Unlike Europe, Asia does not have any dominant currency instead every country makes use of its own money for local commerce as well as internal payments. However, the most widely spread currencies in Asia are Indian Rupee and the Chinese Yuan as these are circulated in the two largest nations of Asia. Chinese Yuan and the Japanese Yen along with the Singapore dollar and Hong-Kong dollar are the most widely used currencies for trade operations and international banking payments. These are also ranked amongst the top 10 most traded currencies of the world in the forex global market. With the highest GDP as per PPP i.e. Public Power Parity, Asia has been the fastest growing economic territory in the world. The Asian continent is home to some of the large economies that are inclusive of China, India, and Japan. The entire wealth of the continent shows disparities amongst the states as well as the countries. The wealthiest nations of Asia with higher GDP per capita include the Eastern Asian Nations and the nations of western Asia that are oil-rich nations and include the UAE, Kuwait, Iran, Oman, and Saudi Arabia.
Strongest Currencies of Asia
The currency of any of the country refers to the payment mode for the exchange of goods and services and also the repayment of debts to a specific country or is used in its socio-economic context. Currency is identified as the medium of exchange, a store of value, a unit of account and often a standard of deferred payment. It derives its name from the Latin word i.e. currens-entis that symbolizes money in any form. Asia’s economy involves around 4.4. billion people who account for an approximate 60% of the world’s total population. Here are some of the strongest currencies in Asia.
Kuwaiti Dinar is Asia’s highest-valued currency and is also one of the most valuable currencies of the world. It was first issued to replace the Gulf rupee and is used as Kuwait's currency since the year 1960. It was shortly replaced by the Iraqi dinar while Iraq occupied Kuwait in the year 1990. Due to the presence of vast oil reserves, Kuwait accounts for the highest per capita incomes. The country is the highest exporter of oil. The Kuwait Dinar is equivalent to 2.90 Euro or 3.29 US Dollar. Central Bank of Kuwait distributes the Kuwait Dinar and it is further divided into the denominations of thousand fils.
Unveiled in the year 1965 as the replacement of Gulf rupee, the Bahraini Dinar is made up of 1000 fils. The name dinar is derived from the Roman term called denarius. The Bahraini Dinar is recognized as Asia’s second highest valued currency. The economy of Bahrain is greatly benefitted from petroleum export sectors, strong banking, and financial constructions. Petroleum alone in Bahrain accounts for 70% of the government’s revenue. The Bahraini Dinar is equivalent to 2.34 Euro and 2.65 USD. The central bank of Bahrain holds the responsibility to circulate Bahraini Dinar.
Introduced in the year 1973, Oman Rial is the successor to Saidi Rial, which was adopted by Oman in the year 1970. This change became of high importance due to the change in the Nation’s name and also due to the regime change of the year 1970. Oman Rial equals 2.29 Euro or 2.60 USD. 1000 baisa makes one Oman Rial and the banknotes of this currency include 100 and 200 baisas. The relative stability of Oman’s currency is credited to the oil and gas based economy of the country. Experts have also been eyeing the favorable geopolitical position of the nation and its thriving economy. Oman’s Central Bank is responsible for the circulation of the currency in the economy.
Jordanian Dinar is the currency circulated in Jordan and is further broken down to 100 qirshes, or 1OOO fulus and 10 dirhams. In terms of stability Jordanian Dinar is amongst the topmost currencies and was formerly adopted on July 1, 1950 accompanied with the code of JOD. Jordan’s currency has been constantly quoted quoted amongst the top currencies of the world due to its stability. Jordan is not that rich in natural resources as compared to its neighbouring countries as it imports oil. Jordan has decided to facilitate the growth of strong financial as well as industrial sectors like clothing, inorganic chemicals, petroleum refining as well as pharmaceuticals.
Singapore Dollar is sub divided into 100 cents and is the official currency of Singapore. Monetary Authority of Singapore holds the task of circulating the currency. Based upon its value in the year 2016, the Singapore dollar was ranked 12th in most frequently traded currencies of the world. Singapore in the last few years has established itself as one of the most important trading hubs of the world.Numbers of multinationals have established various operations within the country. Singapore’s economy has increased its currency value and thus it equals 0.65 Euro or 0.74 USD.
Asia is quoted as the emerging economic power along with its nations that comprise of Thailand, Indonesia, Philippines, Vietnam, and Sri Lanka. The currencies of the country continue to draw benefits from the various intentional policies of long-term growth. The Middle East of Asia is occupied by the oil-rich economies and these have consistently tried to protect themselves from the economic effects of the falling oil reserves. In order to maintain the economic standing in the global landscape, the countries shall diversify their economies.