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Thursday, 11 November 2010

Indonesia Currency


Money, get away
Get a good job with more pay and you're O.K.
Money, it's a gas
Grab that cash with both hands and make a stash
A new car, caviar, four star daydream
Think I'll buy me a football team
Pink Floyd
Truly money speaks in today’s world and it speaks volumes! The worlds will remain at your steps if you have pocket full of coins. For the country it is decided by the strength of the currency and Indonesia has its strength lying there. Indonesia Currency is accepted worldwide and is quite strong against the world market.
The official currency of Indonesia is Rupiah (Rp). The currency in the country is issued and controlled by the Bank of Indonesia. The ISO 4217 currency code for the currency of the nation is IDR and the symbol on all the bank notes and coins of Indonesia is Rp. The name Rupiah holds its origin from the Indian monetary system and the basic of the Indian unit, Rupee. The colloquial term though for the currency in Indonesia is "perak" which means silver in Indonesian. The Rupiah is further sub-divided into the lower denominations of 100 sen, though all the sens in the recent years have been rendered obsolete because of inflation.
The first Rupiah in Indonesia was introduced in the year 1945 during the Indonesian War of Independence (1945-1949). During this period Rupiah was circulated along side the Dutch Indies gulden and the Netherlands Indies Roepiah. By the end of the war i.e. by 1949 the country’s Rupiah replaced all other currencies in Indonesia.
During the early years the first Rupiah were brought into the market in the form of Banknotes. Later on coins were introduced from 1951 and 1952 which introduced the lower denominations of 1, 5, 10, 25 and 50 sen. The production of these coins continued till 1961. Further down the years the government introduced Rupiah in Banknotes form in the denominations up to 100 Rupiah and furthermore 250 Rupiah.

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