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At this time, the 1980s oil glut put the Indonesian economy under pressure, with exports uncompetitive as a result of the overvalued currency, and oil contributing less as a result of lower global prices. On 1 June 1983, 'Pakjun 1983' brought deregulation of the banking system, and the end of the meaningless 6% official deposit rate, with a ...
Big Mac index, November 2022. The Big Mac Index is a price index published since 1986 by The Economist as an informal way of measuring the purchasing power parity (PPP) between two currencies and providing a test of the extent to which market exchange rates result in goods costing the same in different countries.
Moody's raised Indonesia's foreign and local currency bond ratings to Baa3 from Ba1 with a stable outlook. [154] In May 2017, S&P Global raised Indonesia's investment grade from BB+ to BBB− with a stable outlook, due to the economy experiencing a rebound in exports and strong consumer spending during early 2017.
The Rp2,500 and Rp5,000 notes were deemed unnecessary as a result, although continued high inflation caused the former denomination to be issued three years later, while the latter was never issued. The Rp10 and Rp25 notes were only circulated for 3 days although they remained legal tender, and are today extremely rare.
In late 2004, Indonesia faced a 'mini-crisis' due to international oil prices rises and imports. The currency reached Rp 12,000/USD1 before stabilising. The government was forced to cut its massive fuel subsidies in October, which were planned to cost $14 billion for 2005. [36]
A fixed exchange rate, often called a pegged exchange rate, is a type of exchange rate regime in which a currency's value is fixed or pegged by a monetary authority against the value of another currency, a basket of other currencies, or another measure of value, such as gold or silver.
Social Security serves as a lifeline for tens of millions of seniors. Today, that number is growing. As of December 2024, the Social Security Administration (SSA) reported that about 65.5 million...
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.