The Indonesian rupiah, symbol Rp, code IDR, is the official currency of the Asian country of Indonesia, the fourth largest country in the world by population. The Indonesian rupiah is also unofficially in use East Timor. The rupiah is also known as “perak,” and is subdivided into 100 sen. These sen have fallen out of use due to inflation. The rupiah is managed by the Bank of Indonesia in Jakarta.
Soon after Indonesia achieved independence 1949, the rupiah became an official currency, recognized internationally as of 1950. The rupiah was subject to numerous foreign exchange restrictions and inflation, peaking at an inflation rate of nearly 635% in 1965. Between the years of 1949 to 1965, the rupiah began to stabilize and goin value. By 1971, inflationary rates had fallen to as low as 2%, but this was not to last permanently. From 1971 to 1978, a fixed rate of 415 rupiah to 1 US dollar was established, though the rupiah was devalued to less than half of this value by 1986. Indonesia was greatly affected by the Asian Financial Crisis in the late nineties, but from 1999 to the present, the rupiah has become freely convertible and relatively stable, though steady at quite a low value. Indonesia has introduced new anti-counterfeiting features into the designs of recent issues of rupiah. Indonesia has plans for a revaluation in the near future.
Name: Indonesian rupiah
Decimal Unit: 100 sen (no longer in use)
Coins: Rp 100, 200, 500, 1,000; 1, 50 rarely used
Notes: Rp 1,000, 2,000, 5,000, 10,000, 20,000, 50,000, 100,000
Central Bank: Bank of Indonesia
Country(ies): Indonesia, East Timor
The Indonesian rupiah is currently circulated in values of 100, 200, 500, and 1,000 rupiah, with 1 and 50 rupiah coins no longer commonly seen. Rupiah notes are circulated in values of 1,000, 2,000, 5,000, 10,000, 20,000, 50,000, and 100,000 rupiah denominations. Due to the high denomination values of the rupiah today, many day to day transactions are rounded to the nearest 1,000 rupiah. The front of all rupiah coins shows the national emblem of Indonesia, while native Indonesian flora and fauna is shown on the reverse. All rupiah notes feature famous Indonesian figures on their front side, while national symbols, scenes, and buildings appear on the back side. Rupiah banknotes are brightly colored, and each denomination of note is printed in its own designated color to allow for easy value differentiation. As of December 2012, 1 USD was equal to 9,620.01 IDR.