Economics

Which Are The Strongest Currencies Of Asia?

The Kuwaiti Dinar ranks as the wealthiest currency of Asia, followed by the Bahraini Dinar and the Omani Rial.

Asia has been the fastest growing economic territory with the highest GDP based on PPP in the world. The region is home to large economies such as India, China, and Japan. The wealth in the continent reflects disparities not only between states but within the countries as well. The Eastern Asian nations have emerged as the wealthiest in GDP per capita in addition to the oil rich nations occupying West Asia such as Kuwait, the UAE, Oman, Iran, and Saudi Arabia. Asia's economy engages over 4.4 billion individuals who represent approximately 60% of the world's population.

1. Kuwaiti Dinar

The Kuwaiti dinar is not only Asia's highest-valued currency but also among the valuable in world as a whole. It has been Kuwait's currency since 1960 when it was first issued to replace the Gulf rupee. It was briefly replaced by the Iraqi dinar when Iraq occupied Kuwait in 1990. Kuwait boasts one of the highest per capita incomes thanks to its vast oil reserves. The country is a notable exporter of oil. The currency's worth in Euro is 2.73958 and USD 3.43644. The Kuwait Dinar is distributed by the Central Bank of Kuwait and they are sub-divided into denominations of thousand fils.

2. Bahraini Dinar

The Bahraini Dinar is made up of 1000 fils, and it was unveiled in 1965 as the replacement of the Gulf Rupee. The name dinar derives its inspiration from the Roman term denarius. The Bahraini Dinar is quoted as the second-valued currency unit in Asia. The country‘s economy benefits from strong banking, financial, construction, and petroleum export sectors. Petroleum alone accounts for 70% of the Bahraini government's revenue. The currency is worth Euro 2.11128 or USD 2.65182. It is the responsibility of the Central Bank of Bahrain to circulate the Bahraini Dinar.

3. Oman Rial

The Oman Rial is worth Euro 2.07073 or USD 2.59725. Oman adopted the Saidi rial in 1970 which was the precursor to the Omani rial, which was introduced in 1973. This change was necessitated by the change of the nation's name and the regime change of 1970. 1000 baisa make up the Omani rial, and the currency's banknotes include 100 and 200 baisa. The relative stability of the currency of Oman is attributed to its oil and gas-based economy. Experts also cite the nation's favorable geopolitical position and its thriving economy. The Central Bank of Oman retains the mandate to circulate the currency in economy.

4. Jordanian Dinar

The currency in circulation in Jordan is the Jordanian Dinar which is broken down into 10 dirhams, 1000 fulus or 100 qirshes. The currency was formally adopted on July 1, 1950, with the code JOD. Jordan's currency has been consistently quoted among top currencies because of its stability. The country is not as fortunate as its neighbors in natural resources as it imports crude oil. Jordan has sought to facilitate the growth of strong financial and industrial sectors such as petroleum refining, clothing, inorganic chemicals, and pharmaceuticals. The Jordanian Dinar is worth Euro 1.12868 or USD 1.41563.

5. Singapore Dollar

Singapore has the Singapore dollar as its official currency, and it is subdivided into 100 cents. The task of distributing the currency lies with the Monetary Authority of Singapore. The currency was ranked 12th regarding the frequently traded currencies in the world based on the value in 2016. In the recent years, Singapore has positioned itself as one of the most valuable trading hubs of the world. Numerous multinationals have established operations in the country. The strong economy has boosted the currency's value, and it is worth Euro 0.615720 or USD 0.772011.

6. Brunei Dollar

Brunei Dollar possesses relatively the same value as that of the Singapore dollar. The two nations are strongly linked by way of trade, and each of their currency units is "customarily accepted" in each other's territory. Brunei Dollar began circulating in 1967 and the role of the Monetary Authority of Brunei Darussalam is to distribute the currency and manage the monetary policy. The value of Brunei's dollar has benefited immensely from the nation's oil exports. Brunei has further positioned itself as a booming center for international travel. The Brunei dollar is worth Euro 0.614824 or USD 0.771898.

7. Turkmenistan Manat

The Manat replaced the Russian ruble in Turkmenistan on November 1, 1993. Manat was the word used to refer to the Soviet ruble in Turkmen and Azeri. Turkmenistan has been identified as having a rapidly growing economy. The country prides in massive oil and gas resources and through intensive agriculture in irrigated regions, it has been able to transform its desert territory into a top producer of cotton and wheat. The Central Bank of Turkmenistan is empowered to distribute the Turkmenistan Manat which is valued at Euro 0.279808 or USD 0.350877.

8. Malaysia Ringgit

The currency which circulates in Malaysia is the Malaysian ringgit divided into 100 sen. The currency unit was previously called the Malaysian dollar, and the term Ringgit was adopted in 1993. Malaysia is ranked as the third wealthiest Southeast Asian nation based on GDP per capita values. Its exports include palm oil, vehicles, electronic products, petroleum, machinery, and liquefied natural gas. Its services and industrial sectors have enabled Malaysia to cultivate a competitive economy. The Bank Negara Malaysia serves as the nation's Central Bank and the currency's worth in Euro and USD is 0.238501 and 0.299109 respectively.

