What is special about the currencies of ASEAN countries?

(Baonghean.vn) - All ASEAN countries primarily use the US dollar for international payments; however, each country has its own distinct currency.

1. Indonesia

Of the rupiah banknotes, only the 1000 Rp and 5000 Rp notes are currently in circulation.

The Indonesian rupiah (Rp) is the official currency of Indonesia. It is issued and controlled by the Bank of Indonesia, and its ISO 4217 currency code is IDR. The symbol used on banknotes and coins is Rp. The name is derived from the Indian currency, the rupee.

Unofficially, Indonesians also use the word "perak" ('silver' in Indonesian) to refer to the rupiah currency. The rupiah unit is divided into 100 sen, although inflation has rendered paper banknotes and metal coins denominationd in sen obsolete.

2. Malaysia

Malaysian banknotes

The Malaysian Ringgit (also known as the Malaysian Dollar) is the official currency of Malaysia. One ringgit is divided into 100 sen (cents) and has the symbol MYR. On June 12, 1967, the Malaysian Dollar replaced the British Malayan and Borneo Dollar. The Malaysian Dollar is a new currency issued by the new central bank, Bank Negara Malaysia.

Bank Negara Malaysia first issued Malaysian dollar banknotes in June 1967 with denominations of $1, $5, $10, $50, and $100. The $1,000 denomination was first issued in 1968. Malaysian banknotes have always featured the image of Tuanku Abdul Rahman, the first Yang di-Pertuan Agong (Queen and King) of Malaysia.

Malaysian coins.

On December 7, 2005, the RM1 coin was withdrawn from circulation. This was partly due to problems with standardization (two different versions of the coin were minted) and counterfeiting.

Three types of gold bar-shaped coins, "Kijang Emas" (kijang (a type of deer) is the official logo of Bank Negara Malaysia), were also issued with nominal values ​​of RM 50, RM 100, and RM 200. These coins were issued on July 7, 2001, by Bank Negara Malaysia and minted by the Royal Mint of Malaysia Sdn Bhd. The buying and selling prices of Kijang Emas are determined by the prevailing international gold market price.

3. Philippines

Paper money in the Philippines.

The piso (Filipino) or peso (English and Spanish) is the currency of the Philippines. This unit is divided into 100 sentimo (English and Spanish: centavos). Its ISO 4217 name is "Philippine peso" and its code is "PHP". Although the name printed on banknotes and coins changed from "peso" to "piso" in 1967, the name peso continues to be used locally in many contexts where English is used.

The peso is commonly denoted as PhilippinePeso.svg. This notation was added to the Unicode standard in version 3.2 and assigned the code U+20B1 (₱). Due to a lack of font support, this notation is often replaced by a simple letter P, a P with a horizontal line instead of two (available with the peseta notation, U+20A7 (₧), in some fonts), PHP, or PhP.

Coins in the Philippines.

Metal coins are minted at the Security Plant Complex. Paper money and many other government documents are printed at the Security Plant Complex or the National Printing Office.

The Philippine peso takes its name from the Spanish silver coin Real de a Ocho, or Spanish dollar, which circulated widely in the Americas and Asia in the 17th and 18th centuries, through its use in Spanish colonies and even in the United States and Canada.

4. Singapore

Singapore banknotes.

The Singapore dollar (SGD) is the currency of Singapore. It is often abbreviated with the dollar sign $, or alternatively written as S$ to distinguish it from other currencies bearing the name dollar. The Singapore dollar is divided into 100 cents.

The Singapore dollar is a freely convertible currency, allowing it to float according to supply and demand in the foreign exchange market. However, it is also monitored by the Monetary Authority of Singapore against a basket of currencies based on trade weighting. The currencies involved are not publicly disclosed to protect the dollar from speculative attacks and other unusual pressures on its value.

Singapore coins

Since the Asian financial crisis, many countries, such as the People's Republic of China, have adopted Singapore's managed floating exchange rate system.

Before the crisis, 1 USD was worth approximately 1.4 SGD. After the crisis, it rose to 1.8 SGD. In March 2007, 1 USD was worth approximately 1.52520 SGD. The Brunei dollar is pegged to the Singapore dollar at a rate of 1:1 [1], and it is accepted as a "customary tender," but not a legal tender, in the other country and vice versa.

5. Thailand

Thai banknotes.

The Thai baht (Thai: บาท, symbol ฿, ISO 4217 code THB) is the currency of Thailand. The baht is divided into 100 satang (สตางค์). The Bank of Thailand is the issuing authority for the currency.

A baht is also a unit of weight for gold and is commonly used by jewelers and goldsmiths in Thailand. 1 baht = 15.244 g (15.244 g is used for ingots or bars or "raw" gold; in the case of jewelry, 1 is more than 15.16 g).

Thai coins.

Previously, Thailand used a currency called the tical, and this name was used in English text on banknotes until 1925. However, the baht currency unit emerged in the 19th century. Both the tical and the baht were originally units of weight, and coins issued in both gold and silver were named according to their weight in baht and its fractions and multiples.

Until November 27, 1902, the tical was pegged to a pure silver base, with 15 grams of silver equaling 1 baht. This made the value of the Thai currency highly volatile compared to gold-backed currencies. In 1857, the value of certain silver coins was legally fixed, with 1 baht = 0.6 Straits dollar and 5 baht = 7 Indian rupees. Before 1880, the exchange rate was fixed at 8 baht per British pound, but it fell to 10 baht per pound during the 1880s.

6. Brunei

Brunei banknotes and coins.

