What currency do they spend in Indonesia?
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.
History of the Indonesian rupiah
The accord provided that The Netherlands was to retain economic influence over the republic until Indonesia had paid the debt run up by NICA in fighting the war with Indonesia. It was agreed that private Dutch-owned De Javasche Bank was to be restored as the central bank of Indonesia, despite resentment among Indonesian nationalists, the Indonesian-established BNI becoming a development bank.
West Irian rupiah
Hyperinflation in Indonesia (which due to the separate monetary policy and currency, did not afflict Irian, although inflation was certainly still present) had necessitated a 1000 to 1 devaluation of the national currency in December 1965. 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.
Bali
Based on a Bank Indonesia survey in May 2013, 34.39 per cent of tourists are upper-middle class, spending between $1,286 to $5,592, and are dominated by Australia, India, France, China, Germany and the UK. Some Chinese tourists have increased their levels of spending from previous years. 30.26 percent of tourists are middle class, spending between $662 to $1,285. In 2017 it was expected that Chinese tourists would outnumber Australian tourists.
Modern gold dinar
The currency was introduced in Indonesia in the year 2000 by the (IMN).
Museum Bank Indonesia
The bank continued as the acting central bank of Indonesia during the Japanese occupation in 1942 and after the Indonesian declaration of independence in 1945. Its first Rupiah note was printed in 1944 under the Japanese supervision, in an effort to nationalize its identity. After the Netherlands recognized Indonesia's independence in 1950, the Indonesian government agreed to retain De Javasche Bank as central bank of Indonesia. However, with increasing animosity between the two party, the bank was nationalized as Bank Indonesia in 1953.
Idham Chalid
Idham was named a National Hero of Indonesia, along with six other figures, based on 113/TK/Tahun Presidential Decree No. 2011 dated 7 November 2011. Following the issuance of Presidential Decree No. 31 of 5 September 2016, Bank Indonesia introduced seven new banknote designs featuring several national heroes which were never featured before on Indonesian banknotes. His face is featured on the obverse of Rp 5,000.00 banknote, which was issued on 19 December 2016.
Chinese Indonesians
The top five conglomerates in Indonesia prior to the [[1997 Asian financial crisis]]—the [[Salim Group]], [[Astra International]], the [[Sinar Mas Group]], [[Gudang Garam]], [[Sampoerna]] and the [[Lippo Group]]—were all owned by ethnic Chinese, with annual sales totaling [[Indonesian rupiah|Rp]]112 trillion (US$47 billion). When the crisis finally hit the country, the rupiah's plunge severely disrupted corporate operations. Numerous conglomerates lost a majority of their assets and collapsed. Over the next several years, other conglomerates struggled to repay international and domestic debts. Reforms introduced following 1998 were meant to steer the economy away from [[Oligarchy|oligarchic]] arrangements established under the New Order; however, plans for reform proved too optimistic. When President B. J. Habibie announced in a 19 July 1998 interview with "[[The Washington Post]]" that Indonesia was not dependent on ethnic Chinese businessmen, the rupiah's value plunged 5 percent. This unexpected reaction prompted immediate changes in policies, and Habibie soon began enticing conglomerates for their support in the reform plans. Most were initially fearful of democratization, but the process of social demarginalization meant that the ethnic Chinese were regarded as equal members of society for the first time in the nation's history. Increased regional autonomy allowed surviving conglomerates to explore new opportunities in the outer provinces, and economic reforms created a freer market.
1997 Asian financial crisis
Although the rupiah crisis began in July and August 1997, it intensified in November when the effects of that summer devaluation showed up on corporate balance sheets. Companies that had borrowed in dollars had to face the higher costs imposed upon them by the rupiah's decline, and many reacted by buying dollars through selling rupiah, undermining the value of the latter further. Before the crisis, the exchange rate between the rupiah and the dollar was roughly 2,600 rupiah to 1 U.S. dollar. The rate plunged to over 11,000 rupiah to 1 U.S. dollar on 9 January 1998, with spot rates over 14,000 during 23–26 January and trading again over 14,000 for about six weeks during June–July 1998. On 31 December 1998, the rate was almost exactly 8,000 to 1 U.S. dollar. Indonesia lost 13.5% of its GDP that year.
Bank Negara Indonesia
PT Bank Negara Indonesia (Persero) Tbk or Bank Negara Indonesia (literally means Indonesian State Bank), is an Indonesian state-owned bank. It has branches primarily in Indonesia, but it can also found in Seoul, Singapore, Hong Kong, Tokyo, London and New York. It had 1000 branches and over 9 million customers in 2006. It is listed on the Indonesia Stock Exchange as "BBNI". Its market capitalization as of 12 March 2007 was 23.8 trillion rupiah (approximately US$2.6 billion). It is the fourth-largest bank of Indonesia in terms of assets
Banknotes of the rupiah
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').
History of the Indonesian rupiah
As part of the exchange, local and Republik Indonesia money was also demonetised, with all old Republik Indonesia notes no longer valid after 1 May 1950. 125 Rp of the first "Republik Indonesia" rupiah (issued in Java) was exchanged for 1 Rp of new DJB notes. Higher exchange rates were in place for local currencies, some of which had been heavily devalued by the over-printing of money by the army. The recently devalued Rupiah Baru of Aceh were exchangeable at 1.75 to 1.
Bali
In the last half of 2008, Indonesia's currency had dropped approximately 30% against the US dollar, providing many overseas visitors improved value for their currencies.
