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The rupiah is the official currency of Indonesia. Issued and controlled by Bank Indonesia, its ISO code is IDR. The name "rupiah" is derived from the Sanskrit word for silver, rupyakam. Sometimes, Indonesians also informally use the word "perak" in referring to rupiah in coins.
The first objects used as currency in Indonesia are from the IXth century. The first Indonesian rupiah was issued on the 3rd October 1946, when the Japanese currency was left unused, after being the currency used to trade with Dutch settlements. Today, we have coins of 50, 100, 200, 500 and 1000 rupiahs. Regarding banknotes, there are 1000, 2000, 5000, 10.000, 20.000, 50.000 and 100.000 banknote denominations.
A long-running proposal to redenominate the rupiah has yet to receive formal legislative consideration. Since 2010, Bank Indonesia, as the monetary authority of Indonesia, has repeatedly urged the elimination of the final three zeroes of the currency, to facilitate transaction handling, saying the move would not affect its value. In 2015, the government submitted a rupiah redenomination bill to the House of Representatives, but it has not yet been deliberated. In 2017, Bank Indonesia Governor Agus Martowardojo reiterated the call, saying that if redenomination started immediately, the process could be complete by 2024 or 2025.
The basic materials of the banknotes is cotton fiber, because it is more flexible and not easily ripped. However, the preferable material is abacá fibre, which is naturally plentiful in Indonesia (especially in Talaud Islands) and is believed to increase the durability of the banknotes. In 2014, Bank Indonesia planned to use this material, but in the 2016 series, decided to print using paper which was also used to print banknotes from previous editions.
In August 2020, Indonesia introduced an Rp75,000 commemorative banknote to celebrate the country’s 75th anniversary of independence. Despite producing a massive print run of 75 million of the commemorative notes, the extremely high demand for them led Bank Indonesia to eventually implement purchase limits.
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Few Important Points of the Indonesian Rupiah (IDR)
Symbols: Rp
ISO code: IDR
Central Bank: Bank Indonesia
Currency Subunit: Sen = 1/100 (obsolete)
Denominations: Banknotes: Rp 1000,Rp 2000,Rp 5000,Rp 10000,Rp 20000,Rp 50000,Rp 100000
Coins: Rp 100,Rp 200,Rp 500,Rp 1000
Countries using this currency: Indonesia
Currencies pegged to IDR: None
IDR is pegged to: None
Value of the Indonesian Rupiah (As on 22/04/2022)
1 Indonesian Rupiah = INR 0.0053 (Indian Rupees)
1 Indonesian Rupiah = PKR 0.013 (Pakistani Rupees)
1 Indonesian Rupiah = BDT 0.0060 (Bangladeshi Taka)
1 Indonesian Rupiah = USD 0.000069 (United States Dollar)
1 Indonesian Rupiah = EURO 0.000064 (Euro)
You can watch the following video in YouTube in my channel "CURRENCY UNIVERSE" to know more about the Indonesian Rupiah. Please note that the videos are in Hindi.
INDONESIA RUPIAH RATE IN INDIA
INDONESIAN RUPIAH VS IRANIAN RIAL COMPARISON VIDEO
INDIAN RS 2000 AND INDONESIA RUPIAH 2000 COMPARISON VIDEO
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Last updated on 22/04/2022
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