turki dengan mata uang Lira.

Indonesia juga sedang mengkaji redenominasi dengan membuang tiga nol. Namun, sebelum redenominasi dilakukan, pemerintah akan melakukan sosialisasi dan penyelarasan secara ekonomi, sosial, dan politik. Masyarakat diberi pemahaman bahwa redenominasi bukan sanering sehingga tidak merugikan masyarakat. Setelah itu, akan dibuat keputusan hukum melalui undang-undang di parlemen. Proses menuju redenominasi diperkirakan menghabiskan waktu puluhan tahun sampai mata uang baru benar-benar siap digunakan sepenuhnya.

Untuk Indonesia, saat ini dianggap tepat melakukan redenominasi karena kondisi perekonomian sedang stabil meski nilai rupiah terhadap dolar Amerika sudah mencapai Rp14.600. Dengan pertumbuhan ekonomi rata-rata di atas 5 persen dan fundamental ekonomi terjaga, cadangan devisa yang cukup, neraga perdagangan terjaga, inflasi terkendali, maka Indonesia siap melakukan redenominasi.

Jadi, redenominasi bukan keputusan yang tepat untuk meredam inflasi, apalagi hiperinflasi seperti yang terjadi di Venezuela. Tak heran bila keputusan redenominasi tidak mampu mengurangi tekanan inflasi.[]

Sumber:

Greetings, @ayijutridar. Great article. As you rightly conclude, this reconversión is not going to stop, let alone reduce, inflation; on the contrary (as we can already see it after just a week) it has accelerated it.
Sugar was costing 600VEF (cash), now it cost 20 VES, that is 2 million VEF, in just a week!
Additionally, i wanted to point out that the reason the Petro is not going to work is not only because

So far the impact has not been seen because the value of petro does not attract the attention of the global community of cryptocurrency users.

but also because it was born illegally. The political mess supersedes any economic measure. The legitimately elected national congress was put aside and substituted by an illegally elected Constituyente, which was supposed to re-write the constitution. After a year, they have not shown one single article they have reformed. They are there only to guarantee that Maduro can do whatever he wants; they are above the law.
What investor in his right mind would take such risks?

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hlezama (73) 6 years ago (edited)

$0.05

2 votes

ayijufridar (71) 6 years ago

Thanks so much @hlezama. You add new information to us in Indonesia, especially for myself who just found out that publishing petro is an illegal decision because it is not supported by the Congress. According your comments, I think Venezuela must solve political problems first rather than economic problems. The situation in Venezuela at the moment, I think, is not much different from Indonesia in 1998. However, with the replacement of President Soeharto in power for 32 years, the Indonesian economy finally recovered and now its growth is above 5 percent. So, political change has an impact on economic change. Can Venezuela impeact Maduro?

$0.00

hlezama (73) 6 years ago

I agree. He was already impeached. Actually, he was judged and sentenced to 18 years of prison.

In Spanish:
https://www.analitica.com/actualidad/actualidad-nacional/tsj-exilio-condena-18-anos-carcel-maduro/
in English:
http://www.digitaljournal.com/news/world/exiled-venezuelan-supreme-court-sentences-maduro-over-corruption/article/529657
Yet, that Supreme court is in exile. After they were appointed by the legitimate Congress they were persecuted and had to leave the country. No other power in the country will enforce that sentence. What is happening in Venezuela, were ti no so tragic, could be the source of a political comedy. I challenge anyone to find in the history of the world something more absurd and pathetic than this.

amrut (35) 6 years ago

Perfect words

Posted using Partiko Android

Thanks so much @amrut.

azwarrangkuti (67) 6 years ago

semoga venezuela sebagai negara penghasil minyak terbesar di dunia bisa mengatasi masalah inflasi ini

Harus diwaspadai bencana ekonomi dan keuangan di sebuah negara bisa menular kalau kedua negara tersebut punya hubungan dagang dan fondasi ekonomi tidak kuat. Tapi Venezuela memang jauh dari Indonesia dan tidak berdampak secara langsung.

Reducing Inflation with Redenomination | Meredam Inflasi Dengan Redenominasi |

Meredam Inflasi Dengan Redenominasi