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List Of The Currencies Of Asia - Updated 2020

Asia does not have any dominant currency like Europe, 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.

All Asian currencies with their ISO-4217 codes, listed by countries

Country or territory Currency ISO-4217
Afghanistan Afghan Afghani AFN
Armenia Armenian Dram AMD
Azerbaijan Azerbaijan manat AZN
Bahrain Bahraini Dinar BHD
Bangladesh Bangladeshi Taka BDT
Bhutan Bhutanese ngultrum BTN
British Indian Ocean Territory (UK) United States dollar USD
Brunei Brunei dollar BND
Cambodia Cambodian Riel KHR
China Chinese Yuan Renminbi CNY
Christmas Island (Australia) Australian dollar AUD
Cocos (Keeling) Islands (Australia) Australian dollar AUD
Cyprus European euro EUR
Georgia Georgian Lari GEL
Hong Kong (China) Hong Kong dollar HKD
India Indian rupee INR
Indonesia Indonesian Rupiah IDR
Iran Iranian rial IRR
Iraq Iraqi dinar IQD
Israel Israeli new shekel ILS
Japan Japanese Yen JPY
Jordan Jordanian dinar JOD
Kazakhstan Kazakhstani Tenge KZT
Kuwait Kuwaiti dinar KWD
Kyrgyzstan Kyrgyzstani som KGS
Laos Lao Kip LAK
Lebanon Lebanese pound LBP
Macau (China) Macanese pataca MOP
Malaysia Malaysian Ringgit MYR
Maldives Maldivian Rufiyaa MVR
Mongolia Mongolian tugrik MNT
Myanmar (formerly Burma) Myanmar Kyat MMK
Nepal Nepalese rupee NPR
North Korea North Korean won KPW
Oman Omani rial OMR
Pakistan Pakistani rupee PKR
Palestine Israeli new shekel ILS
Philippines Philippine peso PHP
Qatar Qatari riyal QAR
Russia Russian Ruble RUB
Saudi Arabia Saudi Arabian riyal SAR
Singapore Singapore dollar SGD
South Korea South Korean won KRW
Sri Lanka Sri Lankan rupee LKR
Syria Syrian pound SYP
Taiwan New Taiwan dollar TWD
Tajikistan Tajikistani somoni TJS
Thailand Thai Baht THB
Timor-Leste United States dollar USD
Turkey Turkish lira TRY
Turkmenistan Turkmen manat TMT
United Arab Emirates UAE dirham AED
Uzbekistan Uzbekistani som UZS
Vietnam Vietnamese Dong VND
Yemen Yemeni rial YER

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

Kuwaiti Dinar is highest currency in asia 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.

Bahraini Dinar

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.

Oman Rial

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

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

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.

Conclusion

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.