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La musique sera assur par Extremusic Disco-mobile et la Buvette sera au rendez-vous videment. On vous annonce que pour une grande partie d Entre nous pada sera en mode dcompression et pada sera donc en GRANDE, trs GRANDE FORME Baca lebih lanjut.81 telah menandai acara ini. Perjalanan Anda dimulai sekarang. Kata sandi yang aman. Perang Portugis Portugis. Perang Portugis Belanda adalah sebuah konflik bersenjata yang melibatkan pasukan Belanda, Dalam bentuk Perusahaan Hindia Timur Belanda dan Perusahaan Hindia Barat Belanda melawan Kekaisaran Portugis Dimulai pada tahun 1602, konflik tersebut terutama melibatkan perusahaan-perusahaan Belanda yang menyerang koloni-koloni Portugis di Amerika, Afrika, India dan Timur Jauh. Perang dapat dipikirkan Sebagai perpanjangan dari Perang Delapan Tahun yang sedang bertempur di Eropa pada saat antara Spanyol dan Belanda saat Portugal berada dalam ikatan dinasti dengan Mahkota Spanyol setelah Perang Suksesi Portugis untuk sebagian besar Konflik tersebut Namun, konflik tersebut tidak ada kaitannya dengan perang di Eropa dan terutama berfungsi sebagai cara bagi Belanda untuk mendapatkan kerajaan luar negeri dan mengendalikan perdagangan dengan biaya pasukan Inggris Portugis juga membantu Belanda pada titik-titik tertentu dalam Perang meskipun dalam beberapa dekade kemudian, Inggris dan Belanda akan menjadi saingan sengit. Hasil perangnya adalah Portugal menang di Amerika Selatan Belanda Brasil dan Afrika dengan merebut kembali Angola dan Belanda adalah pemenang dalam ambisi Inggris Timur Jauh dan Asia Selatan. Juga sangat diuntungkan dari perang yang sudah berlangsung lama antara dua saingan utamanya di Timur Jauh. Pengenalan reproduksi. Perang ini berlangsung dari tahun 1602 sampai 1663 Antagonis utama adalah pemerintahan Portugal dan Belanda. Setelah Uni Iberia 1580 Portugal berada Sepanjang sebagian besar periode di bawah pemerintahan Habsburg, dan Habsburg Philip II dari Spanyol sedang berjuang melawan Pemberontakan Belanda. Dalam upayanya untuk menundukkan provinsi yang memberontak, Philip II memotong Belanda dari Pasar rempah-rempah Lisbon, sehingga perlu bagi Belanda untuk mengirim ekspedisi mereka sendiri ke sumber-sumber komoditas ini dan untuk mengendalikan perdagangan rempah-rempah Hindia. Seperti Prancis dan Inggris, Belanda bekerja untuk menciptakan jaringan perdagangan global di Biaya kerajaan Iberia Belanda menyerang banyak wilayah di Asia di bawah pemerintahan Portugis dan Spanyol termasuk Formosa Ceylon Filipina dan kepentingan komersial di Jepang, Afrika Mina, dan Amerika Selatan Meskipun Portugis tidak dapat menangkap seluruh pulau Ceylon , Mereka mampu menjaga daerah pesisir Ceylon di bawah kendali mereka untuk waktu yang cukup lama. Penggantian belli pada tahun 1592, selama perang dengan Spanyol, armada Inggris telah menangkap sebuah galleon Portugis yang besar dari Azores, Madre de Deus Loaded Dengan 900 ton barang dagangan dari India dan China, senilai kira-kira setengah juta pound hampir setengah dari ukuran Treasury Inggris saat ini. Ini adalah kepingan kekayaan dari Kepentingan galvanis Timur di wilayah tersebut 2 Pada tahun yang sama, Cornelis de Houtman dikirim oleh pedagang Belanda ke Lisbon, untuk mengumpulkan informasi sebanyak mungkin mengenai Kepulauan Rempah-Rempah Pada tahun 1595, pedagang dan penjelajah Jan Huyghen van Linschoten telah melakukan perjalanan secara luas di India. Samudra untuk melayani orang Portugis, menerbitkan sebuah laporan perjalanan di Amsterdam, sebuah petunjuk perjalanan Reys-gheschrift vande navigatoren der Portugaloysers in Orienten Laporan perjalanan melalui navigasi Portugis di Timur 3 Laporan yang dipublikasikan mencakup petunjuk yang luas mengenai bagaimana menavigasi kapal antara Portugal dan Hindia Timur dan ke Jepang Kepentingan Belanda dan Inggris yang mendapatkan informasi baru menyebabkan perpindahan komersial, dan pendirian Perusahaan Hindia Timur Inggris pada tahun 1600, dan Perusahaan East VOC Belanda Timur pada tahun 1602, yang memungkinkan masuknya Menyewa perusahaan-perusahaan di Hindia Timur. Kerajaan Belanda dan Portugis setelah perang Republik Belanda Biru Republik Portugal Hijau. Pada saat melawan Habsburg untuk kemerdekaan mereka dan alasan mengapa Belanda berusaha mengendalikan perdagangan rempah-rempah adalah salah satu penghitungan kelangsungan ekonomi yang diperlukan Sebelum bergabung dengan Kerajaan Portugis dan Spanyol, pedagang Portugis menggunakan Negara-negara Rendah sebagai basis untuk sale of their spices in northern Europe After the Spaniards wrested control over the Portuguese Empire though, they declared an embargo on all trade with the rebellious provinces see Union of Utrecht. This meant the trade would now be directed through the southern low countries roughly present - day Belgium , which according to the Union of Arras or Union of Atrecht were pledged to the Spanish monarch and were