View source for Indonesian rupiah

{{Short description|Currency of Indonesia}}
{{EngvarB|date=September 2015}}{{Use dmy dates|date=October 2019}}
{{Not to be confused with|Indian rupee}}
{{Infobox currency
| currency_name = 
| currency_name_in_local = 
| image_1 = Rupiah Tahun Emisi 2022.jpg
| image_title_1 = The latest currency issued by Bank Indonesia as of 17 August 2022
| iso_code = IDR
| subunit_name_1 = {{lang|id|sen}}
| subunit_inline_note_1 = (cents){{efn|Although it is no longer in practical use, financial reports and bank statements still record monetary amounts up to the cent (e.g. Rp1.234,56 – [[Indonesian language|Indonesian]] uses [[decimal comma|comma as decimal separator]]).}}
| no_plural = Y
| symbol = Rp
| frequently_used_banknotes = Rp1,000, Rp2,000, Rp5,000, Rp10,000, Rp20,000, Rp50,000, Rp100,000
| rarely_used_banknotes = Rp0.01,<ref name="gbr uang">{{cite web|url=https://www.bi.go.id/id/rupiah/gambar-uang/default.aspx|title=Gambar Uang|access-date=2025-11-16}}</ref> Rp75,000 (commemorative)
| frequently_used_coins = Rp500, Rp1000
| rarely_used_coins = Rp1,<ref name="gbr uang"/> Rp50, Rp100, Rp200,<ref>{{cite web|url=https://www.liputan6.com/bisnis/read/2604273/pengamat-minta-bi-hilangkan-uang-logam-pecahan-rp-200-dan-rp-100|date=18 September 2016|title=Pengamat Minta BI Hilangkan Uang Logam Pecahan Rp 200 dan Rp 100|access-date=2023-10-11}}</ref> Rp20,000 and Rp 500,000 (commemorative)
| subunit_ratio_1 = {{frac|100}}
| banknote_article = Banknotes of the Indonesian rupiah
| coin_article = Coins of the Indonesian rupiah
| using_countries = [[Indonesia]]
| unofficial_users = [[Timor-Leste]]<ref>{{cite web|url=https://peacekeeping.un.org/ar/mission/past/etimor/untaetPU/currency.pdf|date=February 2000|title=Explaining the New Currency of East Timor|publisher=[[United Nations Transitional Administration in East Timor|UNTAET]]|access-date=2022-04-27|archive-date=31 March 2019|archive-url=https://web.archive.org/web/20190331181538/https://peacekeeping.un.org/ar/mission/past/etimor/untaetPU/currency.pdf|url-status=live}}</ref><ref>{{cite web|language=id|title=22 Tahun Pisah dari RI, Mengapa Timor Leste Setia Gunakan Dollar AS?|first=Muhammad|last=Idris|publisher=Kompas|url=https://money.kompas.com/read/2021/08/15/213600626/22-tahun-pisah-dari-ri-mengapa-timor-leste-setia-gunakan-dollar-as|access-date=2022-04-27|date=2021-08-15|archive-date=13 May 2022|archive-url=https://web.archive.org/web/20220513051906/https://money.kompas.com/read/2021/08/15/213600626/22-tahun-pisah-dari-ri-mengapa-timor-leste-setia-gunakan-dollar-as|url-status=live}}</ref>
| issuing_authority = [[Bank Indonesia]]
| issuing_authority_website = {{URL|https://www.bi.go.id/en/}}
| printer = [[Perum Peruri]]
| printer_website = {{URL|www.peruri.co.id}}
| mint = [[Perum Peruri]]
| mint_website = {{URL|www.peruri.co.id}}
| inflation_rate = 1.57% (2024)
| inflation_source_date = [https://www.bps.go.id/id/pressrelease/2025/01/02/2397/pasa-desember-2024-inflasi-year-on-year%E2%80%94y-o-y%E2%80%94adalah-sebesar-1-57-persen-.html]
| inflation_method = [[Consumer price index|CPI]]
| footnotes = 
}}
The '''rupiah''' ([[Currency symbol|symbol]]: '''Rp'''; [[ISO 4217|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]], {{transliteration|sa|rupyakam}} ({{lang|sa|रूप्यकम्}}).<ref>{{Cite web|url=https://www.independent.co.uk/money/how-the-worlds-currencies-got-their-names-a6939431.html|title=How the world's currencies got their names|date=2016-03-18|access-date=2022-04-27|first=Alex|last=Lockie|website=[[Independent.co.uk]]|archive-date=16 February 2020|archive-url=https://web.archive.org/web/20200216125702/https://www.independent.co.uk/money/how-the-worlds-currencies-got-their-names-a6939431.html|url-status=live}}</ref> Sometimes, [[Indonesians]] also informally use the word {{lang|id|perak}} ({{gloss|silver}} in [[Indonesian language|Indonesian]]) in referring to rupiah in coins. The rupiah is divided into 100 [[Cent (currency)|cents]] ({{langx|id|sen}}), although high inflation has rendered all coins and banknotes denominated in cents obsolete.

The rupiah was introduced in 1946 by Indonesian nationalists [[Indonesian National Revolution|fighting for independence]]. It replaced the [[Japanese government-issued currency in the Dutch East Indies|Japanese-issued version]] of the [[Netherlands Indies gulden]] which had been introduced during the [[Japanese occupation of the Dutch East Indies|Japanese occupation]] in [[World War II]]. In its early years, the rupiah was used in conjunction with other currencies, including a new version of the gulden introduced by the Dutch. The [[Riau Islands]] and the Indonesian half of New Guinea (''[[Irian Barat]]'') had their own variants of the rupiah, but these were subsumed into the national rupiah in 1964 and 1971, respectively (see [[Riau rupiah]] and [[West Irian rupiah]]).

== Redenomination ==
A long-running proposal to [[Redenomination|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 and significance. In 2015, the government submitted a rupiah redenomination bill to the House of Representatives, but it has not yet<!--at 30 May 2017--> been deliberated. In 2017, [[Bank Indonesia#List of Governors|Bank Indonesia Governor]] [[Agus Martowardojo]] reiterated the call, saying that if redenomination were to start immediately, the process could be complete within a span of seven to eight years.<ref name=JPost>[https://www.thejakartapost.com/news/2017/05/30/it-is-time-for-rupiah-redenomination-central-bank-says.html It is time for rupiah redenomination, central bank says] {{Webarchive|url=https://web.archive.org/web/20200920151831/https://www.thejakartapost.com/news/2017/05/30/it-is-time-for-rupiah-redenomination-central-bank-says.html |date=20 September 2020 }}, Jakarta Post, 30 May 2017</ref> In November 2025, Bank Indonesia is adding a redenomination proposal into its strategic plan and a draft law on based on its recommendation was proposed by the government, with finalization being slated for 2027.<ref>{{cite web|last1=Bardjan|access-date=2025-11-10|title=Why the Rupiah Redenomination Proposal Is Being Pushed by Bank Indonesia|url=https://en.tempo.co/read/2064420/why-the-rupiah-redenomination-proposal-is-being-pushed-by-bank-indonesia|date=10 November 2025|website=Tempo}}</ref>

== Current legal tender ==
The current rupiah consists of coins from Rp50 up to Rp1,000 and banknotes of Rp1,000 up to Rp100,000. Although Rp0.01 banknotes and Rp1 coins remain legal tender, they are no longer found in circulation and are valued above face value by collectors.<ref name="gbr uang"/><ref>{{cite web|url=https://www.cnbcindonesia.com/news/20210908143653-7-274636/penampakan-uang-uang-langka-yang-dijual-ratusan-juta|title=Penampakan Uang-uang Langka yang Dijual Ratusan Juta|publisher=[[CNBC Indonesia]]|access-date =2025-11-16|date=2021-09-08|language=id}}</ref> With [[United States dollar|US]] $1 worth Rp16,614.000, as of 31 October 2025, the largest Indonesian banknote, worth Rp100,000 is worth about US $6.02.<ref>{{cite web|url=https://fiskal.kemenkeu.go.id/informasi-publik/kurs-pajak?date=2025-10-31|date=2025-10-31|access-date=2025-11-16|publisher=[[Ministry of Finance (Indonesia)|Ministry of Finance]]|title=Kurs Pajak}}</ref>

