Jakarta, CNBC Indonesia – The Rupiah currency has two abbreviations, namely IDR and Rp. We often find these abbreviations in catalogs and product price lists. However, what is the actual difference between these two abbreviations?
The term IDR itself has actually only become known in the last few years, especially when shopping online. For example, the price of food displayed on the menu is written as IDR 10,000, not IDR 10,000.
Quoting detikcom, IDR is an abbreviation for Indonesian Rupiah based on the ISO 4217 code. Please note, ISO 4217 itself is an international standard set by the International Organization for Standardization (ISO) which contains a three-letter code (also called currency code) which defines the name currency.
In other words, IDR is an abbreviation for the Indonesian currency (rupiah) internationally.
According to the ISO website, this standard establishes an internationally recognized code for currency representation that allows clarity and reduces errors. Currencies are represented both numerically and alphabetically, using three digits or three letters.
Alphabetical codes are based on another ISO standard, ISO 3166, which lists codes for country names. The first two letters of the ISO 4217 three-letter code correspond to the code for the country name, and, if possible, the third letter corresponds to the first letter of the currency name.
For example, there is USD to refer to the United States dollar currency. US stands for United States (United States) and D stands for dollar. Apart from that, there are also other examples where the Swiss Franc currency is represented by CHF. CH became the code for Switzerland in ISO 3166 codes and F for franc.
This also applies to coding the Indonesian currency where the code for the Indonesian currency is IDR. ID is an abbreviation for Indonesia and R for rupiah.
Thus, if we refer to the explanation above, it can be concluded that there is no difference between the IDR currency and Rp. Both are encodings or abbreviations for the Indonesian currency.
It's just that the term IDR is more often used internationally while Rp is usually used domestically.
[Gambas:Video CNBC]
(haa/haa)