Roman Catholic, as opposed to the Dutch Protestant north This also meant that the Dutch had lost their most profitable trade partner and their most important source of financing the war against Spain Additionally, the Dutch would lose their distribution monopoly with France, the Holy Roman Empire and n orthern Europe Their North Sea fishing and Baltic cereal trading activities would simply not suffice to maintain the republic citation needed. Insertion in the East Batavia challenges Goa edit. The Battle of Goa of 1639.The Dutch were hopeful of some success, since in 1588 the English, with Dutch aid, had defeated the Spanish Armada Naval power, essential to the Dutch economy and independence, was made a high priority. At dawn of February 25, 1603 three ships of the Dutch East India Company V O C seized the Santa Catarina a Portuguese galleon It was such a rich prize that its sale proceeds doubled the capital of the V O C The legality of keeping the prize was questionable under Dutch statute and the Portuguese demanded the return of their cargo The scandal led to a public judicial hearing and a wider campaign to sway public and international opinion As a result, Hugo Grotius in The Free Sea Mare Liberum published 1609 formulated the new principle that the sea was international territory, against the Portuguese Mare clausum policy and all nations were free to use it for seafaring trade The free seas , provided suitable ideological justification for the Dutch breaking up trade monopolies through its formidable naval power. Sea battle off Goa between the Dutch and Portuguese fleets in 1638.The first expeditions succeeded in bypassing Portuguese dominion of the Cape of Good Hope and the Indian Ocean in general The Indian fortress system lacked maintenance and technological improvement Portuguese fortresses everywhere were isolated and undermanned The Dutch also managed to break the Portuguese monopoly of the spice trade As the Dutch fleets grew in size, so did their interference with Portuguese trade, and the first skirmishes took place. By 1619, the Dutch conquered Jayakarta which they renamed to Batavia and made it their capital in the East Indies For the next twenty years, the two cities of Goa and Batavia fought each other relentlessly, since they stood as the capital of the Portuguese India State or the Indian Vice-Royalty and the Dutch East India Company s base of operations The Dutch would even attempt to conquer Goa itself. The capture of Kochi and victory of the V O C over the Portuguese in 1663 Atlas van der Hem 1682.In fact, Goa had been under intermittent blockade since 1603 Most of the fighting took place in west India, where the Dutch Malabar campaign sought to impose yet another monopoly on the spice trade Dutch and Portuguese fleets faced off for control of the sea lanes as was the case with the Action of 30 September 1639 while on mainland India the war involved more and more Indian kingdoms and principalities as the Dutch capitalised on local resentment of Portuguese conquests in the early 16th century. Battle for Malacca between the VOC fleet and the Portuguese, 1606.War between Philip s possessions and other countries led to a deterioration of the Portuguese Empire, as the loss of Hormuz to Persia, aided by England, but the Dutch Empire was the main beneficiary. The VOC began immediately to prise away the string of coastal fortresses that comprised the Portuguese Empire The settlements were isolated, difficult to reinforce if attacked, and prone to being picked off one by one, but nevertheless the Dutch only enjoyed mixed success in its attempts to do so 4 Amboina was captured from the Portuguese in 1605, but an attack on Malacca the Battle of Cape Rachado the following year narrowly failed in its objective to provide a more strategically located base in the East Indies with favorable monsoon winds 5 The Dutch found what they were looking for in Jakarta conquered by Jan Coen in 1619, later renamed Batavia after the putative Dutch ancestors the Batavians, and which would become the capital of the Dutch East Indies Meanwhile, the Dutch continued to drive out the Portuguese from their bases in Asia. Malacca finally succumbed in 1641 after a second attempt to capture it , Nagapattinam in 1662 and Cranganore and Cochin in 16 62 6.The primary Dutch and Portuguese settlements in Asia, c 1665 With the exception of Jakarta and Deshima, all Dutch settlements had been captured by the Dutch East India Company from Portugal 6.Goa the capital of the Portuguese Empire in the East, was unsuccessfully attacked by the Dutch in 1603 and 1610, while the Dutch were unable in four attempts to capture Macau 7 from where Portugal monopolised the lucrative China-Japan trade. The Dutch intervened in the Sinhalese Portuguese War on Ceylon from 1638 onwards, initially as allies of the Kingdom of Kandy against Portugal The Dutch conquered Batticaloa in 1639 and Galle in 1640 before