== Coins ==
{{Main|Coins of the Indonesian rupiah}}

Presently, two series of coins are circulating: aluminum, and [[nickel]] coins dated between 1999, 2003, and 2010, and a new series of coins featuring Indonesia's national heroes were issued in 2016. These come in denominations of Rp100, Rp200, Rp500, and Rp1,000. Coins in circulation are mostly Rp500 and Rp1,000, whereas the smaller-denominated coins (Rp100 and Rp200) are rarely used, except in shops whose pricing requires them.<ref>{{Cite web |title=Fenomena Tragis Uang Logam Rp 100 dan Rp 200, Apa Kamu Merasakannya? |url=https://bali.tribunnews.com/2019/02/20/fenomena-tragis-uang-logam-rp-100-dan-rp-200-apa-kamu-merasakannya |access-date=2023-10-11 |website=Tribun-bali.com |language=id-ID}}</ref>
{| class="wikitable" style="font-size: 90%"
|-
! colspan="11" |Indonesian rupiah coins<ref>[https://web.archive.org/web/20080604114537/http://www.bi.go.id/web/id/SP001/Tunai/ Instrumen Tunai]. Bank Indonesia</ref><ref>{{cite web|url=https://www.cermati.com/artikel/uang-baru-vs-uang-lama-ini-bedanya-rupiah-baru-dengan-rupiah-lama|title=Uang Baru vs Uang Lama: Ini Bedanya Rupiah Baru dengan Rupiah Lama|website=cermati.com|date=30 October 2017|access-date=2 September 2021|language=ID|archive-date=2 September 2021|archive-url=https://web.archive.org/web/20210902035350/https://www.cermati.com/artikel/uang-baru-vs-uang-lama-ini-bedanya-rupiah-baru-dengan-rupiah-lama|url-status=live}}</ref>
|- style="font-weight:bold; text-align:center;"
| colspan="2"| Image
| Value
| Series
| Diameter
| Thickness
| Weight
| Material
| Obverse
| Reverse
| Availability
|- style="background:white;"
<!-- | ||  || Rp1 || 1970 || 22 mm || 1.4 mm || 1.42 g || rowspan=4|Aluminium || Sikatan Bird || coin value || None (Worth ~$0.0001) -->

|- style="background:white;"
| colspan="2"|[[File:IDR 50 Koin.JPG|136x136px]]|| rowspan="1" |[[Indonesian 50-rupiah coin|Rp50]] || 1999 || 20&nbsp;mm || rowspan="3" | 2&nbsp;mm ||1.36&nbsp;g|| rowspan="7" |Aluminium || rowspan="2" | [[Garuda Pancasila]] || |[[Black-naped oriole]] bird and coin value || Very low

|- style="background:white;"
| colspan="2"|[[File:IDR 100 Koin.JPG|136x136px]]|| rowspan="2" |[[Indonesian 100-rupiah coin|Rp100]] || 1999 || rowspan="2" | 23&nbsp;mm || rowspan="2" | 1.79&nbsp;g|| [[Palm cockatoo]] bird and coin value || rowspan="6" |High

|- style="background:white;"
|[[File:IDR 100 coin 2016 series obverse.jpg|63px]]||[[File:IDR 100 coin 2016 series reverse.jpg|63px]]|| 2016 || Coin value || [[Herman Johannes]] and Garuda Pancasila

|- style="background:white;"
| colspan="2"|[[File:IDR 200 Koin.JPG|136x136px]]|| rowspan="2" |[[Indonesian 200-rupiah coin|Rp200]]|| 2003 || rowspan="2" | 25&nbsp;mm || 2.3&nbsp;mm || rowspan="2" | 2.38&nbsp;g || Garuda Pancasila || [[Bali myna]] bird and coin value

|- style="background:white;"
|[[File:IDR 200 coin 2016 series obverse.jpg|63px]]||[[File:IDR 200 coin 2016 series reverse.jpg|63px]]|| 2016 || 2.2&nbsp;mm || Coin value || [[Tjipto Mangoenkoesoemo]] and Garuda Pancasila

|- style="background:white;"
| colspan="2"|[[File:IDR 500 Koin.JPG|136x136px]]|| rowspan="2" |[[Indonesian 500-rupiah coin|Rp500]] || 2003 || rowspan="2" | 27&nbsp;mm || 2.5&nbsp;mm || rowspan="2" | 3.1&nbsp;g || Garuda Pancasila || [[Jasmine]] flower and coin value

|- style="background:white;"
|| [[File:IDR 500 coin 2016 series obverse.jpg|63px]]|||[[File:IDR 500 coin 2016 series reverse.jpg|63px]]|| 2016 || 2.35&nbsp;mm || Coin value || [[T. B. Simatupang]] and Garuda Pancasila

|- style="background:white;"
| colspan="2"|[[File:IDR 1000 Koin.JPG|136x136px]]|| rowspan="2" |[[Indonesian 1,000-rupiah coin|Rp1,000]] || 2010 || 24.15&nbsp;mm || rowspan="2" | 1.6&nbsp;mm|| rowspan="2" | 4.5&nbsp;g || rowspan="2"|[[Nickel]]-[[Metal plating|plated]] steel|| Garuda Pancasila and coin value ||[[Angklung]] and [[Gedung Sate]]||High (mintage 719 million){{Citation needed|date=January 2012}}

|- style="background:white;"
|| [[File:IDR 1000 coin 2016 series obverse.jpg|63px]] ||[[File:IDR1000-obverse coin2016.jpg|63px]]|| 2016 || 24.10&nbsp;mm || Coin value || [[I Gusti Ketut Pudja]] and Garuda Pancasila ||High
|}

== Banknotes ==
{{Main|Banknotes of the Indonesian rupiah}}

[[File:1000 rupiah bill, 2000 series (2013 date), processed, obverse+reverse.jpg|thumb|Rupiah banknotes usually feature [[National Heroes of Indonesia|Indonesian national heroes]]. Here, [[Pattimura]] (Thomas Matulessy) is featured in the old Rp1,000 banknote from 2000 to 2015.]]
Currently circulating Indonesian banknotes date from 2000 (Rp1,000), 2001 (Rp5,000), 2004 (Rp20,000 and Rp100,000), 2005 (Rp10,000 and Rp50,000), 2009 (the new denomination of Rp2.000), 2010 (revised version of the Rp10,000), 2011 (revised versions of the Rp20,000, Rp50,000 and Rp100,000) and 2020 (the commemorative Rp75,000 denomination issued 2020). Notes issued in 1998–1999 ceased to be legal tender since 31 December 2008 and were exchangeable until 30 December 2018 at Bank Indonesia.<ref>{{Cite web |last=Nordiansyah |first=Eko |date=2018-06-25 |title=BI Tarik 4 Uang Kertas Emisi 1998 dan 1999 dari Peredaran |url=https://www.medcom.id/ekonomi/makro/RkjZ12Vk-bi-tarik-4-uang-kertas-emisi-1998-dan-1999-dari-peredaran |access-date=2020-10-21 |website=medcom.id |language=id |archive-date=23 October 2020 |archive-url=https://web.archive.org/web/20201023133431/https://www.medcom.id/ekonomi/makro/RkjZ12Vk-bi-tarik-4-uang-kertas-emisi-1998-dan-1999-dari-peredaran |url-status=live }}</ref> Earlier notes are also no longer legal tender, due to the lack of security features and association with the [[Suharto]] regime (especially 1993 and 1995 note of the 50,000 rupiah),<ref>{{Cite web |last=Galih |first=Bayu |date=21 May 2018 |title=Setelah Reformasi, Uang Bergambar Soeharto Pun Ditolak Pedagang... Halaman all |url=https://nasional.kompas.com/read/2018/05/21/15301601/setelah-reformasi-uang-bergambar-soeharto-pun-ditolak-pedagang |access-date=2020-10-21 |website=KOMPAS.com |language=id |archive-date=24 October 2020 |archive-url=https://web.archive.org/web/20201024205844/https://nasional.kompas.com/read/2018/05/21/15301601/setelah-reformasi-uang-bergambar-soeharto-pun-ditolak-pedagang |url-status=live }}</ref> but could be exchanged in Bank Indonesia offices until 20 August 2010.<ref>[http://findarticles.com/p/articles/mi_m0WDP/is_2000_July_31/ai_63803922 Bank Indonesia says Suharto banknotes invalid from Aug. 21 | Asian Economic News | Find Articles at BNET] {{Webarchive|url=https://web.archive.org/web/20151018153926/http://findarticles.com/p/articles/mi_m0WDP/is_2000_July_31/ai_63803922 |date=18 October 2015 }}. Findarticles.com. Retrieved 28 July 2011.</ref>