Indonesia
Indonesia consists of hundreds of distinct native ethnic and linguistic groups, with the largest—and politically dominant—ethnic group being the Javanese. A shared identity has developed, defined by a national language, ethnic diversity, religious pluralism within a Muslim-majority population, and a history of colonialism and rebellion against it. Indonesia's national motto, ""Bhinneka Tunggal Ika"" ("Unity in Diversity" "literally", "many, yet one"), articulates the diversity that shapes the country. Indonesia's economy is the world's 16th largest by nominal GDP and the 7th largest by GDP at PPP. Indonesia is a member of several multilateral organisations, including the UN, WTO, IMF and G20. It is also a founding member of Non-Aligned Movement, Association of Southeast Asian Nations, Asia-Pacific Economic Cooperation, East Asia Summit, Asian Infrastructure Investment Bank and Organisation of Islamic Cooperation.
Rupee
In Indonesia and the Maldives the unit of currency is known as rupiah and rufiyaa respectively, which is a cognate of the Sanskrit "rūpya". The Indian rupees () and Pakistani rupees () are subdivided into one hundred paise (singular "paisa") or pice. The Mauritian, Seychellois and Sri Lankan rupees subdivide into 100 cents. The Nepalese rupee subdivides into one hundred paisas (both singular and double) or four Sukaas.
Fall of Suharto
In the second half of 1997, Indonesia became the country hardest hit by the Asian economic crisis. The economy suffered a flight of foreign capital leading to the Rupiah falling from Rp 2,600 per dollar in August 1997 to over Rp 14,800 per dollar by January 1998. Those Indonesian companies with US dollar-denominated borrowings struggled to service these debts with their Rupiah earnings and many went bankrupt. Efforts by Bank Indonesia to defend its managed float regime by selling US dollars had little effect on the currency's decline, but instead drained Indonesia's foreign exchange reserves.
Indonesian rupiah
In the period from October 1946 to March 1950 Indonesian currency had no international recognition. Its value was determined on the black market.
Indonesian rupiah
Despite the liberalisation efforts, Indonesia still had multiple exchange rates. A more realistic exchange rate was finally established of 378 (new) rupiah to US$1 as of April 1970. In August 1971 the exchange rate was devalued slightly, to Rp 415 to the US$.
Taxation in Indonesia
The tax-free poverty threshold for Indonesian income earners is also dependent on regions as there exists some disparity between the purchasing power of the Rupiah between regions and intra-regionally between larger urban cities and smaller ones. The Capital, Jakarta is considered the most expensive city in term of all goods, services and wages.
History of the Indonesian rupiah
The 'uang merah' ('red money' (the 10 rupiah note was red, and there may also be a reference to blood, as the money was unpopular with the Indonesian revolutionaries)) faced nationalist opposition to the principle of money issued by the Dutch, exarcebated by the fact that in spite of stated intentions to adopt a less colonial stance post-war, the notes had been printed in Dutch with a large picture of the Dutch Queen Wilhelmina.
Museum Bank Indonesia
The museum include old currencies on its display collection, from as early as 14th century pre-colonial era to old bank notes from around the world.
Malaya and British Borneo dollar
The Malaya and British Borneo dollar was used in Malaya after independence in 1957, and in Malaysia after its formation in 1963, as well as in Singapore after its independence in 1965. After 1967, the two countries and Brunei ended the common currency arrangement and began issuing their own currencies. However, the Malaya and British Borneo dollar continued to be legal tender until 16 January 1969. The currency was also being used in the Riau Archipelago in Indonesia prior to 1963.
West Irian rupiah
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 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.
History of the Indonesian rupiah
The Asian financial crisis of 1997–1998 reduced the rupiah's value by over 80% in a few months and was a major factor in the overthrow of President Suharto's government. The rupiah had traded at about 2000–3000 rupiah per 1 USD, but reached a low of 16,800 rupiah per dollar in June 1998. The currency, which had been relatively stable in prior years, had its value destroyed. The government did not take any action to demonetise or revalue the banknotes, "Direksi 1998" merely redesigned the 10,000 and 20,000 rupiah notes.
Corruption in Indonesia
Corruption is an important development challenge that poses economic and social costs in Indonesia. Interference in public laws and policies for the sake of personal or private gain has weakened the competitiveness of Indonesia.
About one-quarter of ministries suffer from budgetary diversions in Indonesia. Households spent approximately 1% while enterprises spent at least 5% of monthly company revenue on unofficial payments. Social costs due to corruption in Indonesia include the weakening of government institutions and the rule of law. Increases in crime due to smuggling and extortion involve the institutions that are supposed to be protecting citizens. The people who suffer most are the poor as they are pressured to finance payments through their already tight budgets and the effectiveness of social services are less accessible indirectly. These concerns were voiced by the poor urban communities of Indonesia themselves in a joint World Bank-Partnership for Governance Reform research project, entitled “Corruption and the Poor”.
Currency swap
South Korea and Indonesia signed a won-rupiah currency swap deal worth US$10 billion in October, 2013. The two nations can exchange up to 10.7 trillion won or 115 trillion rupiah for three years. The three-year currency swap could be renewed if both sides agree at the time of expiration. It is anticipated to promote bilateral trade and strengthen financial cooperation for the economic development of the two countries. The arrangement also ensures the settlement of trade in local currency between the two countries even in times of financial stress to support regional financial stability. As of 2013, South Korea imported goods worth $13.2 billion from Indonesia, while its exports reached $11.6 billion. In August 2018, Qatar and Turkey's central banks signed a currency swap agreement to provide liquidity and support for financial stability.