the alliance broke down After a period of triangular warfare between the Dutch, Portuguese and Kandyans, the alliance was remade in 1649 After exploiting and then double-crossing their Kandyan allies, the Dutch were able to capture Colombo in 1656 and drove the last Portuguese from Ceylon in 1658 Sporadic warfare with Kandy continued for over a century. The Dutch established a colony at Tayouan in 1624, present-day Anping in the south of Taiwan, a trading post of Portuguese island known as Formosa and in 1642 the Dutch took northern Formosa from the Spanish by force. In 1646, the Dutch tried to take the Spanish colony in the Philippines The Dutch had large amount of force at their disposal but when they tried to take Manila they were defeated at the Battles of La Naval de Manila When they were defeated, the Dutch abandoned their efforts to take Manila and the Philippines. In all, and also because the Dutch were kept busy with their expansion in Indonesia, the conquests made at the expense of the Portuguese were modest some Indonesian possessions and a few cities and fortresses in the Arabian sea The most important blow to the Portuguese east empire and the culmination of the war would be the conquest of Malacca in 1641 depriving them of the control over these straits , Ceylon in 1658, and the Malabar coast in 1663, even after the signin g of the peace Treaty of The Hague 1661.However, important sideshow battles also took place in the South China sea with initially combined fleets of Dutch and English vessels, and subsequently exclusively Dutch ships assaulting Macau The attempts to capture Macau failed, but the Dutch were ultimately successful in acquiring the monopoly of trade with Japan. Sugar War Government-General Vs the WIC edit. Surprised by such easy gains in the East, the Republic quickly decided to exploit Portugal s weakness in the Americas In 1621 the Geoctroyeerde Westindische Compagnie Authorised West India Company or WIC was created to take control of the sugar trade and colonise America the New Netherland project The Dutch West India Company would not, however, be as successful as its eastern counterpart. The Company benefited from a large investment in capital, drawing on the enthusiasm of the best financiers and capitalists of the Republic, such as Isaac de Pinto by origin a Portuguese Jew. The invasion b egan with a series of conquests by the Dutch of some principal ports in Portuguese Brazil such as the strategically important cities of Salvador Recife and the Olinda The whole Brazilian northeast was occupied and Recife was renamed Mauritsstad but the Dutch conquest was short lived The recapture of Salvador by a Spanish-Portuguese fleet in 1625 was followed by a rapid recovery of the lost territories. The Dutch returned in 1630 and captured Recife in Portuguese Brazil 8 and by 1641 controlled more than half of Brazil This began a war over Brazil, which would see the Dutch establish a colony called New Holland However, the Second Battle of Guararapes second and decisive battle in a conflict called the Pernambucan Insurrection taking its name from the region of Pernambuco , ended the Dutch occupation of the Portuguese colony of Brazil. Map of the Portuguese liberation of the city of Salvador in Brazil in 1631 , Joo Teixeira Albernaz, o Velho 1631.At the same time incursions were organised against the Portuguese African possessions in order to take control of the slave trade and complete the trade triangle that would ensure the economic prosperity of the Netherlands Elmina and other Portuguese Gold Coast trade posts were taken and Luanda was besieged. In 1640 the Portuguese took advantage of the Catalan Revolt and themselves revolted from the Spanish-dominated Iberian Union From this point onwards the English decided instead to re-establish their alliance with Portugal. The Dutch, determined to recover or retain their territories, postponed the end of the conflict But as they had to contend with the English at the same time they eventually decided to offer terms citation needed. See also edit. Smith, Roger 1986 Early Modern Ship-types, 1450 1650 The Newberry Library Archived from the original on 2011-09-27 Retrieved 2009-05-08. The Presence of the Portugals in Macau and Japan in Richard Hakluyt s Navigations , Rogrio Miguel Puga, Bulletin of Portuguese Japanese Studies vol 5, December 2002, pp 81 116. Van Linschoten, Jan Huyghen Voyage to Goa and Back, 1583 1592, with His Account of the East Indies From Linschoten s Discourse of Voyages, in 1598 Jan Huyghen Van Linschoten Reprint New Delhi, AES, 2004, xxiv, 126 p 11 ISBN 81-206-1928-5. Boxer 1969 , p 23. Boxer 1965 , p 189. a b Boxer 1969 , p 24.References edit. Indonesian rupiah. a The sub-unit sen is no longer in practical use However, financial reports and bank statements do record monetary amount in sen e g Rp1 234,56 - Indonesian uses comma as decimal separator. The rupiah Rp is the official