As the smallest current note is worth approximately US$0.067, even small transactions such as bus fares are typically conducted with notes and the Rp1,000 coin is far more common than the Rp1,000 note. The government initially announced that this would change, with a Rp2,000 note to replace the Rp1,000, with that denomination fully replaced by the equivalent coin.<ref>[http://www.jawaban.com/news/news/detail.php?id_news=080229164015&offx=3 News] {{Webarchive|url=https://web.archive.org/web/20090224101244/http://www.jawaban.com/news/news/detail.php?id_news=080229164015&offx=3 |date=24 February 2009 }}. Jawaban.Com (3 March 2008). Retrieved 28 July 2011.</ref> After a long delay, this proposal was revised so that the Rp2,000 banknotes were launched by Bank Indonesia (BI) on 9 July 2009, with the banknotes circulating as legal tender from 10 July 2009,<ref>[http://www.bi.go.id/web/id/Ruang+Media/Siaran+Pers/sp_111909.htm Siaran Pers No.11/ 19 /PSHM/Humas – Bank Sentral Republik Indonesia] {{Webarchive|url=https://web.archive.org/web/20151018153929/http://www.bi.go.id/id/E404.aspx?RequestedUrl=http%3A%2F%2Fwww.bi.go.id%2Fweb%2Fid%2FRuang+Media%2FSiaran+Pers%2Fsp_111909.htm |date=18 October 2015 }}. Bi.go.id (9 July 2009). Retrieved 28 July 2011.</ref> but without withdrawing the 1,000-rupiah note.

=== 2016 series ===
Following the issuance of Presidential Decree No. 31 of 5 September 2016, BI introduced seven new banknote designs featuring national heroes:<ref>{{cite web|url=http://setkab.go.id/en/bi-to-issue-new-print-banknotes-mint-coins-with-heroes-images/|title=BI to Issue New Print Banknotes, Mint Coins with Heroes Images|date=15 September 2016|access-date=16 September 2016|archive-date=3 November 2016|archive-url=https://web.archive.org/web/20161103014622/http://setkab.go.id/en/bi-to-issue-new-print-banknotes-mint-coins-with-heroes-images/|url-status=live}}</ref>
{| class="wikitable" style="font-size: 90%"
|- style="text-align:center; font-weight:bold; vertical-align:bottom;"
| colspan="10" | Indonesian rupiah banknotes<ref>{{Cite web |last1=Riviyastuti |first1=Asiska |last2=Yustiningsih |first2=Rini |date=2016-12-19 |title=Lebih Dekat Kenali Uang Baru Indonesia yang Usung Teknologi Canggih |url=https://m.solopos.com/lebih-dekat-kenali-uang-baru-indonesia-yang-usung-teknologi-canggih-777883 |access-date=2020-10-21 |website=Solopos.com |language=id-ID |archive-date=26 October 2020 |archive-url=https://web.archive.org/web/20201026190725/https://m.solopos.com/lebih-dekat-kenali-uang-baru-indonesia-yang-usung-teknologi-canggih-777883 |url-status=dead }}</ref><ref>{{Cite web |last= |date=2020-08-17 |title=HUT RI Ke-75, Bank Indonesia Keluarkan Pecahan Uang kertas 75000 |url=https://medgo.id/hut-ri-ke-75-bank-indonesia-keluarkan-pecahan-uang-kertas-75000/ |access-date=2020-10-21 |website=MEDGO.ID |language=id-ID |archive-date=28 October 2020 |archive-url=https://web.archive.org/web/20201028181240/https://medgo.id/hut-ri-ke-75-bank-indonesia-keluarkan-pecahan-uang-kertas-75000/ |url-status=live }}</ref>
|- style="text-align:center; font-weight:bold; vertical-align:bottom;"
| colspan="2" | Image
| rowspan="2" | Value
| rowspan="2" | Main colour
| colspan="2" | Description
| rowspan="2" | Date of issue
|- style="font-weight:bold; text-align:center;"
|| Obverse
|| Reverse
|| Obverse
|| Reverse
|-
| [[File:Indonesia 2016 1000r o.jpg|150px]]
| [[File:Indonesia 2016 1000r r.jpg|150px]]
| Rp1,000
| Yellow-Grey
| [[Cut Nyak Meutia]]
| Tifa dance, [[Banda Neira]] and [[Cooktown Orchid]]
| rowspan="7" | 19 December 2016
|-
| [[File:Indonesia 2016 2000r o.jpg|150px]]
| [[File:Indonesia 2016 2000r r.jpg|150px]]
| [[Rp2,000 note#2016 issue|Rp2,000]]
| Grey
|[[Mohammad Hoesni Thamrin]]
| [[Tari Piring|Piring]] dance, Sianok Canyon and [[Magnolia champaca|''Mangnolia champaca'']]
|-
| [[File:Indonesia 2016 5000r o.jpg|150px]]
| [[File:Indonesia 2016 5000r r.jpg|150px]]
| Rp5,000
| Light Brown
| [[Idham Chalid]]
| [[Gambyong]] dance, [[Mount Bromo]] and [[Tuberose]]
|-
| [[File:Indonesia 2016 10000r o.jpg|150px]]
| [[File:Indonesia 2016 10000r r.jpg|150px]]
| Rp10,000
| Purple
| [[Frans Kaisiepo]]
| Pakarena dance, [[Wakatobi National Park]] and ''[[Magnolia vrieseana]]''
|-
| [[File:Indonesia 2016 20000r o.jpg|150px]]
| [[File:Indonesia 2016 20000r r.jpg|150px]]
| Rp20,000
| Light Green
| [[Sam Ratulangi]]
| Gong dance, [[Derawan Islands]] and ''[[Coelogyne pandurata]]''
|-
| [[File:Indonesia 2016 50000r o.jpg|150px]]
| [[File:Indonesia 2016 50000r r.jpg|150px]]
| Rp50,000
| Blue
| [[Djuanda Kartawidjaja]]
| [[Legong]] dance, [[Komodo National Park]] and [[Plumeria]]
|-
| [[File:Indonesia 2016 100000IDR.jpg|150px]]
| [[File:Indonesia 2016 100000r r.jpg|150px]]
| [[Rp100,000 note#2016 issue|Rp100,000]]
| Red
| [[Sukarno]] and [[Mohammad Hatta]]
| [[Topeng]] Betawi dance, [[Raja Ampat Islands]] and [[Moon orchid|Moon Orchid]]
|}
On 17 August 2020, Bank Indonesia officially introduced a Rp75,000 banknote to commemorate the 75th Independence Day of Indonesia. The note featured the [[Proclamation of Indonesian Independence|proclamators of Indonesia's Independence]], Sukarno and Mohammad Hatta (who were also featured in the Rp100,000 note).<ref>{{Cite web |title=Uang Peringatan Kemerdekaan (UPK) 75 |url=https://www.bi.go.id/upk75/Default.aspx |access-date=2023-05-02 |website=www.bi.go.id |archive-date=7 December 2022 |archive-url=https://web.archive.org/web/20221207134958/https://www.bi.go.id/upk75/Default.aspx |url-status=live }}</ref> In 2022, the BI predicts that banknotes of this series will cease to be legal tender in 2025 or 2026, with all circulating 2016-series banknotes replaced by newer 2022-series banknotes.<ref>{{Cite web |date=2022-08-18 |title=BI: Dalam 3 Tahun, Uang Kertas Lama akan Tergantikan dengan yang Baru |url=https://www.merdeka.com/uang/bi-dalam-3-tahun-uang-kertas-lama-akan-tergantikan-dengan-yang-baru.html |access-date=2023-07-10 |website=merdeka.com |language=en}}</ref><ref>{{Cite web |last=Mediatama |first=Grahanusa |date=2022-08-19 |title=4 Tahun ke Depan, Uang Rupiah 2016 Diprediksi Bakal Menghilang dari Peredaran |url=https://nasional.kontan.co.id/news/4-tahun-ke-depan-uang-rupiah-2016-diprediksi-bakal-menghilang-dari-peredaran |access-date=2023-07-10 |website=kontan.co.id |language=id}}</ref>

