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. The strongest currencies in Asia are discussed below.
1. Kuwaiti Dinar
The Kuwaiti dinar is not only Asia's highest-valued currency but also among the most valuable in the 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 2.90 or USD 3.29. 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. Bahrain'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 2.34 or USD 2.65. It is the responsibility of the Central Bank of Bahrain to circulate the Bahraini Dinar.
3. Oman Rial
The Oman Rial is worth Euro 2.29 or USD 2.60. 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 the 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 1.24 or USD 1.41.
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 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 0.65 or USD 0.74.
6. Brunei Dollar
The 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 0.65 or USD 0.74.
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 0.25 or USD 0.29.
8. 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 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 0.24 or USD 0.27.
9. Emirati Dirham
The Emirati dirham circulates in the United Arab Emirates, 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 0.24 or USD 0.27. The Central Bank of the United Arab Emirates is in charge of the country’s monetary policy.
10. Israeli Shekel
The Israeli Shekel, also known as the New Shekel, is used in Israel as well as the Palestinian territories. The New Shekel replaced the Old Shekel on January 1, 1986. The Shekel is divided into 100 agora. Israel's careful monetary policies saw the Shekel rise in value by about 20% during the 2000s. Since 2003, the Shekel has been a freely convertible currency. Currently, the Israeli Shekel is Euro 0.24 or USD 0.28.
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.