Tourism in Indonesia
Since 2000, on average, there have been five million foreign tourists each year (see table), who spend an average of per day. With an average visit duration of 9–12 days, Indonesia gains billion of foreign exchange income annually. This makes tourism Indonesia's third most important non-oil–gas source of foreign revenue, after timber and textile products.
Netherlands Indies gulden
Between 1946 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 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.
Malaysian ringgit
The word "ringgit" is an obsolete term for "jagged" in Malay and was originally used to refer to the serrated edges of silver Spanish dollars which circulated widely in the area during the 16th and 17th century Portuguese colonial era. In modern usage "ringgit" is used almost solely for the currency. Due to the common heritage of the three modern currencies, the Singapore dollar and the Brunei dollar are also called "ringgit" in Malay (currencies such as the US and Australian dollars are translated as "dolar"), although nowadays the Singapore dollar is more commonly called "dolar" in Malay. To differentiate between the three currencies, the Malaysian currency is referred to as "Ringgit Malaysia", hence the official abbreviation and currency symbol "RM". Internationally, the ISO 4217 currency code for Malaysian ringgit is "MYR".
History of the Indonesian rupiah
Although the military action of the Allies in Eastern Indonesia and Kalimantan (Borneo) had introduced the NICA gulden into circulation in those areas, the transition back to Dutch control did not go smoothly in the main islands of Java and Sumatra and Allied military action gained control only over a few coastal enclaves, where Japanese money was used, large quantities of which were in storage by the Japanese.
History of the Indonesian rupiah
As their occupation continued, by 1944 the Japanese had determined that their long-term strategic interests were best furthered by encouraging Indonesian nationalism, and so it issued a second series of notes printed in Indonesian language, the Netherlands Indies roepiah.
Economy of Indonesia
The effects of the crisis were severe. By November 1997, rapid currency depreciation had seen public debt reach US$60 billion, imposing severe strains on the government's budget. In 1998, real GDP contracted by 13.1%, and the economy reached its low point in mid-1999 with 0.8% real GDP growth. Inflation reached 72% in 1998 but slowed to 2% in 1999. The rupiah, which had been in the Rp 2,600/USD1 range at the start of August 1997 fell to 11,000/USD1 by January 1998, with spot rates around 15,000 for brief periods during the first half of 1998. It returned to 8,000/USD1 range at 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. However, the rupiah began devaluing past 11,000 in 2013, and as of November 2016 is around 13,000 USD.
Bank Indonesia
The Java Bank was operated as a private bank and individuals as well as industries etc. could get help in the bank’s offices.
Bank Indonesia was founded on 1 July 1953 from the nationalisation of De Javasche Bank, three years after the recognition of Indonesia's independence by Netherlands.
For the next 15 years, the Bank of Indonesia carried on commercial activities as well as acting as the nation’s national bank and is in charge in issuing Indonesian rupiah currency.
New Order (Indonesia)
The 1997 Asian financial crisis beginning in July 1997 in Thailand spread into Indonesia as foreign speculative investors pulled-out their investments, sucking US dollar liquidity in Indonesia and causing severe depreciation of the Indonesian rupiah. In the private sector, many Indonesian corporations had been borrowing heavily in lower-interest US dollar denomination while their revenues were mostly in rupiah; their debt rapidly increased as the US dollar appreciated, leaving many companies virtually bankrupt. These companies desperately sold rupiah and bought US dollars, causing the rupiah's value to drop from Rp 2,600 per dollar in August 1997 to over Rp 14,800 per dollar by January 1998. Efforts by the central bank to defend its managed float regime by selling dollar had little impact and instead drained Indonesia's foreign exchange reserves, forcing the government to free-float the currency and seek liquidity aid from IMF (International Monetary Fund).
Economy of Indonesia
Indonesia regained its investment grade rating from Fitch Rating in late 2011, and from Moody's Rating in early 2012, after losing it in the 1997 crisis, during which Indonesia spent more than Rp. 450 trillion ($50 billion) to bail out lenders from banks. Fitch raised Indonesia's long-term and local currency debt rating to BBB- from BB+ with both ratings is stable. Fitch also predicted that economy will grow at least 6.0% on average per year through 2013, despite a less conducive global economic climate. Moody's raised Indonesia's foreign and local currency bond ratings to Baa3 from Ba1 with a stable outlook. On May 2017 S&P Global raised Indonesia's investment grade from BB+ to BBB- with a stable outlook, due to the economy experiencing rebound in exports and strong consumer spending during the early 2017.
Languages of Indonesia
The Indonesian language is primarily used in commerce, administration, education and the media. Most Indonesians speak other languages, such as Javanese, as their first language. Most books printed in Indonesia are written in the Indonesian language.
List of motifs on banknotes
The official currency of Indonesia is the Indonesian Rupiah (IDR). The motifs used are:
History of the Indonesian rupiah
There was never an official exchange rate between NICA gulden and Indonesian rupiah, but with popular support for the rupiah strong, 1 ORI rupiah was initially valued at 5 NICA gulden. The currency, however, depreciated fast, falling to 2 gulden within 1 week, as the market gauged fair value, and by the end of 1946 to par. By March 1947, it was worth half a gulden, and by July 0.3 gulden. This inflation was caused by the Republican government, which was printing money to meet its obligations in the face of limited income of its own. By January 1947, 310 million rupiah had been printed in republican Java alone, half the entire pre-war gulden money supply.