=== 2022 series ===
Bank Indonesia introduced a new family of banknotes on 18 August 2022. Officially they were retroactively issued as legal tender on 17 August 2022 to commemorate the 77th Independence Day of Indonesia. Similar to the 2016 series, the Indonesian dances and national heroes are still featured on the notes, with some notable changes.<ref>{{cite web|url=https://www.bi.go.id/id/publikasi/ruang-media/news-release/Pages/sp_2421922.aspx|title=Bank Indonesia dan Pemerintah Meluncurkan Uang Rupiah Kertas Tahun Emisi 2022|website=BI.go.id|date=18 August 2022|access-date=18 August 2022|language=ID|archive-date=4 November 2022|archive-url=https://web.archive.org/web/20221104104933/https://www.bi.go.id/id/publikasi/ruang-media/news-release/Pages/sp_2421922.aspx|url-status=live}}</ref><ref>{{cite web|url=https://www.cnnindonesia.com/ekonomi/20220818155230-81-836130/infografis-uang-baru-tahun-emisi-2022|title=INFOGRAFIS: Uang Baru Tahun Emisi 2022|website=CNNIndonesia.com|date=18 August 2022|access-date=18 August 2022|language=ID|archive-date=22 September 2022|archive-url=https://web.archive.org/web/20220922091536/https://www.cnnindonesia.com/ekonomi/20220818155230-81-836130/infografis-uang-baru-tahun-emisi-2022|url-status=live |author1=Tim }}</ref>
{| class="wikitable"
|- style="text-align:center; font-weight:bold; vertical-align:bottom;"
| colspan="13" | Rupiah notes '2022' series, Printed by Perum Peruri
|- style="text-align:center; font-weight:bold; vertical-align:bottom;"
| colspan="2" | Image
| rowspan="2" | Value
| rowspan="2" | Dimensions
| rowspan="2" | Main Colour
| colspan="5" | Description
| colspan="2" | Date of
| rowspan="2" | Remarks
|- style="font-weight:bold; vertical-align:bottom;"
|| Obverse
|| Reverse
|| Obverse
|| Reverse
|| Watermark
|| Signatures
|| Serial
|| note series
|| issue
|-
| style="vertical-align:bottom;" | [[File:TE-2022-1000-depan.jpg|85px]]
| style="vertical-align:bottom;" | [[File:TE-2022-1000-belakang.jpg|85px]]
| style="vertical-align:bottom;" | Rp1,000
| style="vertical-align:bottom;" | 121 × 65&nbsp;mm
| colspan="3" rowspan="7" style="text-align:center;" | As 2016 issue (''see above'')
| rowspan="7" style="text-align:center;" | As in Obverse
| rowspan="7" style="text-align:center;" | [[Perry Warjiyo]] (Governor)—[[Sri Mulyani|Sri Mulyani Indrawati]] (Minister of Finance)
| rowspan="7" style="text-align:center;" | 3 letters, 6 numbers
| rowspan="7" style="text-align:center;" | '2022'
| rowspan="7" style="text-align:center;" | 17 August 2022
| rowspan="7" | Imprint 2022
|-
| style="vertical-align:bottom;" | [[File:TE-2022-2000-depan.jpg|88px]]
| style="vertical-align:bottom;" | [[File:TE-2022-2000-belakang.jpg|88px]]
| style="vertical-align:bottom;" | [[Rp2,000 note#2022 issue|Rp2,000]]
| style="vertical-align:bottom;" | 126 × 65&nbsp;mm
|-
| style="vertical-align:bottom;" | [[File:TE-2022-5000-depan.jpg|92px]]
| style="vertical-align:bottom;" | [[File:TE-2022-5000-belakang.jpg|92px]]
| style="vertical-align:bottom;" | Rp5,000
| style="vertical-align:bottom;" | 131 × 65&nbsp;mm
|-
| style="vertical-align:bottom;" | [[File:TE-2022-10000-depan.jpg|95px]]
| style="vertical-align:bottom;" | [[File:TE-2022-10000-belakang.jpg|95px]]
| style="vertical-align:bottom;" | Rp10,000
| style="vertical-align:bottom;" | 136 × 65&nbsp;mm
|-
| style="vertical-align:bottom;" | [[File:TE-2022-20000-depan.jpg|99px]]
| style="vertical-align:bottom;" | [[File:TE-2022-20000-belakang.jpg|99px]]
| style="vertical-align:bottom;" | Rp20,000
| style="vertical-align:bottom;" | 141 × 65&nbsp;mm
|-
| style="vertical-align:bottom;" | [[File:TE-2022-50000-depan.jpg|102px]]
| style="vertical-align:bottom;" | [[File:TE-2022-50000-belakang.jpg|102px]]
| style="vertical-align:bottom;" | Rp50,000
| style="vertical-align:bottom;" | 146 × 65&nbsp;mm
|-
| style="vertical-align:bottom;" | [[File:TE-2022-100000-depan.jpg|106px]]
| style="vertical-align:bottom;" | [[File:TE-2022-100000-belakang.jpg|106px]]
| style="vertical-align:bottom;" | [[Rp100,000 note|Rp100,000]]
| style="vertical-align:bottom;" | 151 × 65&nbsp;mm
|- style="text-align:center; vertical-align:bottom;"
| colspan="13" | {{Standard banknote table notice|standard_scale=Y|BrE=Y}}
|}

=== Security features ===
[[File:Rupiah swath.jpg|thumb|right|Collection of Rp50,000 notes clearly displaying the security threads|218x218px]]
* The basic materials of the banknotes is [[Cotton paper|cotton fiber]], because it is more flexible and not easily ripped.<ref>{{Cite web |last=Yuwono |first=Hanang |title=Ini Alasan Indonesia Lebih Memilih Serat Kapas sebagai Bahan Baku Uang Kertas ketimbang Polimer |url=https://solo.tribunnews.com/2016/12/26/ini-alasan-indonesia-lebih-memilih-serat-kapas-sebagai-bahan-baku-uang-kertas-ketimbang-polimer |access-date=2020-10-21 |website=Tribun Solo |language=id-ID |archive-date=6 June 2019 |archive-url=https://web.archive.org/web/20190606201636/http://solo.tribunnews.com/2016/12/26/ini-alasan-indonesia-lebih-memilih-serat-kapas-sebagai-bahan-baku-uang-kertas-ketimbang-polimer |url-status=live }}</ref> However, the preferable material is [[abacá]], which is naturally plentiful in Indonesia, especially in the [[Talaud Islands]].<ref>{{Cite web |last=Sudarwan |first=Ilman |date=2019-08-14 |title=Potensi Ekonomi 'Pohon Dolar' dari Talaud {{!}} Sulawesi Bisnis.com |url=https://sulawesi.bisnis.com/read/20190814/540/1136050/potensi-ekonomi-pohon-dolar-dari-talaud |access-date=2020-10-21 |website=Bisnis.com |archive-date=27 October 2020 |archive-url=https://web.archive.org/web/20201027122726/https://sulawesi.bisnis.com/read/20190814/540/1136050/potensi-ekonomi-pohon-dolar-dari-talaud |url-status=live }}</ref> 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.<ref>{{Cite web|title=BI Ingin Bahan Baku Uang Kertas Pakai Batang Pisang|url=https://finance.detik.com/moneter/d-2543843/bi-ingin-bahan-baku-uang-kertas-pakai-batang-pisang|access-date=2020-10-21|website=detikfinance|language=id-ID|archive-date=8 January 2021|archive-url=https://web.archive.org/web/20210108200804/https://finance.detik.com/moneter/d-2543843/bi-ingin-bahan-baku-uang-kertas-pakai-batang-pisang|url-status=live}}</ref><ref>{{Cite web |last=Perdana |first=Hana Adi |date=21 December 2016 |title=Ini alasan BI watermark Cut Meutia ada di uang baru Rp1.000 & Rp5.000 |url=https://www.merdeka.com/uang/ini-alasan-bi-watermark-cut-meutia-ada-di-uang-baru-rp-1000-5000.html |access-date=2020-10-21 |website=merdeka.com |language=en |archive-date=22 December 2016 |archive-url=https://web.archive.org/web/20161222160655/https://www.merdeka.com/uang/ini-alasan-bi-watermark-cut-meutia-ada-di-uang-baru-rp-1000-5000.html |url-status=live }}</ref>
* The minimum security features visible to the naked eye are [[watermarks]], electrotypes and security threads with colour fibres. Extra features may be included, such as [[holograms]], Irisafe, iridescent stripes, clear windows, metameric windows and gold patches.
** Watermark and electrotype are made by controlling the gap of density{{clarify|date=August 2015}} of the fibres, which create certain images for the banknotes. This is done to raise the aesthetic quality of the notes.
** Security threads are inserted into the note so that [[Horizontal plane|horizontal]] and vertical lines are shown from top to bottom. The threads can be varied in materials, size, colour and design.
** Intaglio printing is used for the denomination numbers in the banknote, to help blind people recognise genuine notes and their denomination.
* The 2010 and 2011 revised-2004/2005 note series of Rp10,000, Rp20,000, Rp50,000 and Rp100,000 introduced several new security features: use of [[EURion constellation]] rings, rainbow printing designed to change colour when viewed from different angles and tactile features for blind people and those with visual difficulties to recognise the different denominations of the notes.<ref>{{Cite web |last=Adhi |first=Robert |date=20 July 2010 |title=Perbedaan Uang Rp10.000 Lama dan Baru |url=https://money.kompas.com/read/2010/07/20/19243939/Perbedaan.Uang.Rp.10.000.Lama.dan.Baru-8 |access-date=2020-10-21 |website=KOMPAS.com |language=id |archive-date=4 August 2021 |archive-url=https://web.archive.org/web/20210804000824/https://money.kompas.com/read/2010/07/20/19243939/Perbedaan.Uang.Rp.10.000.Lama.dan.Baru-8 |url-status=live }}</ref><ref>{{Cite web |last1=Aco |first1=Hasanudin |last2=Simanjuntak |first2=Johnson |date= |title=Desain Baru Pecahan Rp20.000, Rp50.000, dan Rp100.000 |url=https://www.tribunnews.com/bisnis/2011/10/28/desan-baru-pecahan-rp-20.000-rp-50.000-dan-rp-100.000 |archive-date=1 October 2022 |access-date=2020-10-21 |website=Tribunnews.com |language=id-ID |archive-url=https://web.archive.org/web/20221001045100/https://www.tribunnews.com/bisnis/2011/10/28/desan-baru-pecahan-rp-20.000-rp-50.000-dan-rp-100.000 |url-status=live }}</ref>

