What is the currency of Indonesia?
"the Republic of Indonesia), a currency issued by the Republican Government which was the predecessor of Rupiah. Despite so, currency issued during the Japanese occupation and by Dutch authorities were still in circulation, and simplicity of the ORI made its counterfeiting straightforward, worsening matters. Once the nation's independence has been recognised by the Netherlands on December 1949, the next 10 years saw the devaluation of Dutch banknotes into half their value (""Gunting Sjafruddin""), dissolution of the United States of Indonesia in 1950, and during the liberal democracy period the nationalization of ""De Javasche Bank"" into modern Bank Indonesia and the"
"Indonesian rupiah The rupiah (Rp) is the official currency of Indonesia. Issued and controlled by the Bank of Indonesia, the ISO 4217 currency code for the Indonesian rupiah is IDR. The name ""Rupiah"" is derived from the Indian word ""rupiya"" (), ultimately from Sanskrit ""rupyakam"" (; silver). Informally, Indonesians also use the word """"perak"""" (""silver"" in Indonesian) in referring to rupiah. The rupiah is subdivided into 100 ""sen"", although inflation has rendered all coins and banknotes denominated in sen obsolete. Introduced in 1946 by Indonesian nationalists fighting for independence, the currency replaced a version of the Netherlands Indies gulden which"
"damage to the rupiah caused in 1997–1998 severely damaged confidence in the currency. Even though the rupiah is a freely convertible currency, it is still regarded as a risky currency to hold. As of September 2018, the rupiah had fallen to its weakest position since the 1998 crisis as one US dollar is worth roughly IDR 14,880. And peaked at IDR 15,009 on September 4. It is the third least valued currency unit in the world, after the Iranian rial and Vietnamese đồng. Indonesian rupiah The rupiah (Rp) is the official currency of Indonesia. Issued and controlled by the Bank"
"the end of 1998 and has generally traded in the Rp 8,000–10,000/USD1 range ever since, with fluctuations that are relatively predictable and gradual. In late 2004 Indonesia faced a 'mini-crisis' due to international oil prices rises and imports. The currency reached Rp 12,000/USD1 before stabilising. The government was forced to cut its massive fuel subsidies, which were planned to cost $14 billion for 2005, in October. This led to a more than doubling in the price of consumer fuels, resulting in double-digit inflation. The situation had stabilised, but the economy continued to struggle with inflation at 17% in 2005. For"
"and are not circulated) and banknotes of 1000 rupiah up to 100,000 rupiah. With US$1 worth 14,356 rupiah (30 November 2018), the largest Indonesian banknote is therefore worth approximately US$6.97. There are presently two series of coins in circulation: aluminium, bronze and nickel coins dated between 1991 and 2010. These come in denominations of 50, 100, 200, 500, and 1000 rupiah. The older series of coins has been gradually disappearing. Due to the low value and general shortage of small denomination coins (below 100 rupiah), it is common to have amounts rounded up (or down) or to receive sweets in"
"2018 at Bank Indonesia). Earlier notes are also no longer legal tender, due to the lack of security features and association with the Suharto regime, but could be exchanged in Bank Indonesia offices until 20 August 2010. As the smallest current note is worth approximately US$0.08, even small transactions such as bus fares are typically conducted with notes, and the 1,000-rupiah coin is far more common than the 1,000-rupiah note. The government initially announced that this would change, with a 2,000-rupiah note to replace the 1,000-rupiah, with that denomination replaced by a coin. After a long delay, this proposal was"
"lieu of the last few rupiah of change in supermarkets and stores.. A new series of coins featuring Indonesia's national heroes were issued in 2016 in denominations of 100-, 200-, 500 and 1000 rupiah. Currently circulating Indonesian banknotes date from 2000 (1,000 rupiah), 2001 (5,000 rupiah), 2004 (20,000 and 100,000 rupiah), 2005 (10,000 and 50,000 rupiah), 2009 (the new denomination of 2,000 rupiah), 2010 (revised version of the 10,000 rupiah), and 2011 (revised versions of the 20,000, 50,000 and 100,000 rupiah). The 1998–1999 notes have not been legal tender since 31 January 2008 (but will be exchangeable until 30 December"
"It was the intention of the Presidential decree of 13 December 1965 that the 'rupiah baru' (new rupiah) become the unified national currency of all of Indonesia, exchangeable for the Irian Barat rupiah at par. However, a subsequent decree of 15 September 1966 restored the validity of the Irian money, recalling the Indonesian rupiah from Indonesia. The Indonesian rupiah only finally became legal tender in Irian on 18 February 1971. The existing Irian Barat money was exchangeable from May 1971 at the rate of 1 Irian Barat rupiah to 18.9 Indonesian rupiah. Thus given the official exchange rate of 378"