currency of Indonesia Issued and controlled by the Bank of Indonesia the ISO 4217 currency code for the Indonesian rupiah is IDR The name rupiah is derived from the Hindustani word rupiya , ultimately from Sanskrit rupya wrought silver Informally, Indonesians also use the word perak silver in Indonesian in referring to rupiah The rupiah is subdivided into 100 sen although inflation has rendered all coins and banknotes denominated in sen obsolete. The Riau islands and the Indonesian half of New Guinea Irian Barat had their own variants of the rupiah in the past, but these were subsumed into the national rupiah in 1964 and 1971 respectively see Riau rupiah and West Irian rupia h. Current legal tender edit. The current rupiah consists of coins from 100 rupiah up to 1000 rupiah 1 rupiah are officially legal tender but are effectively worthless and are not circulated and banknotes of 1000 rupiah up to 100,000 rupiah With US 1 worth 12,972 49 rupiah October, 2016 , the largest Indonesian banknote is therefore worth approximately US 7 71.There are presently two series of coins in circulation aluminium bronze and nickel coins dated between 1991 and 2010 These come in denominations of 50, 100, 200, 500, and 1000 rupiah The older series of coins has been gradually disappearing Due to the low value and general shortage of small denomination coins below 100 rupiah , it is common to have amounts rounded up or down or to receive sweets in lieu of the last few rupiah of change in supermarkets and stores 1.50 Indonesian rupiah 1971.Security features edit. Collection of 50,000-rupiah bills clearly displaying the security threads. The basic materials of the banknotes are long f ibres from any kind of wood, or a mix of different types of wood However, the preferable material is abaca fibre, which is naturally plentiful in Indonesia and is believed to increase the durability of the banknotes The banknotes are heat-processed to create a unique type of pulp. The minimum security features visible to the naked eye are watermarks electrotypes and security threads with colour fibres Extra features may be included, such as holograms Irisafe, iridescent stripes, clear windows, metameric windows and gold patches. Watermark and electrotype are made by controlling the gap of density clarification needed of the fibres which create certain images for the banknotes This is done to raise the aesthetic quality of the notes. Security threads are inserted into the note so that horizontal and vertical lines are shown from top to bottom The threads can be varied in the materials, size, colour and design. Intaglio printing is used for the denomination numbers in the banknote, to help b lind people recognise genuine notes and their denomination. The 10,000-rupiah note of 2010 and the 20,000-, 50,000- and 100,000-rupiah notes of 2011 introduced several new security features use of EURion constellation rings, rainbow printing designed to change colour when viewed from different angles, and tactile features for blind people and those with visual difficulties to recognise the different denominations of the notes. History edit. Exchange rate and inflation edit. The rupiah has been subject to high inflation for most of its existence which as an internationally recognised currency should be dated to 1950 Various attempts have been made to maintain the value of the currency, but all were abandoned.1946 1949 revolutionary period edit. In the period from October 1946 to March 1950 Indonesian currency had no international recognition Its value was determined on the black market.1949 1965 foreign exchange restrictions edit. The exchange rate determined upon independence in 1949 was 3 8 rupiah to US 1 Lembaga Alat-Alat Pembajaran Luar Negeri Publication 26 March 11, 1950 effective 13 March established the Foreign Exchange Certificate System FECS 8 By the trade-in certificates an export rate of Rp 7 6 and an import rate of Rp 11 4 was established. The FECS was scrapped on 4 January 1952, by which time the government had been able to reduce its deficit by 5 3 billion rupiah through the exchange differential The system was scrapped because domestic prices were being determined by the import rate, which were hurting profits from exports earned at the lower rate Hence the effective Rp 7 6 11 4 exchange rate reverted to Rp 3 8.The ending of what amounted to an export tariff severely damaged government revenues, and as of 4 February 1952, the rupiah was officially devalued to Rp 11 4, with export tariffs of 15 25 on commodities that Indonesia was strong in Weaker commodities were not subject to tariffs, and from 1955 were actually given a premium of 5 25 to boost their expor t. To control foreign exchange, the government brought in a number of measures 40 of the foreign exchange requirements of importers were required to be paid to the government from April 1952, while as from September 1952 the government decided to provide