#10. U.S. Dollar (USD)
You can pay with the dollar almost anywhere in the world, since the USD is considered the main reserve currency and accounts for two-thirds of all savings in the world. The dollar is one of the most popular currencies for exchanging against other currencies, but also against metals such as silver and gold. You can learn more about XAUUSD analysis on this page, as many traders prefer using this instrument.
#9. Euro (EUR)
Euro is the ninth world's most valuable currency, with 1 EUR ≈ 1.1005 USD (or 1 USD equals 0.9086 EUR).
The Euro is the world's second reserve currency. It accounts for almost a quarter of all world savings. Euro is the only official currency in 17 countries at once. Moreover, many of them can be called economic giants. Hence the high cost of the currency.
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The Swiss Franc is the eighth on the list of the most expensive currencies in the world, with 1 CHF ≈ 1.14077 USD (or 1 USD equals 0.8765 CHF).
Switzerland is famous for its wealth and stability. That’s why the value of the currency exceeds even the US dollar.
By the way, this is the only widely known currency with a vertical image on the banknote.
#7. Cayman Islands Dollar (KYD)
The Cayman Islands Dollar is the seventh strongest currency with 1 KYD ≈ 1.20482 USD (or 1 USD equals 0.83 KYD).
The first currency in our list that is not that obvious. The reasons for such a high value are the following:
- The Cayman Islands are one of the best and most famous tax havens in the world.
- Hundreds of banks, insurance companies and hedge funds are based here and have great power.
#6. Gibraltar Pound (GIP)
Gibraltar Pound is sixth of the most valuable currencies with 1 GIP ≈ 1.263 USD (or 1 USD equals 0.79177 GIP).
Gibraltar's economy is more of a service sector. This small country relies on finance, e-gaming, tourism and port fees. Regarding exchange rates, the Gibraltar pound equals the pound sterling as it is a British Overseas Territory.
#5. British Pound (GBP)
The British Pound holds the 5th position among the strongest currencies with 1 GBP ≈ 1.26855 USD (or 1 USD equals 0.78830 GBP).
Did you know that many British colonies issue their currency with a different image on banknote but the same value? There are, for example, Scottish and Northern Irish pounds. The British themselves are not always happy to accept the “alternative” currency as payment.
#4. Jordanian Dinar (JOD)
The Jordanian Dinar is the fourth among the highest world currencies, with JOD ≈ 1.40934 USD (or 1 USD equals 0.70955 JOD).
The high cost of the Jordanian dinar remains a mystery. Jordan does not possess large reserves of the world's resources such as oil. The economy in this country is also not particularly developed. However, the value of this currency exceeds the US dollar and even the British pound.
#3. Oman Rial (OMR)
Oman's Riyal is in 3rd place among the most expensive world currencies with JOD ≈ 2.59737 USD (or 1 USD equals 0.385 OMR).
The value of this currency is explained by the developed economy and high standard of living. This was partly achieved due to its strategically convenient location (the country is located in the southeastern part of the Arabian Peninsula).
The purchasing power of the local currency is so high that the government issued banknotes with a denomination of half and a quarter of 1 Oman rial.
Interestingly, the Oman rial is pegged to the US dollar. This means that its value does not change relative to USD.
#2. Bahrain Dinar (BHD)
BHD is recognized as the world's second most valuable currency, with 1 BHD ≈ 2.65534 USD (or 1 USD equals 0.37660 BHD).
Bahrain is an island in the Persian Gulf. The population of the entire country is smaller than that of many US cities, at only about 1 million.
Bahrain is engaged in the export of oil, which leads to the high cost of the currency.
The Bahrain dinar has also been pegged to the US dollar for the past 14 years.
#1. Kuwait Dinar (KWD)
The strongest currency in the world is Kuwait Dinar, with 1 KWD ≈ 3.24359 USD (or 1 USD equals 0.30829 KWD).
So we got to our leader. Kuwait is a small country with one of the most stable economies in the world, very low unemployment rate and extremely low taxes. The country's wealth is ensured by the simplest and cheapest way of producing oil. Kuwait is the largest supplier of black gold, making it the richest country in the world.
Until 2003, the value of the local currency was also pegged to the US dollar. However, the dinar was later tied to a multi currency basket.
In the next article, I will tell you about the cheapest currencies in the world. The cost of some of them is simply amazing