"in 1943. The first truly Indonesian rupiah notes, however were issued in 1946, during the war of independence with the Dutch, following the unilateral declaration of independence by the Indonesians at the end of World War Two on 17 August 1945. This money is known as 'Oeang Republik Indonesia' ('oeang' being the old spelling of 'uang', in English 'money'). Following the negotiated peace treaty in The Hague of 1949, the 'ORI' was withdrawn, to be replaced by an internationally recognised 'Indonesian rupiah'. The Indonesian rupiah has been subject to numerous devaluations, and in 1965 existing paper was withdrawn, replaced by"
"of the machine, and Indonesia has reverted to the use of paper notes. ""Direksi 2000"" brought a new 1,000 rupiah note, with the 100 and 500 rupiah notes having been discontinued due to the dramatic devaluation of Indonesia's currency. ""Direksi 2001"" redesigned the 5,000 rupiah, while ""Direksi 2004"" brought an end to the polymer 100,000 rupiah notes, replacing with a paper design, as well the issue of a new more secure 20,000 rupiah note. The most recent changes to Indonesian money were ""Direksi 2005"", which re-designed the 10,000 and 50,000 rupiah note. On December 19, 2016, Bank Indonesia launched the"
"nationalisation, on 3 October 1951, the Republic passed an Emergency Act on valid currency, to repeal the Indische Muntwet Act of 1912, which still governed valid currency in Indonesia. The consequence of the new Act was that old Dutch coins would be void for payment, and Indonesian rupiah coins would be issued with values of 1, 5, 10, 25, and 50 sen under the remit of the Indonesian government. Low-denomination Dutch banknotes were to be withdrawn in due course. This Act saw the first Republik Indonesia money being issued, of 1 and 2½ rupiah denominations, continuing the split between denominations"
"April 1950, with the formal declaration of the unitary Republic of Indonesia confirmed on 17 August 1950, this money was short-lived. The new ""Republik Indonesia Serikat"" decided to address the amount of money circulating (due to the treaty the government was required to accept the NICA gulden as legal tender as well), which had reached 3.9 billion rupiah. A bewildering variety of money was in circulation, including local and national rupiah, Japanese, pre-war, and NICA Dutch moneys. Due to the large amount of currency, the minister of finance, Sjafruddin Prawiranegara, sought to reduce the money supply by one half. This"
"Indonesian rupiah to 1 US$ at the time, it can be seen that the Irian Barat rupiah was ultimately worth exactly US$0.05. The Netherlands New Guinea gulden, fixed at par to the Dutch guilder, was exchangeable at 3.62 to the US dollar at the time of original conversion in 1963. Relative to the dollar therefore the currency had lost 82% of its value in 8 years. The Irian Barat rupiah circulated alongside the Indonesian rupiah as legal tender, for a further two years, until 1 April 1973. Coins were issued in denominations of 1, 5, 10, 25 and 50 sen."
"During colonial times, the currency used in what is now Indonesia was the Netherlands Indies gulden. The country was invaded in 1942 by Japan, which began printing its own version of the gulden, which remained in use until March 1946. The Netherlands authorities and the Indonesian nationalists, who were fighting for independence, both introduced rival currencies in 1946 with the Dutch printing a new gulden, and the Indonesians issuing the first version of the rupiah on 3 October 1946. Between 1946 and 1950 a large number of currencies circulated in Indonesia, with the Japanese gulden still remaining prevalent alongside the"
"old rupiah. The official exchange rate was set initially at Rp 0.25 to US$1 as of 13 December 1965, a rate that did not represent reality, as the multiple exchange rate system remained in place for the time being. This was followed by the emergence of Suharto, who as of 11 March 1966 acquired executive control of Indonesia. Suharto quickly made economic changes, establishing his ""New Order"", with economic policy set by the Berkeley Mafia, his team of US-educated neoclassical economists. The policy began to be set out in November 1966, following the reaching of agreement with Indonesia's creditors in"
"West Irian rupiah The rupiah was a distinct currency of West Irian (formerly West New Guinea) between 1963 and 1973. It replaced the West New Guinea gulden at par and was replaced by the Indonesian rupiah at the rate of 1 West Irian rupiah = 18.9 Indonesian rupiah. The presence of the Dutch in Netherlands New Guinea had been a subject of disagreement ever since the treaty that negotiated the Dutch withdrawal from Indonesia in 1949. The Dutch were unwilling to cede to Indonesian control, preferring instead to establish a state of Papua. The Indonesians eventually broke off diplomatic relations"
"only worth about US$10) was also added, imported from Australia. These notes, which were no longer printed following the introduction of new designs in 2004–2005, are no longer legal tender since 31 December 2008, although they remain exchangeable at Bank Indonesia offices until 31 December 2018. The lower denominations, 1,000 and 5,000 rupiah were updated in 2000 and 2001. While the 5,000 rupiah note is still being printed, the 1,000 rupiah note was last issued dated 2013 and, while remaining in circulation, has largely been replaced by a coin of the same value. The previous lowest denominations, 100 and 500"