only a limited amount of foreign exchange, made available every four months These foreign exchange restrictions, designed to provide the government with much needed reserves meant that some companies were operating at as low as 20 of capacity, due to lack of needed imported materials. Further foreign exchange restrictions were introduced over 1953 1954, with April 1953, the foreign exchange downpayment was increased to 75 , except for raw materials at 50 Foreign companies and their workers were placed under restrictions as to the amount of foreign exchange that could be sent home, with the amounts allowed out subject to fees of 66 2 3 As of November 1954, exporters were required to sell 15 of their foreign exchange earned to the governme nt. An increasingly complex set of tariffs on imports was unified in September 1955 with a set of Extra Import Duties, requiring down payments to the government of 50 , 100 , 200 , or 400 of the value of the goods. The official Rp 11 4 rate, which massively overvalued the rupiah, was a major incentive to black market traders, and also contributed to anti-Java feeling, given that those producing raw materials on the large material-rich outer islands were not receiving fair value from their goods due to the exchange rate, diverting funds to the government in Java The black-market rate at the end of 1956 was Rp 31 to the US , falling to Rp 49 at the end of 1957, and Rp 90 by the end of 1958.In response to Sumatra and Sulawesi refusing to hand over their foreign exchange, in June 1957 a new system for foreign exchange was introduced exporters received export certificates BE representing the foreign currency earned and could sell them to importers on the free market but subject to a 20 tax Th is effectively created a freely floating rupiah The price of the certificates quickly reached 332 of face value by April 1958, i e Rp 38, a rate at which the government chose to end the free market, fixing the price at 332 of face value. The currency devaluation of large notes in 1959 saw the official exchange rate devalued to Rp 45 as of August 1959 Despite this, the fundamental issues with the fixed exchange rate system and severe import controls which saw cotton mills running at only 11 of capacity due to lack of imported raw materials were not addressed, and smuggling grew, often backed by the army, while assets were moved offshore by overinvoicing. The government maintained price controls over goods and raw materials, with the official oil price unchanged 1950 1965.After the 1959 devaluation, inflation, which had been running at 25 per annum 1953 1959, grew exponentially, with rates over 100 in 1962, 1963, and 1964, and 600 in 1965 Despite the official Rp 45 to US 1 rate, two furthe r export certificate trading systems, of March 1962 May 1963, and then from April 1964 onwards, showed premiums of 2,678 July 1962 an effective rate of Rp 1,205 , 5,100 August 1965 Rp 2,295 and 11,100 in November 1965 Rp 4,995.1966 1971 stabilisation and growth edit. The last demonetisation of rupiah notes occurred in late 1965, at which time inflation was ravaging the economy exports had dropped 24 1959 1965, GDP growth was below population growth, and the foreign exchange reserves had fallen by over 90 Inflation in 1965 was 635 In late 1965, the new rupiah was brought in, at 1 new rupiah to 1,000 old rupiah The official exchange rate was set initially at Rp 0 25 to US 1 as of 13 December 1965, a rate that did not represent reality, as the multiple exchange rate system remained in place for the time being. This was followed by the emergence of Suharto who as of 11 March 1966 acquired executive control of Indonesia. Suharto quickly made economic changes, establishing his New Order , with economic policy set by the Berkeley Mafia his team of US-educated neoclassical economists The policy began to be set out in November 1966, following the reaching of agreement with Indonesia s creditors in October 1966 on debt relief and loan restructuring Economic policies were put in place to require adequate bank reserves, ending subsidies on consumer goods, end import restrictions, and to devalue the rupiah. The 1966 1970 stabilisation program was a great success, resulting in higher economic growth, boosting legal exports which grew 70 in US terms over the period , and increasing output for instance the price of oil rose 250 times when the 1950 prices were abandoned, incentivising new exploration By 1971 inflation had fallen to just 2.Despite the liberalisation efforts, Indonesia still had multiple exchange rates A more realistic exchange rate was finally established of 378 new rupiah to US 1 as of April 1970 In August 1971 the exchange rate was devalued slightly, to Rp 415 to the U S. Fixed rate period 1971 1978 edit. The exchange rate of 415 rupiah to the US dollar, which had been established in August 1971, was maintained by government intervention in the currency market, buying