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The rupiah ( symbol: Rp; currency code: IDR) is the official currency of Indonesia, issued and controlled by Bank Indonesia. Its name is derived from the Sanskrit word for silver, rupyakam ( रूप्यकम् ). [ 4] Sometimes, Indonesians also informally use the word perak ("silver" in Indonesian) in referring to rupiah in coins.
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.
Before the crisis, the exchange rate between the rupiah and the dollar was roughly 2,600 rupiah to 1 U.S. dollar. [48] 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.
Indonesia nominal GDP reached 20.892 quadrillion rupiah ($1.371 trillion) in 2023, it is the 16th largest economy in the world by nominal GDP and the 7th largest in terms of GDP (PPP). Indonesia's internet economy reached US$77 billion in 2022, and is expected to cross the US$130 billion mark by 2025. [ 37]
v. t. e. This is a list of countries by their exchange rate regime. [1] De facto exchange-rate arrangements in 2022 as classified by the International Monetary Fund. Floating ( floating and free floating) Soft pegs ( conventional peg, stabilized arrangement, crawling peg, crawl-like arrangement, pegged exchange rate within horizontal bands ...
6. Net Exports (Exports minus Imports) List of Indonesian cities by GDP Nominal and PPP in 2021, with 14,308 IDR = 1 USD term of Nominal while 4,833.87 IDR = 1 USD term of PPP. [ 4] List of Indonesian cities/regencies by average household expenditure in 2022, with 14,848 IDR = 1 USD term of Nominal while 4,850.98 IDR = 1 USD term of PPP. [ 5]
The economy suffered a flight of foreign capital leading to the Indonesian rupiah falling from Rp 2,600 per dollar in August 1997 to over Rp 14,800 per dollar by January 1998. Indonesian companies with US dollar-denominated borrowings struggled to service these debts with their rupiah earnings, and many went bankrupt.
The first truly Indonesian rupiah notes, however, were issued in 1946, during the war of independence with the Dutch, following the unilateral proclamation of independence by the Indonesians at the end of World War II on 17 August 1945. This money is known as Oeang Republik Indonesia (ORI; oeang being the old spelling of uang ("money")).