Currency Rates for Indonesia
Bank Exchange Rates for Indonesia - IDR - Indonesian Rupiah - Rp. The foreign exchange rates for Indonesia also known as the ISO code IDR or the Indonesian Rupiah currency and as a symbol Rp.
Send Money Transfer to Indonesian Rupiah100, 200, 500 and 1,000 rupiah coins are available and used frequently, whilst 25 and 50 rupiah coins are available but not used. Banknotes in denominations of 1,000, 2,000, 5,000, 10,000, 20,000, 50,000 and 100,000 rupiah are currently in circulation.
Indonesian rupiah is issued and controlled by the Bank of Indonesia. The currency is issued both in notes and coins. Currently, One Indonesian Rupiah (IDR) is equivalent to 0.000075 US Dollar. Because of such a low value of the currency, its notes go up to a denomination of 100,000. Some of the security features on the banknotes include watermarks, holograms and EURion constellation rings.
History of IDR
Coins in Indonesia first appeared in 9th Century Buddhist Sailendran Dynasty. With the arrival of Chinese traders in the late 13th Century, holed copper coins were introduced. These were known as Cash. In the 17th century, Dutch East India Company imported silver coins. With the formation of De Bank Courant en Bank van Leening in 1752, the first bank paper appeared. Although due to lack of coins to back the paper, they lost their value over time.
In 1942, with the invasion of the Japanese Army, the local currency of Japan, the Gulden, started circulating in the country. Gulden was printed on paper and was the first paper money introduced in the country. The local money of Indonesia and the local Japanese money were supposed to be of equal value, but the invaders printed excess quantities of money, which paved the way for Hyperinflation in the country. At the end of Second World War, there was a massive increase in the paper money supply in the country.
Between 1948 and 1952, Indonesia became an independent country and introduced its new currency, Indonesian Rupiah.
Restrictions and Substitutes
There are no restrictions or substitutes of the currency, although Bank of Indonesia has introduced some measures to stabilize the value of the currency and implement Indonesias Currency Law.
- It is prohibited to use foreign currency for availing goods and services.
- For broad range of non-cash transactions (e-payments and bank transfers), use of Indonesian Rupiah is required.
In 2015, Indonesian Rupiah dropped 10% against US Dollar with respect to the previous year. The main concern in Indonesia is that they pay dealers in dollars and sell to their customers in rupiah which causes 20-25% gap in markets.
This instability can be easily seen as a sign of weakness for the country and can cause a major concern amongst Indonesia's investors.
GBP to IDR
The foreign exchange rates for Indonesia also known as the ISO code IDR or the Indonesian Rupiah currency and as a symbol Rp.
Derived from the Hindustani word ‘rupiyaa’, the rupiah has been in circulation since 1950, although it existed before this, it held no international recognition and its value was determined by the black market.
The word ‘perak’ is also used in Indonesia, to informally refer to money. ‘Perak’ means ‘silver’. Although the rupiah is divided into 100 Sen, the currencies’ inflation and a lack of buying power have meant that the coins and banknotes formerly available in denominations of Sen are obsolete. Bank Exchange Rates for Indonesia. The foreign exchange rates for Indonesian Rupiah also known as the ISO code IDR. Send money transfer online with us with the cheapest options.