<![CDATA[Substitute money (uang pengganti) as an instrument for recovering state financial losses in corruption crimes has long been calculated based solely on the nominal value of losses (historical cost), without considering monetary erosion over time between the commission of the offense and prosecution, resulting in suboptimal state financial recovery. This study aims to examine the relevance of Time Value of Money (TVM) in ensuring effective state financial loss recovery and to construct the prosecutor’s role in reformulating substitute money calculations based on TVM through the indictment. A juridical normative method with descriptive analytical specification was employed, with data collected through literature study and analyzed qualitatively. The study finds that TVM is relevant as a real-value correction instrument using the formula FV = PV × (1+r)ⁿ based on the average BI Rate, and that prosecutors, as dominus litis, possess both the legal authority and obligation to reformulate substitute money calculations based on TVM in the requisitoir to achieve effective and just state financial loss recovery.]]>
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