SGD 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 AUD/IDR exchange rate?
Bank Indonesia’s goal is to maintain the IDR’s stability, specifically in terms of prices for services and goods reflected in inflation. It adopted the inflation targeting framework in 2005, and keeping inflation at the government recommended level is their primary monetary policy objective.1
As both the Indonesian and Australian economies rely heavily on commodity exports for driving GDP, the AUD/IDR exchange rate may fluctuate based on the value of the top commodities for each country. For Indonesia these commodities include coal briquettes, palm oil, gas and petroleum while for Australia primary exports are iron ore, coal, gas and gold.
“There are over 470 Australian businesses in Indonesia.” – Australian Government Dept. of Foreign Affairs & Trade2
Indonesia is the biggest economy in Southeast Asia, and the 10th biggest economy globally.2,3 In 2015, Indonesia ranked 16th in GDP, while Australia came in 12th.4
Indonesia is Australia’s 11th biggest export market and 12th biggest trading partner.5 Agricultural products are Australia’s key exports to Indonesia. Crude petroleum and manufactured goods are the key imports from Indonesia. Australia’s biggest services export to Indonesia is education, while the biggest services import from Indonesia is tourism.6
Indonesia’s three biggest sectors are agriculture (including palm oil, rubber, cocoa, coffee), manufacturing and mining (including coal, oil, gold, footwear, furniture, paper products, electronics, automobiles), and services.7
Australia’s top exports include iron ores and concentrates, coal, natural gas, education related travel services, and personal travel services.8
File this under good to know: the 1883 eruption of Krakatoa in Indonesia is credited with the reddish skies seen in some contemporary art works of the time such as Edvard Munch’s The Scream.
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 AUD exchange rate analysis. Check out our daily market analysis to learn the factors influencing the IDR to AUD exchange rate today.