== Digital rupiah ==
Bank Indonesia initiated the Garuda Project, a project to develop Indonesia's [[central bank digital currency]] on 30 November 2022.<ref>{{Cite web |last=Rachman |first=Arrijal |title=BI Luncurkan Proyek Garuda Rupiah Digital di Depan Jokowi |url=https://www.cnbcindonesia.com/market/20221130114349-17-392457/bi-luncurkan-proyek-garuda-rupiah-digital-di-depan-jokowi |access-date=2022-12-17 |website=CNBC Indonesia |language=id-ID |archive-date=4 July 2023 |archive-url=https://web.archive.org/web/20230704043814/https://www.cnbcindonesia.com/market/20221130114349-17-392457/bi-luncurkan-proyek-garuda-rupiah-digital-di-depan-jokowi |url-status=live }}</ref> through a white paper on its development.<ref>{{Cite web |title=Proyek Garuda: Menavigasi Arsitektur Digital Rupiah |url=https://www.bi.go.id/id/rupiah/digital-rupiah/default.aspx#wp |access-date=2022-12-17 |website=www.bi.go.id |archive-date=9 December 2022 |archive-url=https://web.archive.org/web/20221209220314/https://www.bi.go.id/id/rupiah/digital-rupiah/default.aspx#wp |url-status=live }}</ref> By passage of the [[Law on Financial Sector Development and Strengthening|omnibus law]], the digital rupiah is legalised as a form of the rupiah.<ref>{{Cite web |last=Suryani |first=Bhekti |title=Omnibus Law Keuangan Hari Ini Disahkan, Indonesia Kini Punya Uang Rupiah Digital |url=https://news.harianjogja.com/read/2022/12/13/500/1120229/omnibus-law-keuangan-hari-ini-disahkan-indonesia-kini-punya-uang-rupiah-digital |access-date=2022-12-17 |website=Harianjogja.com |language=en |archive-date=17 December 2022 |archive-url=https://web.archive.org/web/20221217042821/https://news.harianjogja.com/read/2022/12/13/500/1120229/omnibus-law-keuangan-hari-ini-disahkan-indonesia-kini-punya-uang-rupiah-digital |url-status=live }}</ref>

== History ==
{{Main|History of the Indonesian rupiah}}

Historically, currencies of Indonesia have been influenced by the spread of Indian and Chinese cultures. During colonial times, the currency used in what is now Indonesia was the [[Netherlands Indies guilder]].<ref name="StandardCatalog2013">{{cite book |title=2013 Standard Catalog of World Coins – 1901–2000 |page=[https://archive.org/details/2012standardcata00geor/page/1600 1600] |last1=Cuhaj |first1=George S |year=2013 |last2=Michael |first2=Thomas |publisher=Krause Publications |isbn=9781440229626 |url-access=registration |url=https://archive.org/details/2012standardcata00geor/page/1600 }}</ref> The country was [[Dutch East Indies campaign|invaded in 1942]] by Japan, which began printing [[Japanese government–issued currency in the Dutch East Indies|its own version of the guilder]], which remained in use until March 1946.<ref name="Kahin">{{cite book |url=https://books.google.com/books?id=YcuhCgAAQBAJ&pg=PA109 |page=109 |title=Historical Dictionary of Indonesia |year=2015 |last=Kahin |first=Audrey |publisher=Rowman & Littlefield |isbn=9780810874565 |access-date=24 September 2020 |archive-date=4 July 2023 |archive-url=https://web.archive.org/web/20230704043759/https://books.google.com/books?id=YcuhCgAAQBAJ&pg=PA109 |url-status=live }}</ref><ref name="Oanda">{{cite web |url=https://www.oanda.com/currency/iso-currency-codes/IDR |title=Indonesian Rupiah |department=Currency Facts |work=Oanda |access-date=17 August 2018 |archive-date=17 August 2018 |archive-url=https://web.archive.org/web/20180817161459/https://www.oanda.com/currency/iso-currency-codes/IDR |url-status=live }}</ref> The Netherlands authorities and the Indonesian nationalists, who were [[Indonesian National Revolution|fighting for independence]], both introduced rival currencies in 1946 with the Dutch printing a new guilder, and the Indonesians issuing the first version of the rupiah on 3 October 1946.<ref>{{cite book |url=https://books.google.com/books?id=RzVUOidajPAC&pg=PR18 |page=prologue 18 |title=Post-War Borneo, 1945–1950: Nationalism, Empire and State-Building |last=Gin |first=Ooi Keat |year=2013 |isbn=9781134058037 |publisher=Routledge |access-date=24 September 2020 |archive-date=4 July 2023 |archive-url=https://web.archive.org/web/20230704043758/https://books.google.com/books?id=RzVUOidajPAC&pg=PR18 |url-status=live }}</ref><ref name="Oanda"/> Between 1946 and 1950 a large number of currencies circulated in Indonesia, with the Japanese guilder still remaining prevalent alongside the two new currencies and various local variants.<ref name="Oanda"/> This situation ended when the federal government, now in complete control following the Dutch recognition of its independence, initiated currency reforms between 1950 and 1951.<ref name="Oanda"/> The rupiah was declared the sole legal currency, with other currencies being exchanged for rupiah at rates which were often unfavourable to the holders.<ref name="Oanda"/>

== Exchange rate and inflation ==
{{More citations needed section|date=January 2025}}

The rupiah has been subject to high inflation for most of its existence (which as an internationally recognised currency should be dated to 1950). Various attempts have been made to maintain the value of the currency, but all were abandoned.

=== 1946–1949 revolutionary period ===
From October 1946 to March 1950, the Indonesian currency had no international recognition. Its value was determined on the black market.

=== 1949–1965 foreign exchange restrictions ===
The exchange rate determined upon the international recognition of Indonesia's independence in 1949 was Rp3.8 to US$1. Lembaga Alat-Alat Pembayaran Luar Negeri Publication No. 26 on 11 March 1950 (effective 13 March 1950) established the Foreign Exchange Certificate System (FECS).<ref name="autogenerated1">{{cite book|last=Rosidi|first=Ajib|year=2011|title=Sjafruddin Prawiranegara Lebih Takut Kepada Allah SWT|location=Jakarta|publisher=Pustaka Jaya|page=250}}</ref> By the trade-in certificates an export rate of Rp7.6 and an import rate of Rp11.4 was established.

