By Christmas Eve, the rupiah stood at 5,915 per dollar, a fall of 60% since July.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 backside of the note has a picture of a classroom with children studying.While Lord Ganesha is widely regarded as the God of arts, sciences and intellectual wisdom, Ki Hajar Dewantara was a well known Indonesian independence activist and a pioneer of education for native Indonesians when the country was under Dutch influence. Is there really an image of Ganesha on Indonesian currency? The 20,000 Rupiah currency consists of a picture of Lord Ganesha, revered by Hindus as the god of wisdom, art and science. Image Source. Sometimes, Indonesians also informally use the word "perak" ("silver" in Indonesian) in referring to rupiah. But the point of appreciation is that they had been using a currency with an Indian God on it. The name "rupiah" is derived from the Sanskrit word for silver, rupyakam (रूप्यकम्). The Arjuna Wijaya statue is a historical landmark at the Jakarta square while Hanuman is the official mascot of Indonesia's military intelligence. Did you know that a picture of Lord Ganesha is inscribed on the 20,000 rupiah note of Indonesia? It is the same country where 87.5% of the population are Muslims and 3% are Hindus. There is another theory to this, according to a Quora user, that Dr. Subramanian Swamy once asked the Indonesian Finance Minister about the image of Ganesha on their currency note. Certain aspects of Hinduism, in fact, continue to impact Indonesian culture even at present.The picture of Lord Ganesha is engraved on the note beside an inscription of Ki Hajar Dewantara - a celebrated Indonesian independence activist. 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.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). The rupiah (Rp) is the official currency of Indonesia.Issued and controlled by Bank Indonesia, its ISO 4217 currency code for the Indonesian rupiah is IDR. Image Source. In effect, the failed bank was reopened under a different name.Despite the improvements, political instability quickly increased. The currency fell to around 10,000 per dollar.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.The continued overvaluation of the rupiah meant that Indonesia was beginning to suffering a trade deficit, as well as falling foreign-exchange reserves.
Did you know? But, despite of all these they have Lord Ganesha alongside a picture of Ki Hajar Dewantara in the front of the note. "The only country on earth to have Lord Ganesha on a currency note is the largest Muslim populated country - Indonesia," Tanuj Garg captioned the post that also accompanied a picture of the note. This effectively created a freely floating rupiah. The logo of the official airline of Indonesia is Garuda, Hindu god of wind.