Indonesian rupiah
The government response to the crisis sent mixed messages, with falling interest rates doing nothing to support confidence in the rupiah, and the rupiah continued to be sold, as companies who had been borrowing heavily in dollars had to meet their obligation. By 4 October, the currency had collapsed a further 19%, falling to 3,690 per dollar. It had now lost a third of its value, and there was now a full-blown 'crisis' in Indonesia.
History of the Indonesian rupiah
The Japanese money was supposed to have the same value as the old Dutch money, with the old money to be recalled from use, but the invaders soon printed excessive quantities of money, and it was quickly apparent that hyperinflation was in progress, and hence people hoarded the Dutch money. By the end of the War, the Japanese had caused a massive increase in the paper money supply, which was 230 million gulden pre-war, to several billion post-war. This, plus the actions of the post-war Dutch administration, caused massive inflation and damage to the stability and economy of the country.
History of the Indonesian rupiah
New money was issued by the Dutch from July 1947, in the form of fully Dutch/Indonesian bilingual gulden/roepiah notes from 'De Javasche Bank'. These notes were dated 1946, and consisted of 5 (violet), 10 (violet), 25 (red) gulden notes.
Indonesian rupiah
In response to Sumatra and Sulawesi refusing to hand over their foreign exchange, in June 1957 a new system for foreign exchange was introduced: exporters received export certificates (BE) representing the foreign currency earned and could sell them to importers on the free market (but subject to a 20% tax). This effectively created a freely floating rupiah. The price of the certificates quickly reached 332% of face value by April 1958, i.e. Rp 38, a rate at which the government chose to end the free market, fixing the price at 332% of face value.
History of the Indonesian rupiah
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.
History of the Indonesian rupiah
Due to the difficulties associated with using the money, the supply of food and basic goods from the Republican interior was poor, and the NICA money by June 1946 had fallen to a black market value of just 10 of the Japanese money (which was still the preferred money throughout Java), despite Dutch attempts to enforce the rate.
History of the Indonesian rupiah
This deflationary policy had been derived from the Dutch geldzuivering of Dutch Minister of Finance Pieter Lieftinck (later Executive Director of the World Bank and International Monetary Fund (IMF)), who had trained Sumitro Djojohadikusumo (who had returned to Indonesia along with many other educated Indonesians after the War) in economics at university in The Netherlands. As in The Netherlands, each citizen was to be issued with 1 rp to kick-start the circulation of new money. Undeposited money after October was declared worthless.
Museum Bank Indonesia
The museum is designed to introduce the public Bank Indonesia's role on the Indonesian history, such as monetary policies and payment system that changes over time. The museum also provide visitors with audio and visual experience on the history of currencies and trade in Indonesia from pre-colonial era to the present state. It include eras such as the early spice-trading history, Dutch East India Company spice monopoly in the Indonesian archipelago, banking system of the Dutch East Indies, currencies under Japanese occupation and ended on the economic crisis of 1997.
Economy of Indonesia
As of 28 June 2010, the Indonesia Stock Exchange had 341 listed companies with a combined market capitalisation of $269.9 billion. As at November 2010, two-thirds of the market capitalisation was in the form of foreign funds and only around 1% of the Indonesian population have stock investments. Efforts are further being made to improve the business and investment environment. Within the World Bank's Doing Business Survey, Indonesia rose to 122 out of 178 countries in 2010, from 129 in the previous year. Despite these efforts, the rank is still below regional peers and an unfavourable investment climate persists. For example, potential foreign investors and their executive staff cannot maintain their own bank accounts in Indonesia, unless they are tax-paying local residents (paying tax in Indonesia for their worldwide income).
Indonesian rupiah
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 revised so that the 2,000-rupiah banknotes were launched by BI (Bank Indonesia) on 9 July 2009, with the banknotes circulating as legal tender from 10 July 2009, but without withdrawing the 1,000-rupiah note.
History of the Indonesian rupiah
After their 2 October proclamation on NICA money, it declared the next day that Japanese money as well as pre-NICA Dutch money would be legal tender in the Republic, with both holding the same value, despite the greatly inflated quantity of Japanese money circulating, reflecting in part the fact that the Dutch money was no longer backed by gold reserves, the gold having been evacuated in the early part of the war.
Jakarta
The Wealth Report 2015 by Knight Frank reported that 24 individuals in Indonesia in 2014 had wealth at least US$1 billion and 18 live in Jakarta. The cost of living continues to rise. Both land price and rents have become expensive. Mercer's "2017 Cost of Living Survey" ranked Jakarta as 88th costliest city in the world for expatriates. Industrial development and the construction of new housing thrive on the outskirts, while commerce and banking remain concentrated in the city centre. Jakarta has a bustling luxury property market. Knight Frank, a global real estate consultancy based in London, reported in 2014 that Jakarta offered the highest return on high-end property investment in the world in 2013, citing a supply shortage and a sharply depreciated currency as reasons.
Indonesian rupiah
It was clear that the cronyism and corruption of Indonesia was winning over IMF reforms. The rupiah fell from 4,085 to 5,650 per dollar in the space of a single week. By the middle of the month, 154 banks, comprising half of the banking system, had suffered bank runs. By Christmas Eve the rupiah stood at 5,915 per dollar: a fall of 60% since July.
