The Republic of Indonesia is situated between the Indian and Pacific oceans in Southeast Asia and Oceania, sharing the same land borders with Malaysia, Papua New Guinea, and East Timor, and nautical borders with Singapore, Vietnam, Australia, Palau, Philippines, and Malaysia. It has more than 17,000 islands and covers a total area of 1,904,569 square kilometers, making it the largest island country in the world.
The nation’s economy is the 7th-largest in the world by PPP and the 16th-largest by nominal GDP. It is heavily driven by domestic consumption and was resilient during the global recession, outperforming most of its nearby countries in the region. An increase in local and foreign investments has also contributed to Indonesia’s growth.
In 2009, the economic growth declined to 4.5% from previous years’ recorded growth rate of more than 6%. Economic reforms were introduced, such as development in the financial sectors, capital market development, tax and customs reforms, and the utilization of Treasury bills. Although its debt-to-GDP ratio shrank due to its strong GDP growth and healthy fiscal stewardship, Indonesia is still battling against poverty and unemployment, corruption, a complicated regulatory system, and poor infrastructure.
Indonesia’s official currency is the rupiah which was established in 1946 at the time of the war of independence with the Dutch. The rupiah was issued to replace the Oeang Republik Indonesia money. The first set of Indonesian rupiah notes was in 1,5, and 10 sen, and half, 1,5, 100, and 100 rupiah denominations. The second series bears the date January 1, 1947, and originated from Djokjakarta. These paper bills were in 5,10,25, and 100 rupiahs.
Recent Indonesian rupiah banknotes were first introduced in 2016 featuring national heroes on the obverse. Their reverse displays flowers, natural landscapes, and dancers of the country. These notes have vibrant colors.