Most Expensive Currencies In The World
We often assume that British Pound or Euro Or USD would be the most expensive currency in the world but that not at all true. The currency of a country is affected by its economic status. But that does not mean if a country has a very expensive currency it will also have a great economy, for example, Jordan (1 JOD = 1.41 USD), is not among the most developed countries and yet it manages to keep its currency very much valuable. On the opposite side, Japan is a highly developed country but the Japanese yen is very small ($ 1 = ¥ 109.77). With many benchmarks, several country-specific variables go into determining a currency’s strength. The US Dollar is strong because it is the most purchased currency in the world. On this list, we are going to mention the 10 Most Expensive Currencies In The World compared to the USD as of 19th August 2019.
Kuwaiti Dinar (1 KWD = 3.29 USD)
The world’s highest-valued currency unit per face value is the currency of Kuwait. The value of the Kuwaiti Dinar(KD/د.ك) is continuously growing since it was introduced in 1960. Kuwait is known to be an exporter of natural sources mainly petroleum and oil. The country holds 8% of the world oil reserves. Its economic stability, a good level of life and for being tax-free, many people move to Kuwait. Kuwait trades with some of the richest countries like Singapore, Japan, China, USA, Saudi Arabia, the European Union, China and India.
Bahraini Dinar (1 BHD = 2.65 USD)
The Bahraini dinar (BD/.د.ب) was introduced in 1965, replacing the Gulf rupee and now it is the second most expensive currency in the world. The largest source of income for this island state in the Persian Gulf comes from the export of petroleum products. The country has a population of just over 1 million people with one of the lowest unemployment rate.
Oman Rial (1 OMR = 2.60 USD)
The currency of Oman, Oman Rial ( ر.ع.) is the third most expensive currency in the world. The rial was pegged to the U.S. dollar at 1 Omani rial = US$2.895 from 1973 to 1986. Oman is located on the Arabian Peninsula and it is among the most developed countries with a high quality of life. Most of its earnings come from the oil industry.
Jordanian Dinar (1 JOD = 1.41 USD)
Jordanian Dinar (د.ا) was introduced in 1950. Even after having limited natural sources and lacking economic development, Jordan has the fourth most expensive currency in the world. It has been pegged to the US Dollar for the last 20 years.
British Pound Sterling (1 GBP = 1.21 USD)
The official currency of the United Kingdom, British Pound Sterling (£) is the fifth most expensive currency in the world. The British pound has been affected by the Brexit but it remains very powerful. The British Pound also used in Jersey, Guernsey, the Isle of Man, South Georgia and the South Sandwich Islands, the British Antarctic Territory, and Tristan da Cunha. British Colonies issue their own banknotes so there are several of them but they value the same.
Gibraltar Pound (1 GIP = 1.21 USD)
The official currency of Gibraltar, the Gibraltar pound (£) is the sixth most expensive currency in the world. The Gibraltar pound is pegged to and exchangeable with the British Pound Sterling.
Cayman Islands Dollar (1 KYD = 1.20 USD)
Known as one of the tax heavens, the Cayman Islands are situated in the western Caribbean Sea. Providing licences for hundreds of banks, hedge funds and insurance companies, the Cayman Islands has one of the highest living standard. The Cayman Islands dollars ($) are the seventh most expensive currency in the world.
European Euro ( 1 EUR = 1.11 USD)
The Euro is the official currency of the European Union and it is the eighth-most expensive currency in the world. The European Euro (€) is used by the 19 of the 28 EU countries known as the Eurozone. Euro is also the second-largest reserve currency in the world covering 22.2% of all world savings while the US Dollar has 62.3%.
Swiss Franc (1 CHF = 1.02 USD)
The currency and legal tender of Switzerland, Liechtenstein and Campione d’Italia, the Swiss Franc (Fr., CHf, SFr) is the ninth most expensive currency in the world. It is also the world’s eight most commonly held reserve currency. Switzerland is one of the richest and stable countries known for being a former ‘safe-haven’.
US Dollar (1 USD = 1.00 USD)
The most popular and traded currency in the world, The US Dollar ($) is the tenth most expensive currency in the world. It is the world’s primary reserve currency held by central and commercial banks across the world. The USD was introduced in 1913.
These currencies are followed by-
The Canadian dollar (1 CAD = 0.75 USD)
Brunei Dollar (1 BND = 0.74 USD)
Singapore Dollar (1 SGD = 0.72 USD)
Libyan Dinar (1 LYD = 0.71 USD)
Australian dollar (1 AUD = 0.68 USD)
New Zealand Dollar (1 NZD= 0.64 USD)
Azerbaijani Manat (1 AZN =0.59 USD)
Fijian Dollar (1 FJD = 0.46 USD)
Israel New Shekel (1 ILS= 0.28 USD)
Brazilian Real (1 BRL = 0.25 USD)