Banknotes of the rupiah
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.
Economic history of Indonesia
On 17 August 1945, Sukarno and Mohammad Hatta on behalf of Indonesian people declared the independence of Indonesia. Amidst the turmoil, Indonesia issued their first rupiah banknotes in 1945. Between 1945 and 1949, Indonesia was embroiled in National Revolution. The economic conditions was plunged into chaos, especially in Java and Sumatra, as people struggled to survive the war.
Coins of the rupiah
Although circulating coins in Indonesia have never been made from precious metals, a number of special issues have been made since coins were reintroduced to Indonesia in 1970 from either silver or gold. As commemorative coins, they were all sold above their intrinsic value, and also above their nominal value.
Indonesian language
While Indonesian is spoken as a mother tongue by only a small proportion of Indonesia's large population (i.e. mainly those who reside within the vicinity of Jakarta and other large predominantly Indonesian-speaking cities such as Medan and Balikpapan), over 200 million people regularly make use of the national language, with varying degrees of proficiency. In a nation that boasts more than 700 native languages and a vast array of ethnic groups, it plays an important unifying and cross-archipelagic role for the country. Use of the national language is abundant in the media, government bodies, schools, universities, workplaces, among members of the Indonesian upper-class or nobility and also in many other formal situations, although the 2010 Indonesian Census shows that only 19.94% of people over 5 years old speak mainly Indonesian at home.
Video gaming in Indonesia
According to gaming researcher Newzoo, in 2017 there were an estimated 43.7 million active gamers in Indonesia, spending a total of USD 879.7 million for an average annual spending of USD 20.13 per person. This made Indonesia the largest gaming market in Southeast Asia and 16th largest globally, just behind Taiwan and ahead of India. According to Euromonitor, the industry revenues had grown from IDR 1.812 trillion in 2011 to IDR 11.395 trillion by 2016, for a growth of 44.4% annually. Another research from Unity Technologies found that Indonesia's video game market was the fastest–growing in Southeast Asia. Of the 2016 sales, about 98% was through internet retailing in form of software. Sales of video game hardware, including consoles and accessories, amounted to just around IDR 200 billion annually between 2011–2016.
Government Investment Unit of Indonesia
The Government Investment Unit of Indonesia, also known as the Indonesia Investment Agency or Pusat Investasi Pemerintah (PIP), is a sovereign wealth fund managed by the country’s Ministry of Finance. Established in 2006 with a balance of $340 million, the PIP invests in a variety of asset classes such as equity, debt, infrastructure and direct investments. Some of the PIP’s goals are to increase macroeconomic stability, economic growth, and government investment and it aims to follow in the successful footsteps of Singapore’s Temasek Holdings and Malaysia’s Khazanah Nasional.
Japanese government-issued currency in the Dutch East Indies
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.
Banknotes of the rupiah
The Indonesian rupiah has been subject to numerous devaluations, and in 1965 existing paper was withdrawn, replaced by a new currency at the rate of 1000 to 1.
History of the Indonesian rupiah
In addition to this act of 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 of under 5 gulden and 5 and above between state and central bank initiated by the Dutch.
Indonesian rupiah
The continued overvaluation of the rupiah meant that Indonesia was beginning to suffering a trade deficit, as well as falling foreign exchange reserves. The government responded by devaluing the currency on 30 March by 28% to Rp 970.
Tourism in Indonesia
In late January 2011 Culture and Tourism Minister Jero Wacik announced that "Wonderful Indonesia" would replace the previous "Visit Indonesia Year" branding used by the nation's official tourism promotional campaigns, although the logo of stylised curves Garuda remain. The minister announced that in 2010, foreign tourists visiting Indonesia touched 7 million and made predictions of 7.7 million in 2011. He was reported as describing the new branding as reflecting "the country's beautiful nature, unique culture, varied food, hospitable people and price competitiveness. "We expect each tourist will spend around US$1,100 and with an optimistic target of 7.7 million arrivals, we will get $8.3 billion," from this. The Culture and Tourism Minister added that 50 percent of the revenue would be generated from about 600 meetings, conventions and exhibitions that were expected to take place in various places throughout the country 2011. He further added in the announcements of January 2011 that his ministry would be promoting the country's attractions under the eco-cultural banner.
History of the Indonesian rupiah
The most recent changes to Indonesian money were "Direksi 2005", which re-designed the 10,000 and 50,000 rupiah note.
Indonesian rupiah
The rupiah steadily weakened from the middle of November, standing at 3,700 rupiah per dollar at the end of the month. In December the crisis turned into a disaster. Much of the Indonesian economy was controlled (indeed, in 2008, much of it still is) by relatives of the President Suharto, and of the sixteen banks to be liquidated, 25% of PT Bank Andromeda was owned by Bambang Trihatmodjo, the second son of Suharto, PT Bank Jakarta was part-owned by Probosutedjo, the President's half-brother, and 8% of PT Bank Industri was owned by the President's second daughter, Siti Hediati Prabowo.
Trigana Air Flight 267
Among the passengers were four postal servicemen heading to Oksibil to distribute the Indonesia Sejahtera card, a programme for the poor that President Joko Widodo developed and promoted while campaigning for the 2014 Indonesia Presidential Election. They were reportedly carrying around 6.5 billion rupiah ($US470,000). Three local government officials and two members of the Regional Representatives Council were also on board to attend celebrations in Oksibil for the 70th anniversary of Indonesia's independence.