"and 1948 the Dutch succeeded in expanding the area of land under their control, but international feeling was against them, so in November 1949, peace was brokered. One of the conditions was that ""De Javasche Bank"" remained as the central bank of the new nation of ""Republik Indonesia Serikat"" (United States of Indonesia). Thus the first internationally recognised currency of the new nation of Indonesia still bore the words ""gulden"", and ""De Javasche Bank"", reusing the 1946 (even retaining the date, 1946) De Javasche Bank notes, changing only the colour, and with additional denominations of 50, 100, 500 and 1000"
"vary from 1,000, 2,000, 5,000 to 10,000 rupiah. The sudden rise of demands on goods (especially food) and service (especially transportation), and the pulsing and distribution of newly printed small denomination bank notes from the central bank, has caused Indonesian economy a seasonal inflation annually. It is customary for Muslim-Indonesians to wear a traditional clothing on Eid al-Fitr. The male outfit is known as ""baju koko"": a collarless long or short-sleeve shirt with traditional embroidered designs with a ""kilt"" ""sarung"" of songket, ikat or similar woven, plaid-cloth. Alternatively, they may wear either Western-style business suits or more traditional loose-fitting trousers"
"the small G. Kolff & Co Malang printers at their disposal to print the money, printing of the money took several months, to July 1946. The Republican government declared that the new central bank of Indonesia would be Bank Negara Indonesia, established on 5 July 1946, occupying the offices of De Javasche Bank in Yogyakarta, the stronghold of the republic. The Indonesian rupiah was first issued by proclamation of 3 October 1946. In the year or so prior, the Japanese money had been a vital conduit of Republican goods to the Dutch enclaves, but the decree brought this to an"
"of under 5 gulden and 5 and above between state and central bank initiated by the Dutch. In order that it could discontinue the issue of the resented 'De Javasche Bank' money, the government completed the Indonesianisation of DJB, with the bank becoming Bank Indonesia on 1 July 1953 via the Principal Act on Bank Indonesia 1953. The bank had responsibility for the issue of banknotes of 5 rupiah and above (as had DJB), and the first Bank Indonesia money appeared from 1953. The economy was ravaged by inflation, prices had tripled from 1953 to 1959, and Soekarno wanted to"
"Coinage, issued in 1951 and 1952 and from then until 1961, replaced the notes as sufficient coinage entered circulation. Under Indonesian law originally enacted by the Dutch, issue of money below 5 rupiah (in Dutch times gulden), was the responsibility of the government, and hence all coins bore the name of Indonesia, rather than the central bank. The denominations were 1, 5, 10, 25 and 50 sen. The 1 and 5 sen coins had centre holes, similar to the old copper coins of the Dutch, while the other coins were solid. All were aluminium except the 50 sen, which was"
"first Indonesian rupiah by the provisional Republican government in Jakarta resulted in conflict between the rival currencies and administrations. The Dutch money was not tolerated by the Indonesian nationalists, who insisted on the use of only Indonesian money. After 1946 De Javasche Bank resumed note production, with 5, 10 and 25 gulden notes. These bore in Indonesian language the word ""roepiah"". The NICA gulden, on the other hand, bore the image of the Dutch Queen, and was far from sensitive to nationalist feeling. Further notes simply saying ""Indonesia"" were issued in 10 and 25 sen denominations in 1947. Between 1946"
"relatively narrow range against the US$ (which itself was depreciating against other currencies), of Rp 8,500–9,900. This trend continued into 2008, with the currency trading between Rp 9,000 and 9,500. The financial crisis of 2007–2008 with the collapse in the commodities market saw the US$ gain strongly against currencies backed by weakening commodities exports. With palm oil and rubber prices falling from their peak by more than half, the rupiah came under pressure, Bank Indonesia spent US$7 billion of its $57 billion reserves in October defending the currency. Despite this, the rupiah slipped below Rp 10,000 on 23 October for"
"a new currency at the rate of 1000 to 1. The first 'Indonesian rupiah' bank notes bore the date of the proclamation on new Indonesian money, 17 October 1945, under the authority of the ""Republik Indonesia"", and were apparently intended for issue on 1 February 1946, but due to the capture of most of the notes, only a tiny number escaped at this time. The circulation began in earnest in Java from 10 October 1946. The notes were in denominations of 1, 5, and 10 sen notes, plus ½, 1, 5, 10, and 100 rupiah notes. The second series of"
"In 1963 Indonesia Issued a coin of 2 1/2 rupiah depicting Sukarno in two forms, one of the coins was intended for West Irian, the other was intended for entire Indonesia, but both coins were minted in very limited quantities. Their values according to Krause catalogue are US$290 for the first coin and US$100 for the Irian coin. While NGC online catalogue evaluate one of the coins as worth US$290. West Irian coin is evaluated as US$100, and never placed into circulation, maybe because of hyperinflation that ruled Indonesian economy in Sukarno era, especially during the years 1959 to 1965."
