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| History of 11 ASEAN Currencies & Their Exchange Rates to Indonesian Rupiah. |
The currencies of ASEAN countries are quite diverse and play different roles in investment strength. Unlike the European Union, which has adopted a single currency for all its member states, each ASEAN country maintains its own unique currency.
This not only showcases their individuality but also leads to a variety of currency designs and values.
Curious to learn more about the currencies of ASEAN countries? You're in the right place! Let’s explore the fascinating facts about these currencies, their exchange rates to the Indonesian Rupiah, and what makes them stand out.
1. Cambodian Riel (KHR)
The Cambodian Riel was introduced in 1953 after Cambodia gained independence from France. Though it faced high inflation during the Khmer Rouge regime, it was reintroduced in 1980 and gradually became the country’s primary currency.
- Exchange Rate: 1 KHR ≈ 3.7 IDR
2. Brunei Dollar (BND)
Introduced in 1967, the Brunei Dollar replaced the Malayan and British Borneo Dollar as Brunei integrated more into the regional economy. Its high exchange rate makes it a sought-after currency for Indonesians working in Brunei.
- Exchange Rate: 1 BND ≈ 12,047 IDR
3. US Dollar (USD) in Timor Leste
After gaining independence from Indonesia in 2000, Timor Leste adopted the US Dollar to stabilize its economy and establish a reliable financial system.
- Exchange Rate: 1 USD ≈ 15,000 IDR
4. Myanmar Kyat (MMK)
The Kyat was introduced in 1852 during the Konbaung Dynasty. After Myanmar gained independence from the British in 1948, the Kyat replaced the British Indian Rupee and became the official currency.
- Exchange Rate: 1 MMK ≈ 7.0 IDR
5. Thai Baht (THB)
The Thai Baht, introduced in 1897, is one of the oldest currencies in ASEAN. With several economic reforms throughout history, its exchange rate to the Rupiah remains fairly strong.
- Exchange Rate: 1 THB ≈ 440 IDR
6. Vietnamese Dong (VND)
The Dong was introduced in 1978 after the reunification of North and South Vietnam. Both regions previously used their own versions of the Dong.
- Exchange Rate: 1 VND ≈ 0.66 IDR
7. Philippine Peso (PHP)
The Philippine Peso became the country’s official currency in 1946, although its origins trace back to the Spanish colonial period in the 15th century. It remained the national currency even after gaining independence from Spain in 1898.
- Exchange Rate: 1 PHP ≈ 270 IDR
8. Lao Kip (LAK)
Introduced in 1952, the Lao Kip replaced the French Indochina Piastre and became the official currency after Laos gained independence from France.
- Exchange Rate: 1 LAK ≈ 0.75 IDR
9. Singapore Dollar (SGD)
The Singapore Dollar was introduced in 1967 after Singapore separated from Malaysia. Before this, Singapore used the Malayan and British Borneo Dollar.
- Exchange Rate: 1 SGD ≈ 11,000 IDR
10. Malaysian Ringgit (MYR)
The Malaysian Ringgit was officially introduced in 1975, replacing the earlier Straits Dollar. The word "Ringgit" means "jagged" in Malay, referring to the serrated edges of old Spanish silver coins once used in the region.
- Exchange Rate: 1 MYR ≈ 3,350 IDR
11. Indonesian Rupiah (IDR)
The Rupiah was introduced in 1947, replacing the Dutch East Indies Guilder. The name "Rupiah" comes from the Indian currency, the Rupee, highlighting the historical connection between Indonesia and India.
- Exchange Rate: 1 IDR ≈ 1 IDR (naturally!)
That’s a brief dive into the fascinating history of ASEAN currencies. Though their exchange rates vary, ASEAN countries remain affordable travel destinations for Indonesians, making spending there feel almost like shopping in your own country!
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