Introduction of rupiah

The rupiah is the currency of Indonesia, and its history is tied to the country's struggle for independence. The first rupiah notes were issued in 1946 by the Republican government during the revolution against Dutch rule, in competition with Dutch-controlled money. After the Netherlands recognised Indonesian sovereignty in 1949, the rupiah gradually replaced the colonial-era currencies, and Bank Indonesia became the central bank in the early 1950s. The currency later suffered heavy inflation in the 1960s and again during the Asian financial crisis of 1997 and 1998, and it has been redenominated and reformed several times since.

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