"= 50 sen, rupiah was a value equal to the 1 guilder of Hindia-Belanda, the Netherlands Indies, kupang = 1/2 ringgit = 1 1/4 rupiah, benggol = seringgit = 1 ringgit = 2 1/2 rupiah = 2 1/2 Netherlands Indies guilder. The uang although it means money in Indonesian was merely a value of 1/3 tali = 8 1/3 sen but no coin was ever issued in this value. The Kupang gave its name to an Indonesian city in southwest of Timor. The coin was made of gold, circulated in Aceh, Sulawesi and Malayan states in some forms, for centuries."
"were construction equipment, machinery, aviation parts, chemicals, and agricultural products. US imports from Indonesia in 1999 totalled $9.5 billion and consisted primarily of clothing, machinery and transportation equipment, petroleum, natural rubber, and footwear. Economic assistance to Indonesia is coordinated through the Consultative Group on Indonesia (CGI) formed in 1989. It includes 19 donor countries and 13 international organisations that meet annually to co-ordinate donor assistance. This is a chart of trend of Indonesia's GDP at market prices by the IMF with figures in millions of rupiah. For purchasing power parity comparisons, the exchange rate for 1 US dollar is set"
"Indonesian rupiah in 1965 (with the 1 and 2½ rupiah notes alone redated, to ""1964""). Green (1) and blue (2½) variants of the 1 and 2½ notes were intended for issue in North Borneo, which Indonesia saw as a possible extension to its territory due to the power vacuum in the region at that time. West Irian rupiah The rupiah was a distinct currency of West Irian (formerly West New Guinea) between 1963 and 1973. It replaced the West New Guinea gulden at par and was replaced by the Indonesian rupiah at the rate of 1 West Irian rupiah ="
"12:1. On 6 March 1946, Dutch-controlled areas replaced the Japanese-issue roepiah with the NICA-issued gulden, giving an official exchange rate of 3 NICA gulden to 100 Japanese roepiah. The Republican government followed suit on 30 October 1946, replacing the occupation currency with ""Oeang Repoeblik Indonesia"" (ORI) at an official rate of 50 Japanese roepiah for 1 ORI. However, owing to the ongoing Indonesian National Revolution and the resulting chaotic monetary landscape, Japanese-issued bills remained in use into 1949. The Indonesian Minister of Finance, Alexander Andries Maramis, estimated in 1946 that the Japanese had put some 2.2 billion roepiah into circulation"
"Government in December 1996 and was tasked with ensuring that the central bank law resulted in a currency board system that was as orthodox as possible. Shortly after his appointment, Hanke published a critique of the IMF currency board proposal. Warren Coats, a key member of the IMF team discussed Hanke's involvement at length in the 2007 book. In a section of the book titled ""Steve Hanke"" Coats recounts: In August 1997, upon urging from the International Monetary Fund, Indonesia adopted a floating exchange rate for its currency, the rupiah. In the ensuing months, the rupiah weakened significantly against the"
"Coins of the rupiah Indonesian rupiah coinage was first issued in 1951 and 1952, a year or so later than the first Indonesian rupiah banknotes printed following the peace treaty with The Netherlands, agreed in November 1949. Although revolutionary currency had been issued in by the provisional Republic of Indonesia between the declaration of independent on 17 August 1945 and 1949, it had all been formed of paper, metal being far too scarce for the internationally isolated government to use as currency. Due to high inflation in the late 1950s and early 1960s, no coins were minted after 1961, and"
"gulden. Further De Javasche Bank notes, in a new design, were dated ""1948"", with , 1 and gulden denominations, and were also issued upon Indonesian independence, along with new 'Republik Indonesia Serikat' notes in 5 and 10 rupiah (not gulden) denominations. The feeling for ""Indonesianization"" was strong, and so De Javasche Bank was nationalized and renamed as ""Bank Indonesia"" over the period 1951 to 1953, and Bank Indonesia rupiah notes began to replace the gulden from 1953. Netherlands Indies gulden The gulden was the unit of account of the Dutch East Indies from 1602 under the United East India Company"