The FECS was scrapped on 4 January 1952, by which time the government had been able to reduce its deficit by 5.3&nbsp;billion rupiah through the exchange differential. The system was scrapped because domestic prices were being determined by the import rate, which were hurting profits from exports earned at the lower rate. Hence, the effective Rp7.6/11.4 exchange rate reverted to Rp3.8.

The ending of what amounted to an export tariff severely damaged government revenues, and as of 4 February 1952, the rupiah was officially devalued to Rp11.4, with export tariffs of 15–25% on commodities in which Indonesia was strong. Weaker commodities were not subject to tariffs, and from 1955 were actually given a premium of 5–25% to boost their export.

To control foreign exchange, the government brought in a number of measures. About 40% of the foreign-exchange requirements of importers were required to be paid to the government from April 1952, while as from September 1952, the government decided to provide only a limited amount of foreign exchange, made available every four months. These foreign-exchange restrictions, designed to provide the government with much-needed reserves, meant that some companies were operating at as low as 20% of capacity, due to lack of needed imported materials.

Further foreign-exchange restrictions were introduced over 1953–1954, with April 1953, the foreign-exchange downpayment was increased to 75%, except for raw materials at 50%. Foreign companies and their workers were placed under restrictions as to the amount of foreign exchange that could be sent home, with the amounts allowed out subject to fees of {{frac|66|2|3}}%. As of November 1954, exporters were required to sell 15% of their foreign exchange earned to the government.

An increasingly complex set of tariffs on imports was unified in September 1955 with a set of extra import duties, requiring down payments to the government of 50, 100, 200, or 400% of the value of the goods.

The official Rp11.4 rate, which massively overvalued the rupiah, was a major incentive to black-market traders, and also contributed to anti-Java feeling, given that those producing raw materials on the large material-rich outer islands were not receiving fair value from their goods due to the exchange rate, diverting funds to the government in Java. The black-market rate at the end of 1956 was Rp31 to US$1, falling to Rp49 at the end of 1957, and Rp90 by the end of 1958.

In response to Sumatra and Sulawesi refusing to hand over their foreign exchange, in June 1957, a new system for foreign exchange was introduced; exporters received export certificates (BE) representing the foreign currency earned and could sell them to importers on the free market (but subject to a 20% tax). This effectively created a freely floating rupiah. The price of the certificates quickly reached 332% of face value by April 1958, i.e. Rp38, a rate at which the government chose to end the free market, fixing the price at 332% of face value.

The currency devaluation of large notes in 1959 had the official exchange rate devalued to Rp45 as of August 1959. Despite this, the fundamental issues with the fixed-exchange-rate system and severe import controls (which had cotton mills running at only 11% of capacity due to lack of imported raw materials) were not addressed, and smuggling grew, often backed by the army, while assets were moved offshore by over-invoicing.

The government maintained price controls over goods and raw materials, with the official oil price unchanged from 1950 to 1965.

After the 1959 devaluation, inflation, which had been running at 25% per annum 1953–1959, grew exponentially, with rates over 100% in 1962, 1963, and 1964, and 600% in 1965. Despite the official Rp45 to US$1 rate, two further export certificate trading systems, of March 1962 – May 1963, and then from April 1964 onwards, showed premiums of 2,678% July 1962 (an effective rate of Rp1,205), 5,100% August 1965 (Rp2,295) and 11,100% in November 1965 (Rp4,995).

=== 1966–1971 stabilisation and growth ===
The last demonetisation of rupiah notes occurred in late 1965 when inflation was ravaging the economy: exports had dropped 24% in 1959–1965, real GDP growth was below population growth, and the [[foreign exchange reserves]] had fallen by over 90%. Inflation in 1965 was 635%. In late 1965, the 'new rupiah' was brought in, at 1 new rupiah to 1,000 old rupiah. The official exchange rate was set initially at Rp0.25 to US$1 as of 13 December 1965, a rate that did not represent reality, as the multiple exchange-rate system remained in place for the time being.

This was followed by the emergence of [[Suharto]], who as of 11 March 1966, acquired executive control of Indonesia.

Suharto quickly made economic changes, establishing his "[[New Order (Indonesia)|New Order]]", with the economic policy set by the [[Berkeley Mafia]], his team of US-educated neoclassical economists. The policy began to be set out in November 1966, following the reaching of agreement with Indonesia's creditors in October 1966 on debt relief and loan restructuring. Economic policies were put in place to require adequate bank reserves, ending subsidies on consumer goods, end import restrictions, and to devalue the rupiah.

The 1966–1970 stabilisation program was a great success, resulting in higher economic growth, boosting legal exports (which grew 70% in US$ terms over the period), and increasing output (for instance the [[price of oil]] rose 250 times when the 1950 prices were abandoned, incentivising new exploration). By 1971, inflation had fallen to just 2%.

Despite the liberalisation efforts, Indonesia still had multiple exchange rates. A more realistic exchange rate was finally established of 378 (new) rupiah to US$1 as of April 1970. In August 1971, the exchange rate was devalued slightly, to Rp415 to US$1.

=== Fixed rate period 1971–1978 ===
[[File:Indonesia_1975_10000r_o.jpg|thumb|right|300px|1975 Rp10,000 banknote (obverse), depicting the [[Ramayana]] frieze at [[Borobudur]], [[Magelang Regency]].]]
[[File:Indonesia_1975_10000r_r.jpg|thumb|right|300px|1975 Rp10,000 banknote (reverse), depicting a [[Batara Kala]] pattern supposedly taken at [[Jago Temple]].]]

The exchange rate of 415 rupiah to the US dollar, which had been established in August 1971, was maintained by government intervention in the currency market, buying and selling currency as needed.<ref>[http://www.photius.com/countries/indonesia/economy/indonesia_economy_monetary_and_exchang~14.html Indonesia Monetary and Exchange Rate Policy – Flags, Maps, Economy, History, Climate, Natural Resources, Current Issues, International Agreements, Population, Social Statistic] {{Webarchive|url=https://web.archive.org/web/20080518132139/http://www.photius.com/countries/indonesia/economy/indonesia_economy_monetary_and_exchang~14.html |date=18 May 2008 }}. Photius.com. Retrieved 28 July 2011.</ref>

Despite the fixed exchange rate, the failure of the rice crop in 1972, exacerbated by high world rice prices and underordering by the government rice cartel, along with rising commodity prices, caused inflation to rise above 20% in 1972, peaking at over 40% in 1974. The M1 [[money supply]] increased sharply over the period due to lax credit controls, which{{clarify|date=August 2015}} was channelled towards favoured groups, such as ''[[pribumi]]'', as well as corrupt government-linked businesses.<ref name="publishing1">{{cite journal|journal=Tinbergen Instituut Research Series|date=2007-01-11|title=Time Series Studies on Indonesian Rupiah/USD Rate: 1995-2005|url=https://repub.eur.nl/pub/8297|publisher=Erasmus University Rotterdam|author=Hardiyanto, A.V.|isbn=9789051700336|access-date=27 April 2022|archive-date=23 May 2022|archive-url=https://web.archive.org/web/20220523212532/https://repub.eur.nl/pub/8297|url-status=live}}</ref>

Despite the high inflation of the period, the exchange rate, which had essentially been preserved using the country's oil exports, was maintained at Rp415 until 15 November 1978.

=== Managed float period 1978–1997 ===
[[File:Indonesia 1992 10000r o.jpg|thumb|right|300px|1992 Rp10,000 banknote (obverse), depicting [[Hamengkubuwono IX]] and a group of [[Gerakan Pramuka Indonesia|Scouts]] camping]]
[[File:Indonesia 1992 10000r r.jpg|thumb|right|300px|1992 Rp10,000 banknote (reverse), depicting the [[Borobudur]]]]

==== 1978–1986 devaluations ====
By 1978, the combination of a fall in oil prices and a decrease in foreign reserves meant that the rupiah was devalued 33% to Rp.&nbsp;625 to US$1 on 16 November 1978 (although prices had increased nearly fourfold over the period).

The government abandoned the fixed exchange rate, and altered economic policy to a form of a managed float. The exchange rate was published each day. At the point of devaluation (November 1978), the trade-weighted real (local price adjusted) [[Trade weighted index|effective exchange rate]] of the rupiah<ref name="publishing1"/> against major world currencies was just over twice as high as it was in 1995 (prior to the Asian economic crisis, and free fall of the rupiah), i.e. the rupiah was highly overvalued at this point. By March 1983, the managed float had brought only an 11% fall in three and a half years to Rp702.

