Discover how well the Aussie dollar is performing compared to other currencies
Do you want to travel? Or send money overseas? This guide is for you.
18 March 2016: The Australian Dollar (AUD) is at a nine-month high due to the US Federal Reserve’s decision to hold interest rates steady.
Since the AUD is performing better, now could be a good time to consider sending money back home, especially if you’re sending funds to one of the countries listed in this guide.
Below is a list of 10 countries that the Australian Dollar (AUD) is now performing better against. It’s important to note that all exchange rates that are marked “current” are subject to change. These rates are true at the time of writing.
1. Ukraine: Hryvnia
The hryvnia has plummeted to a new low against the Aussie dollar due to the country’s deteriorating economic status. Ukraine’s ceasefire in the East has showed more signs of unravelling.
The AUD rose 32% from 11.07 to 14.63 Hryvnias over the year 1 October 2014-2015. The current rate is AUD $1 to 20.20 Ukrainian Hryvnia.
2. Russia: Ruble
Mother Russia is next on the list. The AUD had a steep rise of 34% over the year 1 October 2014-2015. The AUD rose from 34.57 to 46.47 Russian Rubles. The Ruble’s fall can be attributed to the sharp decrease in the price of crude oil.
The EU-US sanctions imposed on the country over the annexation of Crimea have also caused the Ruble to decrease in value.
One AUD is now equal to 52.07 Russian Rubles, showing the increasing value of the AUD compared to the Ruble.
3. Colombia: Peso
Much like Russia, the Colombian Peso has dropped to an all time low as prices for crude oil, Colombia’s biggest export, fell dramatically.
According to Daniel Velandia, the head analyst at Credicorp Capital’s Colombia unit, there is a big psychological component.
“Everyone is eyeing the 3,000 mark, and so the market itself is taking us there,” he said.
The AUD rose 24% from 1792.92 to 2225.83 Pesos since 1 October 2014. The current exchange rate is one AUD to 2346.01 Colombian Pesos.
4. Kazakhstan: Tenge
One AUD is equal to 265.56 Kazakhstani Tenge. The AUD rose steeply from 156.43 to 221.17, which is a 41% increase. This is the world’s most volatile currency.
Kazakhstan is a pretty safe destination relative to some of the other countries on this list. The main reason the Tenge has dropped so significantly is because Kazakhstan is dependent on the price of crude oil.
5. Brazil: Real
There have been several economic issues recently in Brazil that have caused the fall of the Real. It’s now one of the fastest falling currencies in the world. According to the World Bank, GDP growth in Brazil has slowed from 4.5% in 2006-2010 to 2.1% over 2011-2014.
The current exchange rate is one AUD is equal to 2.78 Brazilian Real.
6. Georgia: Lari
In June 2014, the signing of the Association Agreement with the European Union and the effect of the Deep and Comprehensive Free Trade Area (DCFTA) in September are landmark achievements for Georgia.
In 2014, there was an uptick in business and consumer confidence leading to an output expansion of 6.0%. This was a 3.2% rise from 2013.
One AUD equals 1.76 Georgian Lari. There was an almost 14% rise of the AUD from 1.52 to 1.73
7. Turkey: Lira
Turkey is the 17th largest economy in the world with a Gross Domestic Product (GDP) of $US 799.54 billion. Turkey’s economy has grown significantly over the years. However growth has moderated since 2012.
In 2013-2015, election related uncertainties, geopolitical developments and concerns over the Government’s handling of corruption allegations dampened confidence and weakened private demand.
At the moment, one AUD is equal to 2.18 Turkish Lira.
8. Uganda: Shilling
Uganda is a spot for nature lovers. Uganda boasts wild savannahs, the tallest mountain range in Africa and half of the world’s remaining mountain gorillas.
The preparations for the 2016 elections are dominating the domestic environment. This has lead to increased irregular and non-priority spending by the government through supplementary budgets.
This has caused the AUD to increase in value compared to the Ugandan Shilling. One AUD now equals 2581.95 Ugandan Shillings.
9. Malaysia: Ringgit
Out of all the countries on the list, this would probably be the cheapest country to travel to. Since the AUD has increased in value, one AUD is now equal to 3.11 Malaysian Ringgit.
Malaysia’s near-term economic outlook remains favourable, despite some risks. The economy has diversified from commodities and the government has taken steps to broaden the revenue base by introducing a Goods and Services Tax.
Like the other countries on this list, Malaysian Ringgit has fallen due to the decline in oil prices.
At the moment, one AUD is equal to 3.11 Malaysian Ringgit.
10. Romania: Leu
In the last 20 years, Romania has made considerable progress developing institutions compatible with a market economy. Joining the European Union in 2007 was a driving force for reform and modernisation.
Romania implemented a bold package of macro-stabilization and structural measures which helped the country recover from the effects of the 2008 global financial crisis (GFC).
Despite these improvements to the Romanian economy, the poverty rate still remains one of the highest in the EU.
One AUD equals 3.03 Romanian Leu. The AUD has been slowly increasing in value from 2014.