Economy of Indonesia the Republic of Indonesia), a currency issued by the Republican Government which was the predecessor of Rupiah. Despite so, currency issued during the Japanese occupation and by Dutch authorities were still in circulation, and simplicity of the ORI made its counterfeiting straightforward, worsening matters. Once the nation's independence has been recognised by the Netherlands on December 1949, the next 10 years saw the devaluation of Dutch banknotes into half their value ("Gunting Sjafruddin"), dissolution of the United States of Indonesia in 1950, and during the liberal democracy period the nationalization of "De Javasche Bank" into modern Bank Indonesia and the
Economy of Indonesia Dutch colonial policies. Following President Sukarno's downfall the New Order administration brought a degree of discipline to economic policy that quickly brought inflation down, stabilised the currency, rescheduled foreign debt, and attracted foreign aid and investment. (See Inter-Governmental Group on Indonesia and Berkeley Mafia). Indonesia was until recently Southeast Asia's only member of OPEC, and the 1970s oil price raises provided an export revenue windfall that contributed to sustained high economic growth rates, averaging over 7% from 1968 to 1981. With high levels of regulation and a dependence on declining oil prices, growth slowed to an average of 4.5% per