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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 first coin-like products found in Indonesia date from the 9th century Buddhist Sailendran dynasty and were produced in Indonesia until the 12th century: gold and silver massa (emas is the modern Indonesian word for "gold"), tahil and kupang, often described with the letter ma for massa or the image of sandalwood flower.
It initially acted as the manufacturer and distributor of ORI (Oeang Republik Indonesia/Money of the Republic of Indonesia), a currency issued by the Republican Government which was the predecessor of Rupiah. [45]
This money is known as Oeang Republik Indonesia (ORI; oeang being the old spelling of uang ("money")). Following the negotiated peace treaty in The Hague of 1949, the ORI was withdrawn, and replaced by an internationally recognised Indonesian rupiah.
Under Indonesian law originally enacted by the Dutch, the government was responsible for the issue of money with values below Rp5 (in Dutch times gulden), and hence all coins bore the name of Indonesia, rather than the central bank. The denominations were Rp0.01, Rp0.05, Rp0.10, Rp0.25 and Rp0.50.
Indonesia followed Thailand in abandoning the fixed exchange rate of its currency on 14 August 1997. [33] The rupiah further devalued to its lowest point following the signing of the second IMF letter of intent on 15 January 1998. The 1997 Asian financial crisis that began to affect Indonesia mid-year became an economic and political crisis ...
The International Monetary Fund (IMF) has historically had a large presence in Indonesia, Southeast Asia's largest economy.During the Suharto era of the 1960s to 1990s the IMF enjoyed an active presence in the Indonesian economy and politics gaining influence through political sympathizers and technocrats within the Indonesian government.
Dana is a digital financial service based in Jakarta, Indonesia, which acts as a digital payment to replace conventional wallets.Founded in 2018, Dana is a digital wallet registered with Bank Indonesia with four licenses including electronic money, digital wallet, money transfer, and digital financial liquidity.