A while back, we published an article about the performance of the most traded currencies globally during this year and the strongest and weakest currencies in the world this year. But what about the less traded currencies in the different world regions. In this series of articles, we present the performance of the currencies per area against the Euro.
After analyzing Africa and the Americas’ currencies, the time comes to review the performance of the currencies in Asia and Oceania against the Euro.
Like in the past reviews, most of the currencies depreciated against the Euro, with only one exception gaining value and the strongest currencies remaining stable compared to the beginning of the year.
Myanmar (1€= 1504,52 MMK)
Although the Burmese Kyat seems like a relatively weak currency, it presented an appreciation of around 8% against the Euro during 2020 after the country’s recent elections. However, Myanmar’s economy is now expected to decline sharply due to the pandemic’s direct and indirect impacts. The global shock and domestic efforts to contain the virus’s spread have had a substantial economic cost.
China (1€= 7,82 CNY)
The Chinese Yuan remained stable through 2020 compared to the Euro, with depreciation of 0,02% during the year. China’s rapid economic growth exceeded the pace of institutional development. China needs to address significant institutional and reform gaps to ensure a high-quality and sustainable growth path.
Taiwan (1€= 33,59 TWD)
The Taiwanese Dollar also remained stable compared to the Euro during the year, with just 0,06% devaluation in 2020. This performance comes partly thanks to the country not locking down the economy, with manufacturing plants working as usual during the year.
Kyrgistan (1€= 95,45 KGS)
The Kyrgyzstani Som was the worst-performing Asian currency, with a 22% devaluation against the Euro in 2020. The economy is vulnerable to external shocks due to its reliance on one gold mine, Kumtor, which accounts for about 8 percent of GDP and worker remittances, equivalent to about 28 percent of GDP in 2019.
Tajikistan (1€= 13,20 TJS)
In Tajikistan, the Somoni depreciated by 21,5% during 2020, being ranked second-lowest in Asia. Right now, Tajikistan’s high vulnerability to climate change and natural disasters represents a challenge to successful economic management.
Kazakhstan (1€= 506,25 KZT)
The theme Kazakhstani ranked third among the lowest Asian performers for this year, with depreciation against the Euro of around 18% since January. The global economic slowdown and internal structural weakness have challenged the sustainability of Kazakhstan’s growth model.
Full view of Currencies in Asia and Oceania.
|Country||Currency||Code||€ rate Jan||€ rate nov||Change in rate|
|Taiwan||New taiwan dollar||TWD||33.57||33.59||0.060%|
|South Korea||South Korean Won||KRW||1,295.74||1,323.59||2.149%|
|Israel and palestine||Israeli new shekel||ILS||3.88||3.99||2.835%|
|Hong Kong||HK dollar||HKD||8.74||9.05||3.547%|
|North Korea||North Korean Won||KPW||1,009.89||1,047.00||3.675%|
|Saudi Arabia||Saudi Riyal||SAR||4.21||4.38||4.038%|
|Turkmenistan||Turkmen new manat||TMM||19,691.41||20,614.52||4.688%|
|Sri Lanka||Sri lankan rupee||LKR||203.48||215.44||5.878%|
|CFP countries||CFP franc||XPF||119.33||119.76||0.36%|
|Solomon Islands||Solomon islands dollar||SBD||9.2||9.45||2.72%|
|Australia and others||Australian Dollar||AUD||1.6||1.66||3.75%|
|New zealand and others||New Zealand dollar||NZD||1.67||1.76||5.39%|
|Papua New guinea||Papua new guinea Kina||PGK||3.82||4.14||8.38%|
— Fyggex (@fyggexchange) August 12, 2020
Image: stux and IO-Images
*Disclaimer: Fyggex, does not give any guidance, advice or recommendations to neither invest or not in any available cryptocurrency directly or indirectly via any trading platform, exchange or provider. Our sole purpose is to make you aware of the related real or potential risks and opportunities so that you can make your own research prior to any financial decisions you may want to take. Past performance and position are not a guarantee of risk-free future returns.