GBP to IDR Exchange Rate
Ah, Indonesia: home to world’s largest Muslim population, the most islands of any nation, and a volcano that spews blue gas. True.
What influences the GBP/IDR exchange rate?
The IDR/GBP exchange rate often moves in tandem with the currencies of other emerging markets. U.S. President Donald Trump’s protectionist policies could further dampen the outlook for the Indonesian rupiah, especially if he alters critical trade agreements. Similarly, the aftermath of Brexit, and its effect on the pound sterling, may play a role in the GBP/IDR exchange rate.
Indonesia adheres to the floating exchange rate system, like the United Kingdom, in order to maintain financial stability. Because of Indonesia’s thriving service sector exports and a young, growing labor force, its central bank may intervene to ensure the currency maintains the inflation target. Rather than pegging the IDR exchange rate to a specific level, Bank Indonesia focuses on minimising rate volatility.1
“Indonesia’s economy has grown at a steady 5.8% for over the last 10 years.” – UK Department for International Trade2
Indonesia is Southeast Asia’s largest economy. It’s also the 10th biggest economy by purchasing power on the planet.3
Indonesia was ranked 16th in terms of GDP in 2015, while the United Kingdom came in 5th.4
Indonesia’s largest sectors include agriculture, mining and manufacturing, and services.5 It’s the world’s biggest exporter of crude palm oil and the 2nd biggest exporter of coal. It’s also the 2nd largest producer of tin and cocoa, and the 4th biggest exporter of natural gas.2
The main exports from the U.K. to Indonesia include chemicals, crude materials, manufactured goods, transport equipment, and machinery.2
The U.K. is the 7th largest investor in Indonesia. Major U.K. investors include Unilever, Prudential, GlaxoSmithKline, Rolls Royce, AstraZeneca, and HSBC.2
Whether you’re planning a trip to one of Indonesia’s islands or sending money back home to friends and family, OFX can help you save on your international money transfers. If you need to make a payment to Indonesia, use OFX so you don’t get stung by high bank margins and fees. Register today to get access to our low rates and personalised service.
Currency Name: Indonesian Rupiah
Currency Code: IDR
Currency Symbol: Rp
Central Bank: Bank Indonesia
Countries Used In: Indonesia
Major Unit: One Rupiah
Minor Unit: One Sen
Note Denominations: Rp 1,000, Rp 2,000, Rp 5,000, Rp 10,000, Rp 20,000, Rp 50,000, Rp 100,000
Coin Denominations: Rp 50, Rp 100, Rp 200, Rp 500, Rp 1000
IDR to GBP exchange rate analysis. Check out our daily market analysis to learn the factors influencing the IDR to GBP exchange rate today.