Surabaya's Economy and Currency
Before the introduction of money, people engaged in bartering to exchange goods, which depended on the mutual agreement of both parties. The limitations of the barter system led to the creation of various mediums of exchange, such as handicrafts, animal body parts, and essential commodities. Metal money began to be used in the Indonesian archipelago during the Hindu-Buddhist era, with inscriptions from the 9th and 10th centuries recording the use of gold and silver coins. Paper money was first introduced by the VOC, which printed creditbrieven, and later De Javasche Bank printed the gulden.
After independence, there were four types of currency recognized, including the ORI, which was designated as legal tender on October 29, 1946. Dutch military aggression hindered the circulation of the ORI, prompting the government to issue Regulation No. 19 of 1947, which allowed for the printing of regional currency (ORIDA). The Residency of Surabaya also printed its own currency in the form of loan certificates.
Currently, the Bank of Indonesia (BI) continues to innovate by launching new denominations of rupiah banknotes in 2016 and promoting the use of electronic money for transactions, which is expected to support the growth of small and medium-sized businesses in the digital realm.
Socio-cultural
The diversity of Surabaya is influenced by its strategic position as a spice route, making it a place of trade and a stopover for merchants from various countries. Surabaya, as a “melting pot,” has become a place where various ethnicities and cultures blend together, creating harmony among them. Surabaya's unique culture, known as Arek Culture, emphasizes the values of solidarity, democracy, and equality, which have developed through the interaction between newcomers and the local culture. This has made Surabaya one of the most tolerant cities in Indonesia.