| | Must Visits | Need to Know | Capital City Jakarta | | Tipping 5-10% | | Electricity 220/250 V | | Weights and Measurements Metric system |
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Economy
The collapse of the rupiah in late 1997 and early 1998 caused a major economic crisis in Indonesia that was further aggravated by the Asian economic crisis. Political and social instability, secession movements, sectarian violence in East Timor and street demonstrations that more often than not became violent and target Ethnic Chinese businesses only added to the poor prognosis for Indonesian economy. Intervention and financial assistance from the IMF, mandatory austerity measures and some stringent economic policies were some of the measures taken to improve the financial outlook and lure back foreign investors. In the aftermath of the financial crisis the government took over a significant portion of the private sector assets through acquisition of non-performing bank loans and also some corporate assets. Today Indonesia has the largest economy in South East Asia. The government plays a significant role in this market economy and owns a large number of important industries and enterprises.
Some Facts
GDP : $932.1 billion (2008 est.)
GDP per head : $3,900 (2008 est.)
Inflation : 11.06% (2008 est.)
Major industries : Rubber, tourism, petroleum and natural gas, textiles, cement, mining, apparel.
Major trading partners : Japan, Malaysia, US, Singapore, China
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Currency
The Indonesian currency unit is called the Rupiah (IDR).
When changing large amounts, banks usually give Rp10,000 notes, but changing these in the interiors may prove troublesome. If you are heading for the Outer Islands, take Rp1,000 and Rp5,000 notes instead. Always keep your exchange receipts so that you can exchange your rupiah for foreign currencies upon leaving the country. The U.S. dollar is the most readily accepted currency.
Bargaining is quite the done thing in Indonesian markets- in fact most shopkeepers expect you to haggle with them- but keeping in mind the fact that the economic situation is so bad, if you can afford it, don’t bargain too much. After all, the locals have to survive too.
Indonesia’s central and apex bank is Bank Indonesia, which holds all the country’s foreign reserves and issues its currency. Bank Indonesia isn’t actually a bank where you can do transactions, but there are a number of other banks- government owned as well as private enterprises, where you can do your banking. Other than these, international banks too have branches in Jakarta and other major cities of Indonesia, where money can be changed, and (in some banks) electronic transfer of funds can be done.
Besides the banks (local and international) where you can change foreign currency, there are currency exchange counters at hotels and at authorized currency exchange dealers. They’ll give you the best rates, and it’s safest, anyway, to get your money changed with them. One good thing about Indonesia is that foreign currency is widely accepted, (especially US$), so unless you’re going to small towns and villages, you can get by without changing too much of your currency to rupiahs.
Credit cards are not widely accepted- except in major hotels, some restaurants and travel agencies- so don’t depend on using your card- it might be useless in most places.
Banking Hours : Most banks across the length and breadth of Indonesia work from 8 to 2.30, Monday to Friday, and 8 to 12 on Saturdays. All banks, except some extension counters in large hotels, are closed on Sundays (these often work longer hours too, as they cater specifically to tourists).
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Business Guide
Even though Indonesia is predominantly an Islamic country, the week `followed’ by offices and businesses, is the usual Western model, with the weekend on Saturday and Sunday, rather than on Friday. Most offices work eight hours a day (with a one hour break for lunch, generally between 12 and 1). Work hours in private enterprises are usually from 8 to 4, or from 9 to 5; most offices remain closed on Saturdays. Government offices work shorter hours- 8 to 3 from Monday to Thursday, 8 to 11 on Fridays (to allow time for devout Muslims to offer prayers), and 8 to 2 on Saturdays.
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