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
National costume of Indonesia to the Turkish-Egyptian "fez". In Indonesia, the black velvet peci has become the national headdress with secular nationalist connotations made popular by Sukarno. A number of Indonesian nationalist movement activists in the early 20th century, such as Sukarno, Muhammad Hatta and Agus Salim, wore a peci to convey their nationalistic sentiments and to demonstrate their Indonesian identity. Indonesian male presidents always wear a "peci" as part of their official presidential attire. Since then, the black velvet "peci" is approved to be the national head-dress for Indonesian men. It is worn all over Indonesia, especially by government officials and men (usually