History of the Indonesian rupiah
Due to the large amount of currency, the minister of finance, Sjafruddin Prawiranegara, sought to reduce the money supply by one half. This reform was decreed from 19 March 1950. People were to cut all of their notes of 5 gulden and up in half, with the left half to be replaced with new banknotes, and the right half for a government bond with a 3% coupon. In addition, half of all bank deposits over 400 rupiah were also to be forcibly used to buy the government bonds.
Riau rupiah
The rupiah was a distinct currency of the Riau Archipelago between 1963 and 1964. It replaced the Malaya and British Borneo dollar at par and was replaced by the Indonesian rupiah at the rate of 1 Riau rupiah = 14.7 Indonesian rupiah.
List of people on banknotes
Currency: Som (since 1993)Symbol: сом/"See also Kyrgyzstani som".
Currency: Kip (since 1952)Symbol: ₭ or ₭N"See also Lao kip."
Currency: Loti/Maloti (since 1979)Symbol: L or M (pl.)"See also Lesotho loti."
Currency: Dollar (since 1943)Symbol: L$"See also Liberian dollar."
Currency: Dinar (since 1971)Symbol: LD/ل.د"See also Libyan dinar."
Currency: Kwacha (since 1971)Symbol: MK"See also Malawian kwacha."
Currency: Malaysian Ringgit (since 1967)Symbol: RM"See also Malaysian ringgit."
Currency: Rupee (since 1876)Symbol: ₨"See also Mauritian rupee."
Currency: Peso (since 1821)Symbol: $"See also Mexican peso."
Currency: Leu (pl. Lei) (since 1992)Symbol: L"See also Moldovan leu."
Currency: Tögrög/Tugrik (since 1925)Symbol: ₮"See also Mongolian tögrög."
Currency: Dirham (since 1960)Symbol: د.م."See also Moroccan dirham."
Currency: Metical (since 1980)Symbol: MT"See also Mozambican metical."
Currency: Dollar (since 1993)Symbol: N$"See also Namibian dollar."
Currency: Dollar (since 1967)Symbol: $"See also Banknotes of the New Zealand dollar and New Zealand dollar."
Currency: Naira (since 1973)Symbol: ₦"See also Nigerian naira."
Currency: Córdoba (since 1991)Symbol: C$"See also Nicaraguan córdoba."
Currency: Krone (since 1875)Symbol: kr"See also Banknotes of the Norwegian krone and Norwegian krone".
Currency: Rial (since 1970)Symbol: ريال"See also Omani rial".
Currency: Kina (since 1975)Symbol: K"See also Papua New Guinean kina."
Currency: Rupee (since 1947)Symbol: Rs. (singular Re. 1)"See also Pakistani rupee."
Currency: Guaraní (since 1943)Symbol: "See also Paraguayan guaraní."
Currency: Nuevo sol/Sol (since 1991)Symbol: S/."See also Peruvian nuevo sol/sol."
Currency: Peso ("piso") (since 1903)Symbol: ₱"See also Banknotes of the Philippine peso and Philippine peso (piso)."
Indonesian rupiah
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 October 1966 on debt relief and loan restructuring. Economic policies were put in place to require adequate bank reserves, ending subsidies on consumer goods, end import restrictions, and to devalue the rupiah.
History of the Indonesian rupiah
As the Republican government never had effective control of Indonesia beyond Java, from 1947 it legislated on 26 August 1947 that regional outposts in Sumatra and Java could issue their own money to replace the Japanese money, with exchange for true ORI envisaged when peacetime eventually enabled it, in part to inhibit the circulation of NICA gulden. At least thirty different towns and districts in Sumatra issued their own money, with around a dozen towns in Java doing so, starting with Banten in December 1947.
Indonesian rupiah
The exchange rate of 415 rupiah to the US dollar, which had been established in August 1971, was maintained by government intervention in the currency market, buying and selling currency as needed.
Economic history of Indonesia
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.
Economic history of Indonesia
The Asian financial crisis that began to affect Indonesia in mid-1997 became an economic and political crisis. Indonesia's initial response was to float the rupiah, raise key domestic interest rates, and tighten fiscal policy. In October 1997, Indonesia and the International Monetary Fund (IMF) reached agreement on an economic reform program aimed at macroeconomic stabilisation and elimination of some of the country's most damaging economic policies, such as the National Car Program and the clove monopoly, both involving family members of President Soeharto. The rupiah remained weak, however, and President Soeharto was forced to resign in May 1998. In August 1998, Indonesia and the IMF agreed on an Extended Fund Facility (EFF) under President B.J Habibie that included significant structural reform targets. President Abdurrahman Wahid took office in October 1999, and Indonesia and the IMF signed another EFF in January 2000. The new program also has a range of economic, structural reform and governance targets.
Netherlands Indies gulden
The issue in 1946 of the 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.
Indonesia–Malaysia relations
Malaysian companies that are investing in Indonesia are Maybank, CIMB, Petronas, Tabung Haji, Proton Holdings and Sime Darby, as stated by the Yang di-Pertuan Agong in his message to Malaysians in Indonesia while he and the Raja Permaisuri Agong were on a state visit to Indonesia in December 2012. Both countries are actively pursuing subregional economic co-operation to develop trans-border economic zones and free-trade areas that could generate regional economy, such as Sijori (Singapore-Johor-Riau) on the west and BIMP-EAGA on the east region. In December 2017, both countries alongside Thailand launched a framework to allow the use of local currencies in settlement of trade between them.
