Do you know which is the Most Expensive Currencies In The World? Different countries have different currencies such as India has Rupees and USA has Dollars, while Jordan has Dinar. The values of all the currencies differ from one another, and we often come across news where we read the cost of a particular currency has fallen, whereas that of another has risen.
This article is not solely to increase your general knowledge about currencies but also to make you aware of the values of different currencies so that in the case when you are travelling or involved in export and import business, this comes in handy.
Top 10 Most Expensive Currencies In The World
Lets dive straight in to the topic and see which are the most expensive currencies in the world right now.
1) Kuwaiti Dinar
While Kuwait might not be a big country, however, the value of its currency is the most expensive in the world. It’s the world’s uppermost valued currency next to US Dollars. The Kuwaiti Dinar has 1000 fills, and its current value is 1KWD = 3.31USD. The reason behind its expensive currency is because despite it being a small nation, it has enormous prosperity. The currency value can be explained by the great number of oil exports in the global market.
2) Bahraini Dinar
The currency of Bahrain is Bahraini Dinar (BHD), and it is the 2nd most expensive currency in the world. Its current value is 1BHD = 2.65 USD and its currency rate against US Dollars has remained quite stable from 2005. Although it is a small country with a population of just a million or so, however, it is quite a popular tourist destination which thereby gives an excellent boost to the economy of the country. The country also heavily relies on oil exports, just like Kuwait for most of its GDP.
3) Oman Rial
Located in the Middle East, it is a small country. But due to its excellent geographical location on the Arabian Peninsula, it boasts of a developed financial system and high standard of living. The currency of Oman is known as Rial, and it is the third most expensive currency in the world. The value of the currency as against US Dollars is 1 OMR = 2.60 USD.
4) Jordanian Dinar
The fourth most expensive currency in the world is the Jordanian Dinar, which is the currency of a small country of Jordan. It is indeed surprising that Jordan features in this list and that too at such a high level when the fact is that the nation is not very economically developed and lacks many of the essential resources. The currency code is JOD and the value of 1JOD = 1.41 USD when pegged against US Dollars.
5) British Pound Sterling
The fifth most expensive currency value in the world is that of the British Pound Sterling. Among the European countries, the United Kingdom (UK) was one such country that decided to retain its original currency and not join the Euro. The currency code is GBP and 1GBP=1.26 USD. Most of the country’s income is derived from financial services and insurances. Although since its exit from the European Union, it is in a weak spot, however, compared to the other European countries; it is in a much better position.
6) Cayman Islands Dollars
Adding to the list in the sixth position is another surprising element, the Cayman Islands Dollars. The currency code is KYD and 1KYD = 1.20 USD, when pegged to US Dollars. The reason behind this the fact that it is one of the top tax havens in the world. A lot of licenses have been provided to the banks, insurance companies, and hedge funds by the Island.
7) European Euro
Ranking at the 7th position is the European Euro, where 1 EUR (currency code) is 1.14 USD when pegged to US Dollars. Earlier, the European Euro was not that strong, and it is over some past few years that it has seen so much strength and growth. One of the main reasons for its strength is the official currency of the European countries between which many countries are economically developed and strong. Moreover, the world’s second currency reserve is Euro owing to about 22.2% of the entire world savings.
8) Swiss Franc
Next on the list is the beautiful country of Switzerland which is not only boasting of beauty but also of a good and stable economy. The currency of the country is Swiss Franc, and the currency code is CHF. At present the value of 1 CHF=1.04 USD when pegged to US Dollars. Switzerland is quite famous for its ranking system, and it is quite well known. Moreover, it produces some tech goods which are available in almost every other country.
9) US Dollar
This list has indeed turned out to be surprised with the US Dollar ranking at the 9th position of the most expensive currencies in the world. Nowadays, people often consider the US Dollar to be the most costly currency; however, they get confused with the fact. In any part of the world, an individual can make the dollar payments.
Also View : Wealthiest State in USA
10) Canadian Dollar
Last on the list and the 10th most expensive currency in the world is the Canadian Dollar, the currency code of which is CAD. The current value of 1 CAD = 0.75 USD. In fact, it is the 5th largest World reserve currency. Due to the depiction of the bird on its coin of 1 Dollar, it is often known as “loonie.”
Also View : How to get work permit in Canada
Wrap up on Most Expensive Currencies in World
Well, this is the current list of the most expensive currencies in the world. Owing to the changing political and economic events, the values of currencies tend to change a lot. At times, there are major world events that can make the worth of a currency fall shallow or rise high, thereby bringing about a significant change in the list. So, the lists of most expensive currencies in the world are subject to changes and alteration from time to time, and it is essential to be abreast with the values of the top 10 currencies of the world.
