Try to IDR: Understanding Indonesian Rupiah
What is IDR?
IDR stands for Indonesian Rupiah, which is the official currency of Indonesia. It is the local currency used in Indonesia and is issued by the Central Bank of Indonesia, known as Bank Indonesia.
History of IDR
The Indonesian Rupiah has a long history that dates back to the 17th century. During the Dutch colonial era, the Dutch East Indies Company introduced the Dutch Guilder as the currency in Indonesia. After Indonesia declared its independence in 1945, the country introduced its own currency, the Rupiah, in 1949. The Rupiah replaced the Dutch Guilder at a rate of 1 Rupiah to 3.8 Guilder.
Subunits of IDR
The Indonesian Rupiah is divided into 100 smaller units called sen. However, sen are no longer used in everyday transactions due to inflation and the low value of the sen.
IDR Exchange Rate
The exchange rate of IDR fluctuates depending on various economic factors such as inflation, interest rates, and global economic conditions. The exchange rate is determined by the foreign exchange market, where the IDR is traded against other major currencies such as the US Dollar, Euro, and Japanese Yen.
Using IDR in Indonesia
When traveling to Indonesia, it is recommended to exchange your foreign currency to IDR upon arrival. You can exchange your currency at airports, banks, or currency exchange offices. Credit cards and debit cards are also widely accepted in major cities and tourist areas.
Try to IDR: Tips and Tricks
- Always exchange your currency at authorized currency exchange offices or banks to avoid fraud and get the best rates.
- Use credit cards or debit cards for major transactions to avoid carrying large amounts of cash.
- Keep small amounts of IDR for small transactions and tips.
- Be aware of the exchange rate and calculate your expenses accordingly.
Conclusion
In conclusion, IDR is the official currency of Indonesia and plays a vital role in the country's economy. Understanding the IDR and its exchange rate is essential for travelers and businesspeople who plan to visit or do business in Indonesia. By following the tips and tricks above, you can make the most out of your IDR and have a hassle-free experience in Indonesia.