Indonesians
The Indonesian language ("bahasa Indonesia" ) is the official language of Indonesia. It is a standardized register of Malay, an Austronesian language that has been used as a lingua franca in the Indonesian archipelago for centuries. Most Indonesians also speak one of more than 700 indigenous languages.
Coins of the rupiah
Indonesians have an old proverb: ""SeRinggit Si Dua Kuapang, SeTali Si Tiga Uang"" which means: "1 ringgit is 2 kupangs, 1 tali is 3 moneys". The proverb refers to the Indonesian names of coins and currency units before 17 August 1945. As Widarto claims keping also cepeng, hepeng = 1/4 sen (cent), peser = 1/200 rupiah = 1/2 sen, sen = 1/100 rupiah, pincang = 1 1/2 sen but no coin was ever issued in this value, gobang = 1/40 rupiah = 2 1/2 sen, kelip = 1/20 rupiah = 5 sen, ketip also picis, ketit = 1/10 rupiah = 10 sen, tali = 1/4 rupiah = 25 sen = 3 uang which means money, ukan also ukon = 1/2 rupiah = 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.
Indonesia and the International Monetary Fund
In 2018 the national IMF summit was held in Bali, Indonesia. The IMF backed Indonesia's response to selloff in currency saying higher interest rates and foreign exchange intervention were correct in reducing volatility. Recent political events from larger economies such as China and the United States had threatened the position of the rupiah. During the summit, it was agreed that meaningful commitments had to be created between countries to restore a balanced trading relationship. The Indonesian rupiah had recently fallen to a two decade low with banks aggressively increasing interest rates and draining foreign reserves up to 10%. Both parties agree that the economic threat was not in dominance by a stronger power but over dominance. The Central bank has limits on its power but the agreement of the IMF in its actions gave it credibility. The IMF had given a positive assessment of the Indonesian economy a few months prior and suggested to improve existing rigid labor laws and reduce the influence of state-owned companies to improve the flow of foreign investment.
History of the Indonesian rupiah
One rupiah of the new money was said to be worth 0.5 grams of gold, a similar rate to the pre-war Dutch currency (which contained 3 grams of fine gold in the 5 gulden and 6 in the 10 gulden coin), although this was not backed by metal reserves, merely a proclamation of purchasing power.
Cipanas Palace
Cipanas Presidential Palace has also been used for important events in the history of Republik Indonesia. On December 13, 1965, the dining Room in main Building was used by Sukarno's cabinet to have a meeting in making decision to change Indonesian money value from 1,000 to Rp 1.00 (Redenomination) during economic administration position held by Finance Minister Frans Seda.
History of the Indonesian rupiah
With Indonesian resources increasingly poorly matched against the Dutch, and only the small G. Kolff & Co Malang printers at their disposal to print the money, printing of the money took several months, to July 1946.
Indonesia
Indonesia has a mixed economy in which both the private sector and government
play significant roles. The country has the largest economy in Southeast Asia, a member of the G20, and classified as newly industrialised country. , it is the world's 16th largest economy by nominal GDP and 7th largest in terms of GDP at PPP, estimated to be US$1.074 trillion and US$3.481 trillion respectively. Its per capita GDP in PPP is US$13,120 while nominal per capita GDP is US$4,116. The debt ratio to GDP is 29.2%. The services are the economy's largest sector and accounts for 43.6% of GDP (2017), followed by industry (39.3%) and agriculture (13.1%). Since 2009, it has employed more people than other sectors, accounting for 47.1% of the total labour force, followed by agriculture (31.1%) and industry (21.7%).
Bank Negara Indonesia
Bank Negara Indonesia was established on 5 July 1946. It was prepared to be the Central Bank of Indonesia with the task of issuing and handling Indonesian currency. A few months after its establishment, Bank Negara Indonesia officially distributed the first official currency of Indonesia - ORI or Oeang Republik Indonesia.
Riau rupiah
The Riau rupiah was much shorter lived than the West Irian rupiah (which circulated from May 1963 until 1971), and, by Presidential decree effective from 1 July 1964, the Riau rupiah was no longer a valid currency, being replaced by the Indonesian rupiah at a rate of 1 Riau rupiah = 14.7 Indonesian rupiah.
Southeast Asia
Indonesia is the only member of G-20 major economies and is the largest economy in the region. Indonesia's estimated gross domestic product for 2016 was US$932.4 billion (nominal) or $3,031.3 billion (PPP) with per capita GDP of US$3,604 (nominal) or $11,717 (PPP).
Banknotes of the rupiah
Indonesia issued a revised 100,000 rupiah note on Independence Day, 17 August 2014. The banknotes have "Negara Kesatuan Republik Indonesia" ("The Unitary State of the Republic of Indonesia") written on the notes, replacing the name of its current issuer, Bank Indonesia. The new notes retain the images of its national figures, and are harder to counterfeit. The revised note carries an imprint of TE. (abbreviation of ""Tahun Emisi"", Issue Year) 2014 and the signatures of the then-BI governor Agus Martowardojo and the then-Indonesian Finance Minister Chatib Basri.
