The last demonetisation of rupiah notes occurred in late 1965, when inflation was ravaging the economy: exports had dropped 24% 1959–1965, GDP growth was below population growth, and the foreign exchange reserves had fallen by over 90%. Inflation in 1965 was 635%. In late 1965, the 'new rupiah' was brought in, at 1 new rupiah to 1,000 old rupiah. The official exchange rate was set initially at Rp 0.25 to US$1 as of 13 December 1965, a rate that did not represent reality, as the multiple exchange-rate system remained in place for the time being.