Indonesian Rupiah 24 Hour Spot Silver Price
Indonesian Rupiah Silver Price History Charts
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Silver Price Indonesia
Indonesia is officially known as the Republic of Indonesia. Located in Southeast Asia, Indonesia is a transcontinental nation and also has territories in Oceania. Indonesia has a population of approximately 261 million, and is the largest island country in the world. The Indonesian Government is comprised of a unitary presidential constitutional republic. With its population of over a quarter-billion people, the nation is one of the most populous on the planet.
The Indonesian Rupiah is the official currency of the country. The currency gets its name from Sanskrit “rupya,” which means wrought silver. The Indonesian Rupiah can be subdivided into 100 smaller units of currency called sen. Due to inflationary pressures in the country, however, the use of sen has become obsolete.
The central bank of Indonesia, known as Bank Indonesia, is in charge of issuing and controlling the nation’s currency. Like other global central banks, Bank Indonesia is tasked with not only currency issuance and maintenance, but also maintaining price stability, maintenance of the payment system, monetary management and more. The central bank was founded back in 1953, three years after Indonesia’s independence from The Netherlands was officially recognised.
If you are looking to purchase silver in Indonesia or simply check current prices, you will likely see prices quoted in the local currency. Prices may also be available in other key global currencies such as U.S. Dollars, Japanese Yen, Great British Pounds or euros. Silver prices are typically quoted by the ounce, gram or kilo.
Indonesia has the biggest economy in the region, and is classified as an emerging market economy. The country is involved in numerous areas of industry, including textiles, petroleum, natural gas, cement, hardware, machinery and software. Indonesia has seen significant foreign investment in the last two decades, and its GDP ranks in the top 10 globally.
Indonesia is home to the Antam refinery, which has the capability to produce some eight million troy ounces of internationally accredited silver per year. Their silver products are refined to a purity of 999.9 and are certified by the LBMA (London Bullion Market Association).
If you are looking to acquire as many total ounces of silver as possible, then silver bullion bars and rounds may be your best bet. Compared to silver bullion coins, bars and rounds may carry significantly lower premiums. Cast bars, in particular, may offer the greatest potential per-ounce cost savings. Cast bars are produced by pouring liquid silver into molds, and then allowing the metal to cool. This method of production is one of the least expensive for refiners, and those cost savings may be passed on to customers in the form of lower overall premiums. Cast bars can add diversity to a portfolio as well, and no two cast bars are exactly the same due to the way they are made.
If you are looking for silver coins, sticking with bullion coins may be a good idea. Collectible, or numismatic coins, may carry significantly higher premiums compared to bullion coins and may be less liquid.