The Indonesian Rupiah plummeted to Rp 16,650 per US dollar in 1998.

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23/11/2018 07:38 WIB

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The student demonstrations demanding President Soeharto's resignation, the ensuing riots and looting, and the Asian financial crisis brought the Indonesian economy to a standstill in 1998.

Indonesian Rupiah Exchange Rate Against the US Dollar (1996-June 30, 1998)

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The Indonesian Rupiah plummeted to Rp 16,650 per US dollar in 1998.

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Indonesian Rupiah Exchange Rate Against the US Dollar (1996-June 30, 1998)

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The Indonesian Rupiah plummeted to its lowest level in Indonesian history a month after President Soeharto stepped down on May 15, 1998. According to Bloomberg data, the Rupiah depreciated to Rp 16,650 per US dollar on June 17, representing a weakening of over 200% from its end-of-2017 position of Rp 5,403 per US dollar. In 1996, the exchange rate was still around Rp 2,000 per US dollar.

Student demonstrations demanding President Soeharto's resignation, riots and looting, and the Asian financial crisis paralyzed the Indonesian economy. Looting and arson caused soaring prices, resulting in inflation reaching 70% in 1998. Bank interest rates also surged to 70%, plunging the domestic economy. This was marked by a -13.13% contraction in Indonesia's economy, the worst in its history.

Furthermore, the riots and looting caused unemployment to jump to 5.46% from 4.96%. Similarly, the poverty rate soared to 24.2% from its previous level.

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."