and selling currency as needed 9.Despite the fixed exchange rate, the failure of the rice crop in 1972, exacerbated by high world rice prices and underordering by the government rice cartel, along with rising commodity prices, caused inflation to rise above 20 in 1972, peaking at over 40 in 1974 The M1 money supply increased sharply over the period due to lax credit controls, which clarification needed was channelled towards favoured groups, such as pribumi non-Chinese Indonesians , as well as corrupt government-linked businesses 10.Despite the high inflation of the period, the exchange rate, which had essentially been preserved using the country s oil exports, was maintained at 415 rupiah until 15 November 1978.Managed float period 1978 1997 edit.10,000 rupiah 1992 banknote displaying Bo robudur.1978 1986 devaluations edit. By 1978, the combination of a fall in oil prices and a decrease in foreign reserves meant that the rupiah was devalued 33 to Rp 625 to US 1 on 16 November 1978 although prices had increased nearly fourfold over the period. The government abandoned the fixed exchange rate, and altered economic policy to a form of a managed float The exchange rate was published each day At the point of devaluation November 1978 , the trade-weighted real local price adjusted effective exchange rate REER of the rupiah 10 against major world currencies was just over twice as high as it was in 1995 prior to the Asian economic crisis, and free fall of the rupiah , i e the rupiah was highly overvalued at this point By March 1983, the managed float had brought only an 11 fall in three and a half years to 702rp. The continued overvaluation of the rupiah meant that Indonesia was beginning to suffering a trade deficit, as well as falling foreign exchange reserves The government re sponded by devaluing the currency on 30 March by 28 to Rp 970.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 more market-based financial system Credit ceilings were removed Interest rates, initially 18 , remained above 15 over the period. By September 1986 the currency had been allowed to steadily fall to 1,134 rupiah, a rate which had largely maintained purchasing power over the period Despite this, the currency was devalued 30 on 12 September 1986 to 1,664 rupiah to US 1 As in 1983, this had been intended to boost the balance of trade oil prices, US 29 in 1983, fell by 50 in 1986 alone, to below US 9 per barrel. Thus in the period from 1978 to 1986, the real exchange rate of the Indonesian rupiah fel l by more than 50 , providing significant boosts to the competitivity of Indonesia s exports. October 1986 June 1997 US real exchange parity edit. Although the devaluations of 1978, 1983 and 1986 had each successfully boosted the competitiveness of exports, devaluations have a destabilising effect, and the September 1986 devaluation was the last carried out by Indonesia. According to research, 11 despite an official seven-currency exchange basket, empirical evidence suggests that the rupiah was controlled by Bank Indonesia against the US alone, and indeed since the 1986 devaluation, the currency maintained near-constant purchasing power against the dollar up until the 1997 crisis, the steady fall of the rupiah against the dollar essentially representing the difference between Indonesian inflation and US inflation hence, by June 1997 the rupiah had fallen from its post-devaluation rate of Rp 1,664 to Rp 2,350, an annualised decline of slightly over 3.Asian financial crisis and response 199 7 1999 edit. First stage of the crisis limited initial falls edit. The Asian financial crisis of 1997 began in Thailand in May 1997, where the government found it harder and harder to maintain the Thai baht peg at 25 to US 1 By 2 July 1997 Thailand abandoned its defence of the baht, allowing it to float freely Indonesia, which had massive foreign reserves and was seen as having a strong economy, responded on 11 July 1997, by widening its exchange rate band from 8 to 12 Indonesia had taken similar actions in the years leading up to the crisis, in December 1995 from 2 to 3 , in response to the Mexican financial crisis and in June and September 1996 from 3 to 5 and then 5 to 8 These actions had been successful in the past in defending the rupiah, but on this occasion there was a more serious crisis of confidence. The rupiah immediately fell 7 , with foreign money quickly leaving the country The investor confidence in Indonesia was shaken, and due to previous deregulations, much of the Indone sian stock market was owned by foreign investors Local confidence in the currency was also undermined as the population followed suit, selling rupiah for dollars The spot rate soon fell below the selling rate i e outside the 12 exchange rate band Bank of Indonesia s attempted to intervene, but eventually abandoned the managed float on 14 August 1997, leaving the rupiah to float freely The rupiah US dollar rate was at 