Currency Exchange Rates for Indonesian rupiah? Convert GBP to IDR at todays exchange rate. See money transfer for Indonesia and historical to restrictions.
The IDR is the Indonesian Rupiah, also known as rupiah, symbolized as Rp, and it is the currency that is officially used in Indonesia. It is controlled and issued by the Bank Indonesia (the central bank of the country). 'Rupiah' has been derived from rupiya (a Hindustani word) or rupya (a Sanskrit word) and Indonesians also call it 'perak' at times. It can be further divided into 100 sen, but due to inflation all banknotes and coins with sen denominations have become obsolete.
The New Guinean-half-of-Indonesia and the Riau Islands use to have an own variant of the rupiah, however in 1964 & 1971, it was all nationalized into Rupiah.
The inflation rate of the Indonesian Rupiah has been usually high ever since its existence. There have been multiple attempts made so that the currency value could be maintained, but all these attempts were abandoned. The Indonesian inflation rate has been at an average increase of 10.51% from 1997 until the current year (i.e 2017).
The most amount of damage to rupiah happened in between 1997 and 1998. Rupiah can be freely converted anywhere, however it is still considered as one of the riskiest currencies to hold on to. Globally, Rp is amongst the least valued currencies.
In 2010 August, the BI or Bank Indonesia have proposed the idea to redenominate the value of rupiah by truncation of the last 3 digits (which are 0's). This redenomination would make daily transactions simpler as at times when transactions are done with rupiah, the value ends up being upto millions of rupiahs. This plan is under consideration and should be completed in between 2015 -2020. This would help in reduction of the exchange rate with USD i.e from 13,500 rupiah it would become 13.5 rupiah. This plan has been subject to public concern as people feel it would lessen the value of Rp. But the Governor of the BI has confirmed that this plan would not bring about any kind of financial loss.
Currency Information on Indonesian Rupiah - IDR — Indonesian rupiah – Rp
100, 200, 500 and 1,000 rupiah coins are available and used frequently, whilst 25 and 50 rupiah coins are available but not used. Banknotes in denominations of 1,000, 2,000, 5,000, 10,000, 20,000, 50,000 and 100,000 rupiah are currently in circulation.
Derived from the Hindustani word ‘rupiyaa’, the rupiah has been in circulation since 1950, although it existed before this, it held no international recognition and it’s value was determined by the black market.
The word ‘perak’ is also used in Indonesia, to informally refer to money. ‘Perak’ means ‘silver’. Although the rupiah is divided into 100 sen, the currencies’ inflation and a lack of buying power has meant that the coins and banknotes formerly available in denominations of sen are obsolete.
Given the current crisis in my country, I was forced to move abroad to find a better financial life. I’ve been living and working in a good UK job for two years now. Although my wife and children came with me I send money to my relatives in Greece very often. Every time I do so I make sure I'm getting a good currency exchange deal by checking online how to send money abroad at the best rates.
Comment written by Kostas Skordas Architect.
View more testimonials...