IDR - Indonesian Rupiah

Bank Indonesia (BI) has exclusive authority to issue the rupiah and control monetary policy. Founded in 1953, about four years after Indonesian independence, BI sets interest rates and manages inflation. Indonesia runs a floating exchange rate regime — the rupiah moves with market forces, but BI intervenes to smooth out extreme swings. Current rates hover around Rp 16,600 per US dollar.

Indonesian nationalists proclaimed the rupiah on October 3, 1946, during the independence war circulation began on October 30, 1946. The name comes from the Sanskrit word rupyakam (meaning silver), and Indonesians sometimes call it perak (Indonesian for silver). On November 2, 1949, the rupiah became Indonesia's national currency, replacing the Dutch East Indies guilder alongside various competing regional currencies.

On December 13, 1965, Indonesia cut three zeros from the rupiah — 1,000 old rupiah became 1 new rupiah. Inflation had hit 600% by 1965. The currency crashed again during the 1997–98 Asian Financial Crisis, losing 80% of its value and hitting Rp 16,000–17,000 per dollar. Despite repeated devaluations, the name rupiah has never changed. Smaller denominations (sen coins) became obsolete due to inflation.

The symbol Rp comes directly from the word rupiah. Banknotes range from Rp 1,000 to Rp 100,000 (worth about $6). A commemorative Rp 75,000 note was issued in 2020 for Indonesia's 75th independence anniversary. Coins range from Rp 50 to Rp 1,000.