2,436 rupiah to one dollar on 11 July It fell to 2,663 by 14 August and 2,955 by 15 August a 122 fall Government debt Bank Indonesia Certificates or SBI rose from 12 to 30 , and overnight call rates reached 81 per annum. Response to the falls crisis edit. At this stage the crisis was a limited one while the currency had fallen, the extent of the fall did not appear catastrophic The government announced its response in September, calling for a restructure of the banking sector, cancellation of government projects, and supporting some banks with its own liquidity The SBI rate was reduced three times in September to around 20 As of 24 September, the exchange rate still lingered at 2,990 rupiah per dollar. The government response to the crisis sent mixed messages, with falling interest rates doing nothing to support confidence in the rupiah, and the rupiah continued to be sold, as companies who had been borrowing heavily in dollars had to meet their obligation By 4 October, the currency had collapsed a further 19 , falling to 3,690 per dollar It had now lost a third of its value, and there was now a full-blown crisis in Indonesia. On 8 October with the rupiah at 3,640 per dollar, the government decided to seek the support of the International Monetary Fund During the month, the rupiah fluctuated in the 3,300 3,650 range IMF s response was announced on 1 November 1997 Sixteen small and insolvent banks, holding a market share of 2 5 , would be closed Private banks would be subject to improved monitoring, and some state banks would be merged Deposits would be unde rwritten up to 20 million rupiah approx US 5,500 Ninety percent of all depositors held less than this amount in their bank account. After this announcement, the rupiah immediately gained almost 10 , to around 3,300 rupiah per dollar Soon after, however, confidence began to fall The IMF response had only been published in summary form from the government and Bank of Indonesia, the choice of the sixteen banks being closed appeared arbitrary, and the details of the 34 others subject to special measures were not announced The deposit guarantee was seen as inadequate, and funds were moved from private to state banks, exchanged for dollars, or transferred offshore, as confidence in the plan began to evaporate. The rupiah steadily weakened from the middle of November, standing at 3,700 rupiah per dollar at the end of the month In December the crisis turned into a disaster Much of the Indonesian economy was controlled indeed, in 2008, much of it still is by relatives of the President Suharto and of the sixteen banks to be liquidated, 25 of PT Bank Andromeda was owned by Bambang Trihatmodjo the second son of Suharto, PT Bank Jakarta was part-owned by Probosutedjo the President s half-brother, and 8 of PT Bank Industri was owned by the President s second daughter, Siti Hediati Prabowo 12.The President and his family were opposed to the reforms, with Bambang Trihatmodjo beginning legal action against the government to keep his bank, particularly as directors of the insolvent banks were, if culpable, to be added to a Disgraced Persons List, ineligible to work in the banking sector Although the bank had violated its BMPK credit limit , Bambang was given permission by Bank of Indonesia to buy Bank Alfa, another bank, seen by many as a reward for withdrawing his lawsuit In effect, the failed bank was reopened under a different name. It was clear that the cronyism and corruption of Indonesia was winning over IMF reforms The rupiah fell from 4,085 to 5,650 per dollar in the space of a single week By the middle of the month, 154 banks, comprising half of the banking system, had suffered bank runs By Christmas Eve the rupiah stood at 5,915 per dollar a fall of 60 since July. The New Year saw the rupiah begin at 5,447 per dollar On 15 January, a second Letter of Intent was signed with the IMF, agreeing an accelerated reform package in return for 43 billion of aid The rupiah had strengthened from an all-time low of 9,100 per dollar on 23 January to 7,225 per dollar on 15 January However, as it became clear Suharto had no intention of fulfilling the agreement, the rupiah plummeted by more than 50 , bottoming out at 14,800 rupiah per dollar on 23 January By now the government had issued more than 60 trillion rupiah, causing money supply increases and worsening inflation. The government announced a rescue package on 26 January, 13 ensuring that it would guarantee all existing deposits The Indonesian Bank Restructuring Agency was set up with the goal of merging, closing, or r ecapitalising before sale banks A total of 54 banks 4 state and 50 private , representing nearly 40 of the sector, were placed under IBRA supervision in February 1998, resulting in the rupiah strengthening to 7,400 per dollar. Despite the improvements, it was not long before confidence was undermined again, as Suharto discussed a currency board the IBRA head was