The lowdown on the Indonesian Rupiah
Economical Influences and the Indonesian Rupiah
If you’re going to be a millionaire anywhere, Indonesia is the place. The currency has so many zeros on the end that you’ll either feel rich or like you just really need a calculator. There’s even talk that the Indonesian government might rethink the rupiah to get rid of some of those digits.
All those zeros can make it easy to mix up your banknotes – the ones for 10,000 and 100,000 rupiah don’t have commas between the numbers, so make sure you get them right. Even the highest banknotes (for 100,000 rupiah) aren’t worth much more than ten bucks, so get used to handing over a lot of them. You’ll find most people use cash and some places won’t let you pay by card anyway.
The word rupiah comes from the Sanskrit for silver, and you might hear the locals call their currency perak, which also means silver in Indonesian. There aren’t many coins around though, because they’re not worth much, so prices get rounded up a lot.
Indonesian Rupiah Historical Market Exchange Rate
The Indonesian rupiah has seen major fluctuations during the past decade. On 28th January 2009, 1 New Zealand dollar would get you around 5,854 rupiah; in comparison, around 4 and a half years later on 29th June 2014, you would receive approximately 10,561 rupiah for 1 New Zealand dollar – almost double what you would’ve received in 2009!1
During the past 5 years, the IDR has experienced additional fluctuations, but not as severe as the past 10 years; by the end of June 2014 the NZD was buying around 10,559.33 IDR and a year later on 12th July 2015 the Indonesian rupiah had improved with 1 NZD now buying around 8,708.12 IDR.1
The rupiah strengthened ever so slightly even more over the next few months, and by March 2016 1 New Zealand dollar was converting to 8,704 IDR.1
Learn more about the IDR before you travel to Indonesia and create a currency rate alert so we can notify you when it hits the rate you want.
*Data correct as of 6 November 2018.
*The information contained in this article has been compiled by Travelex from different different external sources. The figures provided are indicative only and are there to provide an idea of the amount of travel money you may need during your trip. Travelex does not ensure the accuracy and completeness of the information shown. Nothing in this article is to be considered financial advice. Travelex Limited does not accept any liability for any loss or damage derived from any reliance on the information in this article. Travelex NZ Limted arranges for and sells Online Foreign Currency via its Online Ordering Facility. You should consider the Online Foreign Currency Product Disclosure Statement and Terms and Conditions before deciding whether to acquire the product.