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Indonesia's foreign direct investment surged 44.2% on a yearly basis in 2022, with the base metals sector drawing in the biggest inflows. Indonesia's received 654.4 trillion rupiah worth of FDI last year, or equivalent to $45.6 billion in the investment ministry's official calculation, which assumes an exchange rate of 14,350 to the dollar.
There was never an official exchange rate between NICA gulden and Indonesian rupiah, but with popular support for the rupiah strong, 1 ORI rupiah was initially valued at 5 NICA gulden. The currency, however, depreciated fast, falling to 2 gulden within 1 week, as the market gauged fair value, and by the end of 1946 to par.
The currency was ultimately replaced by the silver dollar at the rate of 1 silver dollar to 1000 continental dollars. This resulted in the clause "No state shall... make anything but gold and silver coin a tender in payment of debts" being written into the United States Constitution article 1, section 10.
The weakening rupiah spurred panic buying of US dollar by these companies, causing the Indonesian rupiah to drop in value from a pre-crisis level of Rp. 2,600 to a low point in early 1998 of around Rp. 17,000. Consequently, many companies were bankrupted and the economy shrank by 13.7%, leading to sharp increases in unemployment and poverty ...