The Brunei dollar (currency code: BND) has been the currency of Brunei since 1967. It is often abbreviated as $, or written as B$ to distinguish it from other dollar-denominated currencies. The Brunei dollar is divided into 100 sen (Malaysian) or cents (British).

The Brunei dollar has a fixed exchange rate of 1:1 with the Singapore dollar. (Singapore is one of Brunei's major trading partners).

7. Vietnam

Vietnamese banknotes.

The Vietnamese Dong (VND) is the official currency of Vietnam, issued by the State Bank of Vietnam. Its symbol is ₫, and its international code according to ISO 4217 is "VND". One dong is worth 100 cents or 10 hào. The cents and hào are no longer issued because they are too small denominations.

Currently issued banknotes have denominations of 500₫, 1000₫, 2000₫, 5000₫, 10,000₫, 20,000₫, 50,000₫, 100,000₫, 200,000₫, and 500,000₫. There are also metal coins worth 200₫, 500₫, 1000₫, 2000₫, and 5000₫. This type of currency was previously popularly known as "Ho Chi Minh's money" because most banknotes featured an image of Ho Chi Minh on the front, and it was particularly useful for distinguishing it from other currencies that had previously circulated in Vietnam with the same name, "dong".

According to current Vietnamese law, banknotes and coins are legal tender without limitations, meaning they are legally accepted when used to settle debts established in VND, regardless of quantity or denomination.

However, metal coins (also known as coins) did not become a popular choice among the population and were not favored, especially in the North. In April 2011, the State Bank of Vietnam officially announced the cessation of coin issuance.

8. Lao People's Democratic Republic

Lao banknotes.

The kip (Lao: ກີບ) has been the currency of Laos since 1952. Its ISO 4217 code is LAK and it is often written as ₭ or ₭N. One kip is divided into 100 att (ອັດ).

The metal coins were minted in denominations of 10, 20, and 50 att or cents, bearing French and Lao inscriptions. All were made of aluminum and had a hole in the center, similar to the Chinese wen coin. The coins were only minted in 1952.

The Pathet Lao kip was introduced sometime before 1976 in areas under Pathet Lao control. The denominations issued were: 10, 20, 50, 100, 200, and 500 kip. The banknotes were printed in China.

In 1979, a currency reform took place, replacing the 100 Lao Pathet Kip with the new Kip. Before 1980, Laos had metal coins in denominations of 10, 20, and 50 att. However, due to inflation, these coins were no longer in circulation.

In 1979, banknotes were available in denominations of 1, 5, 10, 20, 50, and 100 kip. A 500 kip note was added in 1988, followed by 1000 kip in 1992, 2000 and 5000 kip in 1997, 10,000 and 20,000 kip in 2002, and 50,000 kip on January 17, 2006.

9. Myanmar

Myanmar banknotes.

The Kyat (Myanmar: Kyat.png kyap; IPA: [dʒɛʔ] or IPA: [tʃɛʔ]; ISO 4217 code MMK; pronounced chạt) is the currency of Myanmar. It is often abbreviated as "K", preceded by the numerical value.

When Japan occupied Burma in 1942, they introduced a currency based on the rupee. In 1943, the Japanese reissued the kyat. This 1943 kyat was divided into 100 cents, but after the end of World War II and Japan's defeat, the kyat completely lost its value. The rupee was then reintroduced.

The current kyat currency was introduced on July 1, 1952. It replaced the rupee at par. Smaller decimal units were also established, with the kyat being divided into 100 pya.

10. Cambodia

Cambodian banknotes.

The Riel (Khmer: រៀល, symbol ៛, pronounced Ria, Vietnamese transliteration: Rien) is the currency of Cambodia. There are two distinct types of riel, the first issued between 1953 and May 1975, and the second since April 1, 1980. The US dollar is also widely used in Cambodia.

Between 1975 and 1980, the country had no monetary system. Although the Khmer Rouge printed banknotes (denominations of 0.1, 0.5, 1, 5, 10, 50, and 100 riel in 1975), these banknotes were not issued because the currency was abolished after the Khmer Rouge took control of the country.

After Vietnam repelled the Khmer Rouge in 1978, the riel was re-established as Cambodian currency on April 1, 1980, initially at a value of 4 riel = 1 US dollar. The riel had smaller units, with 1 riel equaling 10 kak or 100 sen. Due to the lack of replacement currency and the severe economic collapse at the time, the central government distributed cash to the population to encourage its use.

In rural areas, the riel is used in practice for transactions. However, the US dollar is also used, especially in urban areas and tourist regions. In Battambang and other areas near the Thai border, such as Pailin, the Thai baht is also accepted.

The first banknotes were issued in 1980 with denominations of 1, 2, and 5 kak, and 1, 5, 10, 20, and 50 riel. Later banknotes had denominations up to 100,000 riel. However, banknotes above 10,000 riel are less common. A series of banknotes gradually introduced more recently from 2001-2002 included 50, 100, 500, 1000, 5000, 10,000, 50,000, and 100,000 riel.

11. East Timor

East Timor views the US dollar as its official currency.

Colonized by the Portuguese in the 16th century, East Timor was known as Portuguese Timor for centuries. It was invaded and occupied by Indonesia in 1975 and became Indonesia's 27th province a year later.

Following a UN-sponsored vote in 1999 to determine its own destiny, Indonesia withdrew from the territory, and East Timor became the first sovereign state established in the 21st century and 3rd millennium on May 20, 2002. Along with the Philippines, East Timor is one of only two countries in Asia with a majority Catholic population.

Because it was recently established, East Timor does not have its own currency, but uses the US dollar (USD) as the circulating currency throughout the country.

Kim Ngoc

(Synthetic)