replaced, and political instability increased The currency fell to around 10,000 per dollar. Indonesian government began to take more drastic action, doubling its SBI rates to 45 increasing the cost of its lending , and in April, having signed a third Letter of Intent with the IMF, the IBRA took over the major private banks, twinning the banks with state banks, and suspending the owners control The rupiah, which had strengthened to around Rp 8,000, depreciated in the wake of the Jakarta riots of May 1998 and in particular the run on the Bank Central Asia Indonesia s largest private bank, that ensued, causing the bank to be taken over by IBRA on 29 May The SBI rate was increased to 70 in the wake of massive inflation. The end of Suharto s rule brought a new President, Jusuf Habibie to power on 21 May 1998 Little action was seen immediately, and by 17 June the rupiah had bottomed out at 16,800 rupiah per dollar On 25 June 1998, a fourth Letter of Intent was signed with the IMF, which was refusing to provide aid due to breaches of its original agreement The IMF agreed to provide an immediate US 5 billion of aid to cover basic necessities. Audits of the banks that had been taken over showed massive bad debts exceeding 55 Further audits showed that the other banks were also fundamentally weak Banking reform continued throughout 1999, with the merger of four state banks in October 1998 into Bank Mandiri the closure of 38 banks, recapitalisation of nine, and takeover of seven more in March 1999 By this point the total bank capital had reached a negative 245 trillion rupiah Twenty-three further banks were recapitalised in May, and in October 1999, Bank Mandiri itself was recapitalised Interest rates fell steadily in 1999, to an SBI of 13 1 in October The rupiah finished the year at Rp 7,900 to the US dollar. Despite the fall of the currency of about 70 from June 1997 to December 1998, inflation of 60 70 in 1998 which caused riots and the end of the Suharto regime after 30 years in power meant that the real exchange rate fell only slightly. Rupiah since 1999 relative stability edit. The rupiah declined from its relatively strengthened position at the end of the financial crisis, with the rupiah seeing the start of 2000 at Rp 7,050 to the US , but declining to Rp 9,725 by the end of 2000, and reaching a low of 12,069 on 27 April 2001 The currency strengthened to Rp 8,500 later in 2001, but ended 2001 at Rp 10,505 March 2002 saw the currency break below Rp 10,000, from which point the currency maintained a rate in the 8,000s and 9,000s until August 2005, and in the latter half of that year, the trading ran ge extended towards Rp 11,000, but ending the year just below Rp 10,000 2006 and 2007 saw the currency trade in a relatively narrow range against the US which itself was depreciating against other currencies , of Rp 8,500 9,900 This trend continued into 2008, with the currency trading between Rp 9,000 and 9,500 14.The financial crisis of 2007 2008 with the collapse in the commodities market saw the US gain strongly against currencies backed by weakening commodities exports With palm oil and rubber prices falling from their peak by more than half, the rupiah came under pressure, Bank Indonesia spent US 7 billion of its 57 billion reserves in October defending the currency 15 Despite this, the rupiah slipped below Rp 10,000 on 23 October for the first time since 2005, and then below Rp 11,000 on 2 November, a mark last reached in 2001 On 13 November, Bank Indonesia introduced new regulations requiring foreign currency purchases over US 100,000 a month to be backed by documentation of an underlying transaction and a tax number The rupiah closed below Rp 12,000 for the first time since 1998 on 20 October, with intraday lows below Rp 13,000 Subsequently, however, the cut in the Federal Reserve rate to 0 0 25 and Bank Indonesia support for the currency, saw the rupiah strengthen slightly to a range around Rp 11,000.The catastrophic damage to the rupiah caused in 1997 1998 severely damaged confidence in the currency Even though the rupiah is freely convertible currency, it is still regarded as a risky currency to hold As of 8 October 2016 update one United States dollar was worth just under 13,000 rupiah, 14 and it was one of the least valued currency units in the world. Current IDR exchange rates. Indonesia portal. Numismatics portal. References edit. Krause, Chester L Clifford Mishler 1991 Standard Catalog of World Coins 1801 1991 18th ed Krause Publications ISBN 0873411501.Pick, Albert 1994 Standard Catalog of World Paper Money General Issues Colin R Bruce II and Neil Shafe r editors 7th ed Krause Publications ISBN 0-87341-207-9.Cribb, Robert, Political dimensions of the currency question 1945 1947 , Indonesia 31 April 1981 , pp 113 136.Katalog Uang Kertas Indonesia 1782 2005 P T Sugiya Abadi Sentosa 2005.External links edit.
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