ASEAN Countries Maintain National Currencies in 2024, No Plans for Single Currency

As of 2024, the 11 member countries of the Association of Southeast Asian Nations (ASEAN) continue to use their respective national currencies, with no immediate plans to adopt a single unified currency. An overview of the currencies used in Indonesia, Thailand, Malaysia, and Singapore, along with their current exchange rates and denominations, sheds light on the monetary landscape in the region.

Indonesia, the largest economy in Southeast Asia, uses the Indonesian rupiah (IDR) as its national currency. The current exchange rate stands at 16,249 rupiahs per US dollar, with forecasts suggesting a range of 16,081 to 16,919 rupiahs per dollar in the coming weeks. The rupiah is available in various denominations, facilitating domestic and international transactions within the country.

Thailand, another major player in the ASEAN economy, relies on the Thai baht (THB) as its official currency. The exchange rate for the baht is currently 36.8000 per US dollar, with a narrow range of 36.8000 to 36.9000. Projections indicate that the baht may fluctuate between 36.28 and 38.20 per dollar in the near future, reflecting the dynamic nature of currency markets.

Malaysia, a significant contributor to the region's economic growth, utilizes the Malaysian ringgit (MYR) as its national currency. The ringgit has experienced a decline against the US dollar over the past year, with the average exchange rate from April 20, 2023, to April 19, 2024, standing at 0.2146 USD per MYR. The highest rate during this period was 0.2254 USD per MYR on May 5, 2023, while the lowest was 0.2084 USD per MYR on February 20, 2024.

Singapore, known for its robust economy and financial hub status, uses the Singapore dollar (SGD) as its official currency. The current USD to SGD exchange rate is 1 USD = 1.3614 SGD, with a range of 1.3598 to 1.3658. Forecasts suggest that the USD to SGD rate may fluctuate between 1.341 and 1.402 SGD per USD in the coming weeks, reflecting the stability and strength of the Singapore dollar.

Why this matters: The continued use of national currencies in ASEAN countries highlights the economic diversity and independence within the region. The absence of plans for a single currency underscores the challenges and complexities involved in monetary integration among nations with varying economic structures and priorities.

Despite the lack of a unified currency, ASEAN countries have made significant progress in facilitating cross-border trade and investments through various initiatives and agreements. The availability of reliable and cost-effective money transfer services, such as Xe Money Transfer, Wise, and CurrencyFair, has made it easier for individuals and businesses to send money across the region, fostering economic cooperation and growth.

As the global economic landscape evolves, the US dollar remains a dominant force, with its strength driven by robust US fundamentals and vulnerabilities in other major economies like the Eurozone. This has

Key Takeaways

• ASEAN countries use national currencies, no plans for unified currency.
• Indonesia uses rupiah, Thailand uses baht, Malaysia uses ringgit, Singapore uses dollar.
• Currencies have fluctuating exchange rates against the US dollar.
• Lack of unified currency reflects economic diversity and integration challenges in ASEAN.
• US dollar remains dominant, driving by US fundamentals and global vulnerabilities.