Australian Dollar a mixed blessing for Aussie Nepalis in 2010

The Australian Dollar has performed very strongly in 2010. It was the second best performing currency after the Mongolian tugrik. Yes, the Mongolian tugrik.

The value of the Mongolian tugrik rose 15 per cent in 2010 because of a mining boom in the country. Similarly the Australian dollar rose 13 per cent, making it the second best performing currency in the world. Both Mongolia and Australia are resource rich and the key feature of their success is China.

In 2010, the Australian Dollar has reached its highest since the currency was freely floated in 1983. While the high value of the Australian Dollar has proved to be a blessing for Nepalis working in Australia and sending money home, it has proved to be a curse for those who brought in money from Nepal either to pay their fees and living expenses, or their mortgages. 

How will it perform in 2011? Only time will tell.