What are the Most Expensive Currencies in the World?
Currency represents money in any form. It is the medium issued or endorsed by the government of a country, through which a person can purchase or sell goods, services, real estate, etc in that country. Usually, it is the central bank of a country that is empowered to issue currency notes for circulation in the economy. In addition, there may be a government mint for issuing coins. Hence, not all currencies are the same. They are different in their values, as a direct consequence of the power of the economy in which they are issued and circulated.
Below is the list of top 10 currencies in the world, arranged in the order of decreasing value:
1. Kuwaiti Dinar
This official currency of Kuwait is the most expensive currency in the world. One Kuwaiti Dinar is divided into 1000 fils. KWD is the currency code for Dinars. Due to the fact that there is a huge Indian expat community there, the most popular and frequent Kuwaiti Dinar exchange rate is from Indian Rupee (INR) to KWD rate. This currency is the most expensive one, mostly because of the economic stability of the oil-rich country.
1 KWD = 3.29 USD (as on May 16, 2019)
2. Bahraini Dinar
BHD is the currency code for the currency of Bahrain. However, BD is the currency symbol. This is another country which relies heavily on the oil industry for its Gross Domestic Product (GDP). Again, the most popular currency exchange rate is from the INR to BHD, owing to the presence of a large number of Indians there.
1 BHD = 2.65 USD (as on May 16, 2019)
3. Omani Rial
OMR or rial is the currency of Oman. Prior to the year 1940, the country had its official currency as Indian Rupee. This explains why the most common currency exchange rate is INR to OMR. However, unlike its other middle-eastern neighboring countries, Oman doesn’t rely solely on the oil export for its GDP. Agriculture and tourism are other factors which play an important role in making up the country’s economy. Oman is considered a high-income country.
1 OMR = 2.60 USD (as on May 16, 2019)
4. Jordanian Dinar
The Jordanian Dinar is frequently used alongside the Israeli Shekel in the West Bank. One Jordanian Dinar is further divided into 1000 fulus, 100 qirsh, and 10 dirham. The most common exchange rate is from the Jordanian Dinar (JOD) to Euro (EUR). The currency’s increasing strength in the international trade market is the direct result of the economic development of the country.
1 JOD = 1.41 USD (as on May 16, 2019)
5. British Pound
British Pound or GBP is the currency of Great Britain. It is also known as Pound Sterling. One GBP has 100 pennies. Besides Britain, it is also the official currency of Tristan da Cunha, the British Antarctic Territory, South Georgia and the South Sandwich Islands, the Isle of Man, Guernsey, and Jersey. After the US dollar, the Euro, and the Japanese Yen, Pound Sterling is the foreign exchange market’s most-traded currency. The most common exchange rate for the British Pound is from the EUR to GBP.
1 GBP = 1.28 USD (as on May 16, 2019)
6. Gibraltar Pound
The Gibraltar Pound is the main currency in Gibraltar. GIP is the currency code for Gibraltar Pound. It can be exchanged with GBP at par value, but is not legal tender in the United Kingdom. Though Gibraltar is a British Overseas Territory, the Government of Gibraltar controls the printing of its currency notes and minting of coins. The most popular exchange rate is from EUR to GIP.
1 GIP = 1.28 USD (as on May 16, 2019)
7. Cayman Island Dollar
This is the official currency of the Cayman Islands. The sign of $ is used for the currency and its currency code is KYD. 100 cents constitute one Cayman Islands Dollar. The most common exchange rate for Cayman Island Dollar is from the USD to KYD. In the world business economy, it is considered among the most expensive mediums of exchange.
I KYD = 1.20 USD (as on May 16, 2019)
8. Euro
In the eurozone, this currency is the official medium of exchange. This includes 19 countries of the total 28 countries of the European Union, namely, Spain, Slovenia, Slovakia, Portugal, the Netherlands, Malta, Luxembourg, Lithuania, Latvia, Italy, Ireland, Greece, Germany, France, Finland, Estonia, Cyprus, Belgium, and Austria. The currency code is EUR, and one Euro is divided into 100 cents. Around the world, it is the second largest traded currency in the foreign exchange market, known for the high combined value of coins and banknotes.
1 EUR = 1.12 USD (as on May 16, 2019)
9. Swiss Franc- CHF
This is the currency of both Liechtenstein and Switzerland. CHF is the currency code. The most frequent exchange rate for the currency is from the EUR to CHF. The CHF is perceived as a reliable currency for international capital due to the stability and strength of the famous banking sector of Switzerland.
1 CHF = 0.99 USD (as on May 16, 2019)
10. U.S. Dollar
This is the official currency of the United States. Despite being the world’s most traded currency, the USD surprisingly appears at the bottom of the list. This has to do with the fact that its value has depreciated over the last couple of years, owing to its current account deficit and outstanding US debt. It is still very strong nonetheless. The USD is the currency code. The most popular exchange rate for this currency is from the USD to EUR rate.
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