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At this time, the s oil glut put the Indonesian economy under pressure, with exports uncompetitive as a result of the overvalued currency, and oil contributing less as a result of lower global prices. Credit ceilings were removed. By September , the currency had been allowed to steadily fall to 1, rupiah, a rate which had largely maintained purchasing power over the period.

Although the devaluations of , , and had each successfully boosted the competitiveness of exports, devaluations have a destabilising effect, and the September devaluation was the last carried out by Indonesia.

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By 2 July , Thailand abandoned its defence of the baht, allowing it to float freely. These actions had been successful in the past in defending the rupiah, but on this occasion, a more serious crisis of confidence arose. The investor confidence in Indonesia was shaken, and due to previous deregulations, much of the Indonesian stock market was owned by foreign investors. Local confidence in the currency was also undermined as the population followed suit, selling rupiah for dollars. The spot rate soon fell below the selling rate i.

BI attempted to intervene, but eventually abandoned the managed float on 14 August , leaving the rupiah to float freely. The rupiah—US dollar rate was at 2, rupiah to one dollar on 11 July. At this stage, the crisis was a limited one; while the currency had fallen, the extent of the fall did not appear catastrophic. The government announced its response in September, calling for a restructure of the banking sector, cancellation of government projects, and supporting some banks with its own liquidity.

As of 24 September, the exchange rate still lingered at 2, rupiah per dollar. 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 that had been borrowing heavily in dollars had to meet their obligation.

It had now lost a third of its value, and now a full-blown 'crisis' existed in Indonesia. On 8 October with the rupiah at 3, per dollar, the government decided to seek the support of the International Monetary Fund. During the month, the rupiah fluctuated in the 3,—3, range. IMF's response was announced on 1 November Sixteen small and insolvent banks, holding a market share of 2. Private banks would be subject to improved monitoring, and some state banks would be merged.

Soon after, however, confidence began to fall. The IMF response had only been published in summary form from the government and BI, the choice of the 16 banks being closed appeared arbitrary, and the details of the 34 others subject to special measures were not announced. The deposit guarantee was seen as inadequate, and funds were moved from private to state banks, exchanged for dollars, or transferred offshore, as confidence in the plan began to evaporate. The rupiah steadily weakened from the middle of November, standing at 3, rupiah per dollar at the end of the month. In December, the crisis turned into a disaster.

The President and his family were opposed to the reforms, with Bambang Trihatmodjo beginning legal action against the government to keep his bank, particularly as directors of the insolvent banks were, if culpable, to be added to a Disgraced Persons List, ineligible to work in the banking sector. Although the bank had violated its BMPK credit limit , Bambang was given permission by BI to buy Bank Alfa, another bank, seen by many as a reward for withdrawing his lawsuit.

In effect, the failed bank was reopened under a different name. Cronyism and corruption of Indonesia clearly was winning over IMF reforms. The rupiah fell from 4, to 5, per dollar in the space of a single week. By the middle of the month, banks, comprising half of the banking system, had suffered bank runs. The New Year had the rupiah begin at 5, per dollar.

The rupiah had strengthened from an all-time low of 9, per dollar on 23 January to 7, per dollar on 15 January. By now, the government had issued more than 60 trillion rupiah, causing money supply increases and worsening inflation.


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The government announced a rescue package on 26 January, [29] ensuring that it would guarantee all existing deposits. The Indonesian Bank Restructuring Agency was set up with the goal of merging, closing, or recapitalising before sale banks. Despite the improvements, political instability quickly increased. The currency fell to around 10, per dollar.


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The rupiah, which had strengthened to around Rp 8,, depreciated in the wake of the Jakarta riots of May , and in particular the run on the Bank Central Asia , Indonesia's largest private bank, that ensued, causing the bank to be taken over by IBRA on 29 May. The end of Suharto's rule brought a new president, Jusuf Habibie , to power on 21 May Little action was seen immediately, and by 17 June, the rupiah had bottomed out at 16, rupiah per dollar.

On 25 June , a fourth letter of intent was signed with the IMF, which was refusing to provide aid due to breaches of its original agreement. Further audits showed that the other banks were also fundamentally weak. Banking reform continued throughout , with the merger of four state banks in July into Bank Mandiri , the closure of 38 banks, recapitalisation of nine, and takeover of seven more in March By this point, the total bank capital had reached a negative trillion rupiah.

Twenty-three further banks were recapitalised in May, and in October , Bank Mandiri itself was recapitalised. Interest rates fell steadily in , to an SBI of The rupiah finished the year at Rp 7, to the US dollar. The currency strengthened to Rp 8, later in , but ended at Rp 10, March had the currency break below Rp 10,, from which point the currency maintained a rate in the 8,s and 9,s until August , and in the latter half of that year, the trading range extended towards Rp 11,, but ending the year just below Rp 10, This trend continued into , with the currency trading between Rp 9, and 9, The rupiah closed below Rp 12, for the first time since on 20 October, with intraday lows below Rp 13, Subsequently, however, the cut in the Federal Reserve rate to 0—0.

The catastrophic damage to the rupiah caused in — severely damaged confidence in the currency. Though the rupiah is a freely convertible currency, it is still regarded as a risky currency to hold. As of September , the rupiah had fallen to its weakest position since the crisis [32] with one US dollar being worth roughly IDR 14,, [33] peaking at IDR 15, on 4 September.

From Wikipedia, the free encyclopedia. Official currency of Indonesia.

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However, financial reports and bank statements do record monetary amounts in sen e. Currently used new-format banknotes , formerly used — old-format banknotes. Main article: Coins of the rupiah. Main article: Banknotes of the rupiah.

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Main article: History of the Indonesian rupiah. Asia portal Indonesia portal Money portal Numismatics portal. Retrieved 21 October Halaman all". Retrieved 28 July Com 3 March ID in Indonesian. Tribun Solo in Indonesian. ISBN Historical Dictionary of Indonesia. Currency Facts. International Herald Tribune. Saxo Bank. Retrieved 13 June Financial Times.

The Jakarta Post. Retrieved 7 September Retrieved 15 May Indonesian currency. History of the Indonesian rupiah. Indonesian rupiah banknotes coins. USD Dollar. Includes a live currency converter, handy conversion table Bali Currency Converter. Simply fill in your amount required in the box, then choose the currency you want to convert. Get the real time convertion result so that you can make a quick decision regarding the payment of your rental car in Bali from our company. IDR Indonesian Rupiah. Put a little love on me piano easy Rough voice.

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