NGO calls on BI to nix fake money

NGO calls on BI to nix fake money

JAKARTA: Non-governmental organization Combating Counterfeit
and Financial Crime (CCFC) urged the central bank to withdraw the
current banknotes immediately after the July 5 direct
presidential election to prevent an increase in counterfeit money
in circulation and higher inflation.

CCFC chief information officer Sri Arsita Mutiara said on
Tuesday that the circulation of counterfeit money ahead of both
the April 5 legislative election and the upcoming presidential
election had caused inflation to reach 5.92 percent during the
first five months of this year.

According to her, ahead of the July 5 election, around Rp 2
billion in fake money, especially in the form of Rp 100,000 and
Rp 50,000 banknotes, had been circulating, but the central bank
refused to withdraw the counterfeit money, arguing that it had a
set schedule for the withdrawal some time next year.

Based on CCFC's data, around Rp 6 billion in fake money was
circulated during the 1999 general election. -- JP.