9. Qatar Riyal

The Qatari Riyal formally replaced the Indian rupee in 1966. The high value of the Qatari Riyal is attributed to its lack of inflation and its stability as witnessed in the recent years. Qatari Riyal is broken down into 100 dirhams and is abbreviated as QR. The country’s economy is reliant on liquefied natural gas as well as petroleum. These two resources make up 60% of Qatar’s GDP, approximately 85% of export returns, and over 70% of the government’s revenue. The Qatar Central Bank retains the power to distribute the currency which is worth Euro 0.218946 or USD 0.274597.

10. Emirati dirham

The Emirati dirham circulates in the UAE, and it is made up of 100 fils. It was unveiled on May 19, 1973, as the replacement of the Qatar and Dubai riyal. The UAE boasts the second biggest economy in the entire Arab world. Oil drives the country's economy although it has implemented many efforts to diversify its economy. The Emirati Dirham is worth Euro 0.217183 or USD 0.271142. The central Bank of the United Arab Emirates is in charge of the country’s monetary policy.

Future Trends

Asia has some of its nations quoted as emerging economic powers including Indonesia, Thailand, Sri Lanka, the Philippines, and Vietnam. The countries’ currencies continue to benefit from intentional policies for long-term growth. The oil rich economies occupying the Middle East have been trying to cushion themselves from the economic effects of falling oil reserves. These countries will have to diversify their economies to maintain their economic standing in the global landscape.

Which Are The Strongest Currencies Of Asia?

RankCountryCurrencyworth in Euroworth in USDCentral bank
1 KuwaitDinar2.739583.43644Central Bank of Kuwait
2 BahrainDinar2.111282.65182Central Bank of Bahrain
3 OmanRial2.070732.59725Central Bank of Oman
4 JordanDinar1.128681.41563Central Bank of Jordan
5 SingaporeDollar0.6157200.772011Monetary Authority of Singapore
6 BruneiDollar0.6148240.771898Monetary Authority of Brunei Darussalam
7 TurkmenistanManat0.2798080.350877Central Bank of Turkmenistan
8 MalaysiaRinggit0.2385010.299109Bank Negara Malaysia
9 QatarRiyal0.2189460.274597Qatar Central Bank
10 United Arab EmiratesDirham0.2171830.272242Central Bank of the United Arab Emirates
11 Saudi ArabiaRiyal0.2126300.266624Saudi Arabian Monetary Agency
12 PalestineShekel (Israeli)0.2093270.262578Bank of Israel
13 IsraelShekel0.2091020.262298Bank of Israel
14 TajikistanSomoni0.1568600.196676National Bank of Tajikistan
15 ChinaYuan Renminbi0.1301200.163331People's Bank of China
16 Hong Kong SAR of ChinaDollar0.1027210.128946Hong Kong Monetary Authority
17 IndiaRupee0.1027040.128946Reserve Bank of India
18 Macau SAR of ChinaPataca0.09982410.125196Monetary Authority of Macao
19 MaldivesRufiyaa0.05221960.0654879Maldives Monetary Authority
20 TaiwanDollar0.02601090.0326143Central Bank of the Republic of China
21 ThailandBaht0.02432700.0305042Bank of Thailand
22 PhilippinesPeso0.01776230.0222792Central Bank of the Philippines
23 AfghanistanAfghani0.01389890.0174581Da Afghanistan Bank
24 KyrgyzstanSom0.01384200.0173611National Bank of the Kyrgyz Republic
25 BhutanNgultrum0.01289960.0162008Royal Monetary Authority of Bhutan
26 BangladeshTaka0.01033710.0129825Bangladesh Bank
27 NepalRupee0.008025790.0100496Nepal Rastra Bank
28 PakistanRupee0.007813020.00980106State Bank of Pakistan
29 JapanYen0.006890590.00864214Bank of Japan
30 Sri LankaRupee0.006090510.00763650Central Bank of Sri Lanka
31 North KoreaWon0.006054670.00759450Central Bank of the Democratic People's Republic of Korea
32 SyriaPound0.004729610.00593121Central Bank of Syria
33 KazakhstanTenge0.004404730.00552486National Bank of Kazakhstan
34 YemenRial0.003714310.00465430Central Bank of Yemen
35 MyanmarKyat0.0007787820.000976562Central Bank of Myanmar
36 South KoreaWon0.0007284140.000913654Bank of Korea
37 IraqDinar0.0006854420.000860579Central Bank of Iraq
38 LebanonPound0.0005269810.000660939Banque du Liban
39 MongoliaTugrik0.0004255430.000533618Bank of Mongolia
40 UzbekistanSom0.0003334450.000417970Central Bank of the Republic of Uzbekistan
41 CambodiaRiel0.0001964360.000246853National Bank of Cambodia
42 LaosKip0.00009916630.000124378Bank of the Lao P.D.R.
43 IndonesiaRupiah0.00006538330.0000816287Bank Indonesia
44 VietnamĐồng0.00003747130.0000469600State Bank of Vietnam
45 IranRial0.00002976000.0000373650Central Bank of the Islamic Republic of Iran

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