Some say that money is the most important thing in the world, but have yoy ever thought about what are the most expensive currencies in Asia? Economy is a tricky thing – what was yesterday’s leader can become tomorrow’s failure.
There is no dominant national currency in this part of the world, every country uses its own money for internal payments and local commerce. A currency refers to money in any form when in actual use or circulation as a medium of exchange, especially circulating banknotes and coins. Currencies in this sense are defined by governments. There are a lot of different currencies in Asia. One of them is Saudi Riyal. The Riyal has been the currency of Saudi Arabia since the creation of it, with the name of the currency derived from the Spanish word “real”. Another one is United Arab Emirates Dirham. It was introduced on the 19th of May, 1973, replacing the Qatar and Dubai Riyal at par. If you were in Qatar, you’ve probably heard about Qatari Riyal. When India devalued the currency in 1966, Qatar, along with a few other neighboring countries, decided to introduce their own currencies. Some currencies are legal tender in certain political jurisdictions, which means they cannot be refused as payment for debt. An exchange rate is the price at which two currencies can be exchanged against each other. Several countries can use the same name for their own separate currencies. Several countries can also use the same currency, or one country can declare the currency of another country. In cases where a country has control of its own currency, that control is exercised either by a central bank or by a Ministry of Finance. There are a lot of different currencies in the world, but statistic says that the US dollar is an example of a fully convertible currency and, for this reason, US dollars are one of the major currencies traded in the foreign exchange market.
If you what are the most expensive currencies in Asia, check Insider Monkey’s list of 10 Most Expensive Currencies in Asia and find out more about this very important topic.