History of the Indonesian rupiah
500 million notes of the 100,000 rupiah polymer note were printed, to all be issued within a month of November 1999. This was part of Indonesia's millennium bug preparations, lest there should be a great demand for cash after the new year. Polymer was chosen because, according to Bank Indonesia, plastic would be harder to counterfeit and would last longer. However, the notes were not popular in banks as counting machines were unable to count them accurately and there have been issues with the money sticking to one another due to the heat of the machine, and Indonesia has reverted to the use of paper notes.
History of the Indonesian rupiah
With the end of Japanese money in the main Republican stronghold in Java as a conduit between the Republican interior and Dutch enclaves, the Dutch were forced to act, ending the exchange of Japanese money on 30 October 1946, to avoid a flood of unexchanged Japanese money being brought for exchange with NICA gulden. Thus in Java at this point two currencies circulated, the 1943-dated Dutch NICA gulden, in Dutch-controlled areas, and the 1945-dated ORI in the Indonesian enclaves.
West Irian rupiah
By Presidential decree of Sukarno, on the day of May 1, 1963, the existing Netherlands New Guinean gulden was to be withdrawn, replaced at par, with government-issued coinage, government 1 and 2½ rupiah notes, with larger denomination notes to be issued by Bank Indonesia (the same division between government (aka treasury notes) and bank notes as existed for the Indonesian rupiah). Since the West Irian rupiah was replacing the gulden, which was a much stronger currency than the Indonesian rupiah, the Indonesian currency was not valid tender in Irian, in order to preserve the value of the Irian currency.
Suharto
Indonesia was the country hardest hit by the Asian financial crisis of 1997–98. From mid-1997 there were large capital outflows and against the US dollar. Due to poor bank lending practices, many Indonesian companies borrowed cheaper US dollar loans while their income is mainly in Indonesian rupiah. The weakening rupiah spurred panic buying of US dollar by these companies, causing the Indonesian rupiah to drop in value from a pre-crisis level of Rp. 2,600 to a low point in early 1998 of around Rp. 17,000. Consequently, many companies were bankrupted and the economy shrank by 13.7% leading to sharp increases in unemployment and poverty across the country. Efforts by the central bank to defend the rupiah proved futile and only drained the country's dollar reserves. In exchange for US$43 billion in liquidity aid, between October 1997 and the following April, Suharto signed three letters of intent with the International Monetary Fund (IMF) for an economic reform process. In January 1998, the government was forced to provide emergency liquidity assistance (BLBI), issue blanket guarantees for bank deposits, and set-up the Indonesian Bank Restructuring Agency to take over management of troubled banks in order to prevent the collapse of the financial system. Among the steps taken on IMF recommendation, the government raised interest rate up to 70% pa in February 1998 which further worsened the contraction of the economy.
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Each denomination has a different amount found in a roll and are color-coded by denomination. See below:
History of the Indonesian rupiah
"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.
History of the Indonesian rupiah
The Indonesian resistance was highly fragmented, strongest in rural villages, and lacking the ability to supply money across its extent, the Japanese money continued to be used in Banten, West Java, as well as all of republican Sumatra.
History of the Indonesian rupiah
The Dutch East India Company in the 17th century imported chiefly silver coin, in the form of Dutch small silver 1, 2, and 6 stuiver coins, as well as the Spanish dollar (the most popular trade coin) and Dutch trade coinage. They helped provide smaller change by selling tin to the cash mints, but generally did not produce or import it themselves.
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.
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History of the Indonesian rupiah
Due to the dwindling supplies of money, destruction of the printing plates at the main printers for re-issue, and disquiet amongst European forces at payment in Japanese money, which was losing value constantly, it was finally decided to issue the NICA gulden in Java on 6 March 1946. Pre-war notes of 5 gulden and below only were to retain validity, and the Japanese money was to be exchanged at a rate of 33 to 1.
History of the Indonesian rupiah
With Japanese still acting as local government in Java and Sumatra, it was necessary for NICA to preserve the value of the Japanese money as much as possible, since it was the only means for them to pay the bills incurred in maintaining order. In many cases, the Japanese were instructed to simply print more money, and the amount of Japanese currency in circulation continued to increase rapidly: the Japanese-originated inflation continued with increased pace. By February 1946, 2 billion Japanese money out of 2.5 billion captured in the state printers, had been spent, a vast sum against the entire pre-war circulation of less than 500 million gulden.
Coins of the rupiah
From 1979, no new coin designs were made in Indonesia until 1991. For new coinage, the old style of a large number was replaced instead with the national Garuda Pancasila logo, with the year and "BANK INDONESIA" in smaller text below the emblem.
Indonesian rupiah
The catastrophic 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.
Early Nusantara coins
During the late 8th-century money took the form of ingots made of gold and silver. These are the earliest recorded coins in Indonesia. The currency in Indonesia is based on weight; the most common units were the "kati" of , "tahil" of , "masa" and "kupang" . These units were legal tender for tax payments. The "kati", "tahil", "masa" and "kupang" units remained in use up until the Dutch period. Several trade jargons were introduced in this period, e.g. the Javanese "wli", which became the modern Indonesian "beli" ("buy"), and the Sanskrit "wyaya", modern Indonesian term "biaya" ("expenses") appears in two inscriptions both dated 878 AD. The Javanese coins have no parallels with the style of Indian coins. Most of the Javanese coins were found within the Javanese kingdom of Shailendra.