Spread across a chain of thousands of islands between Asia and Australia, Indonesia (or officially the Republic of Indonesia) has the world’s largest Muslim population and Southeast Asia’s biggest economy.
Ethnically it is highly diverse, with more than 300 local languages.
Indonesia is recognised as one of the Far East’s fastest growing economies and is ikely to become an economic giant in South East Asia.
The country’s population is rapidly increasing, largely due to a very large percentage of the nation’s citizens being under 35 years old.
Today it is estimated 261 million and is expected to reach 269 million by 2020 and 321 million by 2050.
The official language of Indonesia is Indonesian (bahasa Indonesia). It is a standardized register of Malay, an Austronesian language that has been used as a lingua franca in the multilingual Indonesian archipelago for centuries. The majority speak Indonesian, making it one of the most widely spoken languages in the world.
Most Indonesians, aside from speaking the national language, are fluent in any of more than 700 indigenous local languages; examples include Javanese, Sundanese and Balinese, which are commonly used at home and within the local community. However, most formal education, and nearly all national mass media, governance, administration, judiciary, and other forms of communication, are conducted in Indonesian.
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Indonesia Economy Facts:
What is even more remarkable is that just three years ago , Indonesia’s GDP was $1 trillion GDP, however this figure has risen to an astonishing $2.8 trillion between 2013 and today. At the beginning of this decade, Indonesia was expected to become one of the top ten economies over the next ten years.
However, even today nearly 46% of Indonesia’s inhabitants live on less than $2 a day. The divide between rural and urban residents has been increasing as cities and towns expand. The rural population is declining, currently there are an estimated 119 million people living in rural areas as opposed to 122 million in 2007, yet urbanized areas are booming. 58% of Indonesia’s population live on the island of Java.
Indonesia is a mixed economy with both a strong private and government sector. The country has extensive natural resources, including crude oil, natural gas, tin, copper, and gold. Indonesia’s major imports include machinery and equipment, chemicals, fuels, and foodstuffs. The country’s major export commodities include oil and gas, electrical appliances, plywood, rubber, and textiles
The rupiah (Rp) is the official currency of Indonesia. Issued and controlled by the Bank of Indonesia, the currency code for the Indonesian rupiah is IDR. An exotic currency pair that some forex brokers have available for trading is USD/IDR (United States Dollar to Indonesia Rupiah). As secondary option you can find EUR/IDR.
Why Indonesia Forex Market is important?
Here you will find reviews of the top Indonesian Forex Brokers.
The Indonesia Forex Trading market is growing quickly, and according to experts, it will soon turn into one of the leading Forex markets in the world. This is why most forex brokers offer bahasa Indonesian in their webites, so indonesian traders are trading in their own language.
Furthermore, an important aspect of Indonesia is that according to Wikipedia a 84% of population are muslims. This means that Forex Brokers have to offer Islamic Accounts that respect Sharia law. This means that
Bappebti Regulation
In Indonesia, regulation of Forex brokers falls in the lap of BAPPEBTI. The initials stand for Badan Pengawas Perdagangan Berjangka Komoditi which roughly translates to the Commodities and Futures Trading Regulatory Agency.
Trading forex (currencies) in Indonesia is popular among residents. While recommended, forex brokers are not required to become authorised by the Financial Services Authority of Indonesia to accept residents of Indonesia as customers. The Indonesian translation of FSA is Otoritas Jasa Keuangan or OJK.
The Securities and Exchange Board of Indonesia is the financial regulatory body in Indonesia. Website: https://www.ojk.go.id. We recommend Indonesia residents also follow the FSCA on Twitter, https://twitter.com/OJKINDONESIA.
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