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Insight / Currencies & FX

Currencies & FX

The Philippines floats: the peso at 61.45 per dollar, REER 97.0 (−3.4%). Softer in real terms than Malaysia’s 105.0, milder than Indonesia’s 87.8 (−8.6%). Singapore’s crawl-like S$NEER is the hub exception — not a peer float story.

2023

Exchange-rate regimes

AREAER de facto classifications and anchors.

Regime

label

2023
EconomyValueVintage
Bruneicurrency_board2023
Cambodiacrawl_like2023
Indonesiafloating2023
Laosother_managed2023
Malaysiafloating2023
Myanmarstabilized2023
Philippinesfloating2023
Singaporehubcrawl_like2023
Thailandfloating2023
Vietnamstabilized2023
Timor-Lesteno_separate_legal_tender2023

IMF AREAER 2023 Table 4 (de facto as of 30 Apr 2023)

Anchor

label

2023
EconomyValueVintage
BruneiSGD2023
CambodiaUSD2023
Indonesianone2023
Laosother2023
Malaysianone2023
MyanmarUSD2023
Philippinesnone2023
Singaporehubcomposite2023
Thailandnone2023
Vietnamcomposite2023
Timor-LesteUSD2023

IMF AREAER 2023 Table 4 / overview (monetary / FX anchor)

Regime detail

text

2023
EconomyValueVintage
BruneiCurrency board vs SGD; Currency Interchangeability Agreement with Singapore2023
CambodiaAREAER de facto crawl-like (from stabilized, Mar 2022); USD exchange-rate anchor column2023
IndonesiaAREAER floating; inflation-targeting monetary framework2023
LaosAREAER other managed (Mar 2022); Other monetary framework2023
MalaysiaAREAER floating; Other monetary framework (not listed under inflation-targeting in Table 4)2023
MyanmarAREAER stabilized (from other managed); de facto USD anchor (fn4); monetary aggregate framework; conflict-era caveat2023
PhilippinesAREAER floating; inflation-targeting monetary framework2023
SingaporehubAREAER crawl-like (retroactive Dec 2021, fn8); anchored to S$NEER / composite; MAS exchange-rate centred2023
ThailandAREAER floating; inflation-targeting monetary framework2023
VietnamAREAER stabilized (Oct 2022); anchors to broader reference basket; dong may fluctuate within ±5% daily band vs USD (AREAER overview)2023
Timor-LesteAREAER no separate legal tender; US dollar is legal tender2023

IMF AREAER 2023

Mixed vintages

Bilateral dollar rates

Local-currency units per US dollar, with observation vintages attached.

BIS monthly bilateral rate

LCU_per_USD

Mixed vintages
EconomyValueVintage
Brunei1.276792026
Cambodia4039.12026
Indonesia17805.012026
Laos22007.22026
Malaysia4.0650232026
Myanmar2100.02024
Philippines61.44512026
Singaporehub1.2762832026
Thailand33.01162026
Vietnam25168.42026
Timor-Leste1.02025

BIS bilateral exchange rates (WS_XRU) monthly average

WDI annual bilateral rate

LCU_per_USD

Mixed vintages
EconomyValueVintage
Brunei1.3075952025
Cambodia4013.432025
Indonesia16477.872025
Laos20167.332024
Malaysia4.2844242025
Myanmar1381.622020
Philippines57.50512025
Singaporehub1.307452025
Thailand32.88282025
Vietnam24164.892024
Timor-Leste12025

World Bank WDI PA.NUS.FCRF

2026

Effective exchange rates

BIS real and nominal effective exchange-rate indexes on their own frames.

Real effective exchange rate

index_2020=100

2026
EconomyValueVintage
BruneiGAP2026
CambodiaGAP2026
Indonesia87.772026
LaosGAP2026
Malaysia105.042026
MyanmarGAP2026
Philippines97.042026
Singaporehub114.812026
Thailand98.182026
VietnamGAP2026
Timor-LesteGAP2026

BIS WS_EER (no series for this REF_AREA in broad basket)

Nominal effective exchange rate

index_2020=100

2026
EconomyValueVintage
BruneiGAP2026
CambodiaGAP2026
Indonesia86.232026
LaosGAP2026
Malaysia109.442026
MyanmarGAP2026
Philippines87.472026
Singaporehub114.032026
Thailand103.632026
VietnamGAP2026
Timor-LesteGAP2026

BIS WS_EER (no series for this REF_AREA in broad basket)

Mixed vintages

Year-on-year moves

Bilateral, real-effective, and nominal-effective changes remain distinct.

Bilateral dollar-rate change

%

Mixed vintages
EconomyValueVintage
Brunei-0.682026
Cambodia0.72026
Indonesia9.182026
Laos7.992026
Malaysia-3.832026
MyanmarGAP2024
Philippines7.552026
Singaporehub-0.732026
Thailand1.72026
Vietnam0.632026
Timor-LesteGAP2025

Derived: ((LCU/USD_t / LCU/USD_t-12) - 1) * 100 from same BIS WS_XRU A series

Real effective-rate change

%

2026
EconomyValueVintage
BruneiGAPGAP
CambodiaGAPGAP
Indonesia-8.622026
LaosGAPGAP
Malaysia3.362026
MyanmarGAPGAP
Philippines-3.352026
Singaporehub0.682026
Thailand-1.492026
VietnamGAPGAP
Timor-LesteGAPGAP

Derived from same BIS WS_EER REER broad series

Nominal effective-rate change

%

2026
EconomyValueVintage
BruneiGAPGAP
CambodiaGAPGAP
Indonesia-9.552026
LaosGAPGAP
Malaysia3.982026
MyanmarGAPGAP
Philippines-6.872026
Singaporehub0.892026
Thailand-1.732026
VietnamGAPGAP
Timor-LesteGAPGAP

Derived from same BIS WS_EER NEER broad series

Every frame preserves its own unit and vintage. Empty cells are shown as GAP, never zero.

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ASEAN in Data (2026). Currencies & FX. /insights/currencies-fx

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