The continued overvaluation of the rupiah meant that Indonesia was beginning to suffer a trade deficit, as well as falling foreign exchange reserves. The government responded by devaluing the currency on 30 March by 28% to Rp970.

At this time, the [[1980s 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. On 1 June 1983, 'Pakjun 1983' brought deregulation of the banking system, and the end of the meaningless 6% official deposit rate, with a more market-based financial system. Credit ceilings were removed. Interest rates, initially 18%, remained above 15% over the period.

By September 1986, the currency had been allowed to steadily fall to 1,134 rupiah, a rate which had largely maintained purchasing power over the period. Despite this, the currency was devalued 30% on 12 September 1986 to 1,664 rupiah to US$1. As in 1983, this had been intended to boost the balance of trade: oil prices, US$29 in 1983, fell by 50% in 1986 alone, to below US$9 per barrel.

Thus, in the period from 1978 to 1986, the real exchange rate of the Indonesian rupiah fell by more than 50%, providing significant boosts to the competitiveness of Indonesia's exports.

==== October 1986 – June 1997: US$ real exchange parity ====

Although the devaluations of 1978, 1983, and 1986 had each successfully boosted the competitiveness of exports, devaluations have a destabilising effect, and the September 1986 devaluation was the last carried out by Indonesia.

According to research,<ref>{{cite journal|url=http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.601.6528|title=Empirical Properties of the Indonesian Rupiah: Testing for Structural Breaks, Unit Roots, and White Noise|first=Reza Yamora|last=Siregar|journal=Journal of Economic Development|volume=24|issue=2|date=December 1999|citeseerx=10.1.1.601.6528 |archive-url=https://web.archive.org/web/20080528150818/http://165.194.73.110/newjed/full-text/24-2/siregar.PDF |archive-date=28 May 2008 }}</ref> despite an official seven-currency exchange basket, empirical evidence suggests that the rupiah was controlled by BI against the US$ alone, and indeed since the 1986 devaluation, the currency maintained near-constant purchasing power against the dollar until the 1997 crisis, the steady fall of the rupiah against the dollar essentially representing the difference between Indonesian inflation and US inflation; hence, by June 1997, the rupiah had fallen from its post-evaluation rate of Rp1,664 to Rp2,350, an annualized decline slightly over 3%.

=== Asian financial crisis (and response) 1997–1999 ===

==== First stage of the crisis – limited initial falls ====
The [[1997 Asian financial crisis]] began in Thailand in May 1997, where the government found it harder to maintain the [[Thai baht]] peg at ฿25 to US$1. By 2 July 1997, Thailand abandoned its defence of the baht, allowing it to float freely. Indonesia, which had massive foreign reserves and was seen as having a strong economy, responded on 11 July 1997, by widening its exchange rate band from 8 to 12%. Indonesia had taken similar actions in the years leading up to the crisis, in December 1995 from 2 to 3%, in response to the [[Mexican peso crisis]], and in June and September 1996, from 3 to 5% and then 5 to 8%. These actions had been successful in the past in defending the rupiah, but on this occasion, a more serious crisis of confidence arose.

The rupiah immediately fell 7%, with foreign money quickly leaving the country. 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.e. outside the 12% exchange rate band). BI attempted to intervene but eventually abandoned the managed float on 14 August 1997, leaving the rupiah to float freely. The rupiah–dollar rate was at Rp2,436 to one dollar on 11 July. It fell to Rp2,663 by 14 August and Rp2,955 by 15 August – a 122% fall. Government debt (Bank Indonesia Certificates or SBI) rose from 12% to 30%, and overnight [[callable bond|call rates]] reached 81% (per annum).

==== Response to the falls – crisis ====
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 the restructuring of the banking sector, cancellation of government projects, and supporting some banks with their own liquidity. The SBI rate was reduced three times in September to around 20%. As of 24 September, the exchange rate still lingered at Rp.&nbsp;2,990 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. By 4 October, the currency had collapsed a further 19%, falling to Rp3,690 per dollar. 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 Rp3,640 per dollar, the government decided to seek the support of the [[International Monetary Fund]]. During the month, the rupiah fluctuated in the Rp3,300–3,650 range. IMF's response was announced on 1 November 1997. Sixteen small and insolvent banks, holding a market share of 2.5%, would be closed. Private banks would be subject to improved monitoring, and some state banks would be merged. Deposits would be underwritten up to Rp20&nbsp;million (about US$5,500). About 90% of all depositors held less than this amount in their bank accounts.

After this announcement, the rupiah immediately gained almost 10%, to around Rp3,300 per dollar. 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 Rp3,700 per dollar at the end of the month. In December, the crisis turned into a disaster. Much of the Indonesian economy was controlled by relatives of President Suharto, and of the 16 banks to be liquidated, 25% of PT Bank Andromeda was owned by [[Bambang Trihatmodjo]], the second son of Suharto, PT Bank Jakarta was part-owned by [[Probosutedjo]], the President's half-brother and 8% of PT Bank Industri was owned by the President's second daughter, [[Siti Hediati Prabowo]].<ref>Richardson, Michael. (6 November 1997) [http://www.iht.com/articles/1997/11/06/indo.t_1.php He Starts Court Action After Reform Effort Shuts His Bank – Suharto's Son Sues Government – NYTimes.com]. International Herald Tribune. Retrieved 28 July 2011.</ref>

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 person's 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 were winning over IMF reforms. The rupiah fell from Rp4,085 to Rp5,650 per dollar in the space of a single week. By the middle of the month, 154 banks, comprising half of the banking system, had suffered bank runs. By Christmas Eve, the rupiah stood at 5,915 per dollar, a fall of 60% since July.

The New Year had the rupiah begin at Rp5,447 per dollar. On 15 January, the second letter of intent was signed with the IMF, agreeing an accelerated reform package in return for US$43&nbsp;billion of aid. The rupiah had strengthened from an all-time low of Rp9,100 per dollar on 23 January to Rp.&nbsp;7,225 per dollar on 15 January. However, as it became clear Suharto had no intention of fulfilling the agreement, the rupiah plummeted by more than 50%, bottoming out at Rp14,800 per dollar on 23 January. By now, the government had issued more than Rp60&nbsp;trillion, causing money supply increases and worsening inflation.

The government announced a rescue package on 26 January,<ref>[http://library.findlaw.com/1999/Jun/1/128001.html The Indonesian Bank Guarantee Program] {{Webarchive|url=https://web.archive.org/web/20090218203732/http://library.findlaw.com/1999/Jun/1/128001.html |date=18 February 2009 }}. Library.findlaw.com. Retrieved 28 July 2011.</ref> 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. Four state and 50 private banks, representing nearly 40% of the sector, were placed under IBRA supervision in February 1998, resulting in the rupiah strengthening to 7,400 per dollar.

Despite the improvements, political instability quickly increased. The currency fell to around Rp10,000 per dollar.

Indonesian government began to take more drastic action, doubling its SBI rates to 45% (increasing the cost of its lending), and in April, has signed a third letter of intent with the IMF, the IBRA took over the major private banks, twinning the banks with state banks, and suspending the owners' control. The rupiah, which had strengthened to around Rp8,000, depreciated in the wake of the [[Jakarta riots of May 1998]], 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 SBI rate was increased to 70% in the wake of massive inflation.

The end of Suharto's rule brought a new president, [[B. J. Habibie]], to power on 21 May 1998. Little action was seen immediately, and by 17 June, the rupiah had bottomed out at Rp16,800 per dollar. On 25 June 1998, the fourth letter of intent was signed with the IMF, which was refusing to provide aid due to breaches of its original agreement. The IMF agreed to provide an immediate US$5&nbsp;billion of aid to cover basic necessities.

Audits of the banks that had been taken over showed massive [[bad debt]]s, exceeding 55%. Further audits showed that the other banks were also fundamentally weak. Banking reform continued throughout 1999, with the merger of four state banks in July 1999 into [[Bank Mandiri]], the closure of 38 banks, recapitalisation of nine, and takeover of seven more in March 1999. By this point, the total bank capital had reached a negative 245&nbsp;trillion rupiah. Twenty-three further banks were recapitalised in May, and in October 1999, Bank Mandiri itself was recapitalised. Interest rates fell steadily in 1999, to an SBI of 13.1% in October. The rupiah finished the year at Rp7,900 to the US dollar.

