History of the Indonesian rupiah exchange rate with the US dollar from about 14,600 rupiah to 14.6. The plan has raised public concern that the monetary policy may devalue the currency. Bank Indonesia Governor Darmin Nasution immediately announced that the planned redenomination of the national currency would not inflict any financial losses as the measure would only strike a few zeros from the current denominations. History of the Indonesian rupiah The currency of Indonesia, rupiah, has a long history that stretch back to colonial period. Due to periods of uncertain economy and high inflation, the currency has been re-valued several times. The first coin-like products
Currency Act of 1870 Currency Act of 1870 The Currency Act of 1870 (41st Congress, Sess. 2, ch. 252, , enacted July 12, 1870) maintained greenbacks issued during the American Civil War at their existing level, about $356 million, neither contracting them nor issuing more. It replaced $45 million in "temporary loan certificates," paper bearing 3% interest but which circulated as currency, with the same amount of national bank notes issued by newly chartered banks. While achieving currency stabilization, the act answered midwestern pressure for more currency, and midwestern dissatisfaction with the concentration of national bank charters in the Northeast. The limit of the