Despite the fall of the currency of about 70% from June 1997 to December 1998, inflation of 60–70% in 1998 (which caused riots and the end of the Suharto regime after 30 years in power) meant that the real exchange rate fell only slightly.

=== Rupiah since 1999: relative stability ===
{{multiple image
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| image4 = TE-2022-100000-depan.jpg
| footer = Designs of Rp100,000 banknotes since 1999. Clockwise from top left: 1999, 2004, 2022, and 2016.
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[[File:Euro exchange rate to IDR.svg|thumb|280px|The cost of one [[Euro]] in Indonesian rupiah's (from&nbsp;2005).]]

The rupiah declined from its relatively strengthened position at the end of the financial crisis, with the rupiah seeing the start of 2000 at Rp7,050 to the US dollar, but declining to Rp9,725 by the end of 2000, and reaching a low of Rp12,069 on 27 April 2001. The currency strengthened to Rp8,500 later in 2001 but ended 2001 at Rp10,505. March 2002 had the currency break below Rp10,000, from which point the currency maintained a rate in the Rp8,000s and Rp9,000s until August 2005, and in the latter half of that year, the trading range extended towards Rp11,000, but ending the year just below Rp10,000. In 2006 and 2007, the currency trade was in a relatively narrow range against the US dollar (which itself was depreciating against other currencies), of Rp8,500–9,900. This trend continued into 2008, with the currency trading between Rp9,000 and Rp9,500.<ref name=forex>[http://www.forexdirectory.net/idr.html Indonesian rupiah rates charts] {{Webarchive|url=https://web.archive.org/web/20080516052211/http://www.forexdirectory.net/idr.html |date=16 May 2008 }}. ''Saxo Bank''. Forex. Retrieved 13 June 2008.</ref>

The [[2008 financial crisis]] with the collapse in the commodities market led to a large gain in the US$ against currencies backed by weakening commodities exports. With palm oil and rubber prices falling from their peak by more than half, the rupiah came under pressure, Bank Indonesia spent US$7&nbsp;billion of its US$57&nbsp;billion reserves in October defending the currency.<ref>[https://www.ft.com/content/87b80cc0-b19e-11dd-b97a-0000779fd18c / Currencies – Rupiah plunges after forex changes] {{Webarchive|url=https://web.archive.org/web/20081201064630/http://www.ft.com/cms/s/0/87b80cc0-b19e-11dd-b97a-0000779fd18c.html |date=1 December 2008 }}. ''Financial Times''. (13 November 2008). Retrieved 28 July 2011.</ref> Despite this, the rupiah slipped below Rp10,000 on 23 October for the first time since 2005, and then below Rp11,000 on 2 November, a mark last reached in 2001. On 13 November, BI introduced new regulations requiring foreign currency purchases over US$100,000 a month to be backed by documentation of an underlying transaction and a tax number. The rupiah closed below Rp12,000 for the first time since 1998 on 20 October, with intraday lows below Rp13,000. Subsequently, however, the cut in the Federal Reserve rate to 0–0.25% and BI support for the currency, had the rupiah strengthen slightly to a range around Rp11,000.

The catastrophic damage to the rupiah caused in 1997–1998 severely damaged confidence in the currency. Though the rupiah is a freely [[convertibility|convertible]] currency, it is still regarded as a risky currency to hold. As of September 2018, the rupiah had fallen to its weakest position since the 1998 crisis<ref>{{cite web|url=https://www.thejakartapost.com/news/2018/09/12/govt-calls-public-investors-stay-calm.html|title=Govt calls on public, investors to stay calm|website=The Jakarta Post|access-date=10 February 2019|archive-date=12 February 2019|archive-url=https://web.archive.org/web/20190212012044/https://www.thejakartapost.com/news/2018/09/12/govt-calls-public-investors-stay-calm.html|url-status=live}}</ref> with one US dollar being worth roughly Rp14,880,<ref>{{cite web |url=https://www.xe.com/currencytables/?from=IDR&date=2018-09-07 |title=XE Currency Table: IDR – USD |work=xe.com |access-date=7 September 2018 |date=7 September 2018 |archive-date=8 March 2021 |archive-url=https://web.archive.org/web/20210308201025/https://www.xe.com/currencytables/?from=IDR&date=2018-09-07 |url-status=live }}</ref> peaking at Rp.&nbsp;15,009 on 4 September. By the time [[COVID-19 pandemic in Indonesia|COVID-19 pandemic]] hit the country in March 2020, it fell even further to nearly Rp.&nbsp;16,650,<ref>{{cite web |last1=Putu Agus Pransuamitra |title=Duh! Rupiah ke Rp 17.000/US$, Cuma Masalah Waktu |url=https://www.cnbcindonesia.com/market/20200402113356-17-149328/duh-rupiah-ke-rp-17000-us--cuma-masalah-waktu |publisher=CNBC Indonesia |access-date=2022-06-08 |date=2020-04-02 |archive-date=7 June 2022 |archive-url=https://web.archive.org/web/20220607173414/https://www.cnbcindonesia.com/market/20200402113356-17-149328/duh-rupiah-ke-rp-17000-us--cuma-masalah-waktu |url-status=live }}</ref> nearly reaching the 1998 crisis value, although it recovered as the year progressed. In April 2024, the rupiah fell again to Rp 16,000 level,<ref>{{cite web|url=https://katadata.co.id/finansial/makro/66188476ce2f8/rupiah-anjlok-tembus-rp-16-ribu-akibat-data-inflasi-as|title=Rupiah Anjlok Tembus Rp 16 Ribu Akibat Data Inflasi AS|website=katadata.co.id|date=12 April 2024 |access-date=2024-04-26}}</ref> and a year later, it fell further to Rp 17,000 level in April 2025.<ref>{{cite web|url=https://www.jawapos.com/politik/015849483/nilai-tukar-rupiah-tembus-angka-rp-17-ribu-per-dolar-as-dpr-minta-pemerintah-perkuat-sektor-fiskal|title=Nilai Tukar Rupiah Tembus Angka Rp 17 Ribu Per Dolar AS, DPR Minta Pemerintah Perkuat Sektor Fiskal|website=jawapos.com|access-date=2025-04-07}}</ref> It is one of the least valued currency units in the world, after the [[Venezuelan bolivar]], [[Iranian rial]] and [[Vietnamese đồng]].<ref>{{cite web |url=https://lowestcurrency.com/ |title=Top 15 Lowest Currencies in the World in 2020 |work=lowestcurrency.com |date=1 April 2020 |access-date=15 May 2020 |archive-date=5 June 2020 |archive-url=https://web.archive.org/web/20200605095629/https://lowestcurrency.com/ |url-status=live }}</ref>

In present-day Indonesia, when mentioning an amount of money in everyday life, the currency name is rarely used, and instead replaced by the words "thousand", "million", and "billion".

{{Exchange rate|IDR|SGD|EUR|JPY|USD}}

== See also ==
* [[Economy of Indonesia]]
* [[Netherlands Indies gulden]]
* [[Netherlands New Guinean gulden]]
* [[Riau rupiah]]
* [[West Irian rupiah]]

==Notes==
{{notelist}}

== References ==
{{Reflist}}

=== General sources ===
* {{numis cite SCWC | date=1991}}
* {{numis cite SCWPM | date=1994}}
* Cribb, Robert, [https://ecommons.cornell.edu/handle/1813/53717 "Political dimensions of the currency question 1945–1947"], ''Indonesia'' 31 (April 1981), pp.&nbsp;113–136.
* {{cite book
| title = Katalog Uang Kertas Indonesia 1782–2005
| publisher = P.T. Sugiya Abadi Sentosa
| year = 2005}}

== External links ==
{{Commons category multi|Banknotes of Indonesia|Coins of Indonesia}}
* [http://www.bi.go.id/en/moneter/informasi-kurs/transaksi-bi/Default.aspx Daily rupiah exchange rates from other currencies] {{Webarchive|url=https://web.archive.org/web/20140610033105/http://www.bi.go.id/en/moneter/informasi-kurs/transaksi-bi/Default.aspx |date=10 June 2014 }} (Bank Indonesia rates)
* [http://www.bis-ans-ende-der-welt.net/Indonesien-B-En.htm Historical and current banknotes of Indonesia]

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{{Economy of Indonesia}}
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