We are all familiar with currencies, right? We cannot even think of having anything at all if we do not have currency because this is what helps us buy things. Imagine a world without currency in it, could you? Probably not.
Every country has its currency but its currency power differs. How it is measured? It is measured by the purchasing power of the currency and the total foreign currency that is received in exchange for one unit of the national currency. Do we know, which are the top 10 most expensive currencies in the world?
We will be exploring the same in this article, so keep reading this article till the end and enrich your knowledge of the top most expensive currencies in the world.
1. Kuwaiti Dinar (KWD)
Kuwaiti Dinar is presently the strongest currency in the world and is the official currency of the state. Kuwait is a small country that is located between Saudi Arabia and Iraq in the Persian Gulf. Kuwait is one of the wealthiest countries in the world, its commodity of rich oil is responsible for over 80% of the country’s GDP.
Also, Kuwait is a tax-free nation and it has one of the lowest unemployment rates on the earth.
KWD is worth $3.29 (INR 266.9391).
2. Bahraini Dinar (BHD)
Like, Kuwait, Bahraini is also situated in the Persian Gulf and its official currency is BHD. If we convert 1 BHD into USD, it would be $2.659 (INR 215.742). The economy of Bahrain heavily depends on its oil and gas industry, which supports over 85% of its revenues.
3. Omani Rial (OMR)
The Sultanate of Oman is a nation that is situated on the southeastern coast of the Arabian Peninsula. And the official currency of this country is Omani Rial. In the honor of the ruling house of al-Said in 1970, Omani Rial was introduced, replacing the Gulf rupee. And then in 2972, its name changed to Omani Rial. This country is dependent on its natural resources.
One OMR is equal to $2.5975 (INR 210.7536).
4. Jordanian Dinar (JOD)
After replacing the Palestinian pound in 1950, the Jordanian Dinar was introduced to the country, and now is the national currency of the Emirate of Transjordan and Mandatory Palestine.
5. Pound Sterling (GBP)
GBP is the oldest currency in the world and is also the official currency of the United Kingdom, the British Overseas Territories, and the UK Crown Dependencies. It is not only one of the most expensive currencies in the world but it also has a great influence on finance and global trade.
Also, Pound Sterling is the fourth most used currency in the world, in both reserve and circulation.
6. Cayman Islands Dollar (KYD)
The Cayman Islands consist of Grand Cayman, Little Cayman, and Cayman Brac. This island is located in the western Caribbean Sea. KYD (Cayman Islands Dollar) is the national currency here. The Cayman Islands is called Tax Heaven, which is the major global financial center.
7. Euro (EUR)
Euro was introduced in 1999 and is the official currency of 19 states of the European Union. Euro is one of the youngest currencies, it is the second most used currency, both in reserve and circulation, globally.
8. Swiss Franc (CHF)
Introduced in 1850, the Swiss Franc is the official currency of Switzerland. When it was introduced, it replaced multiple differentiated currencies that were produced by 13 Swiss confederates. Being a currency that is stable and robust, it has earned the title of a haven currency. Globally, this is the 7th most traded currency.
9. US Dollar (USD)
The US Dollar is believed to be the most powerful currency in the world, it is the official currency of the United States of America and its territories. The US Dollar was first introduced in 1792 and presently is the most used currency in the world, both in reserve and circulation. And not only that, dominating global trade and finance, it is the reserve currency of the world.
Only 30% of all the circulation of the USD is within the United States of America.
10. Bahamian Dollar (BSD)
BSD (Bahamian Dollar) is the official currency of the Commonwealth of the Bahamas. Replacing the Bahamas Pounds, the Bahamian Dollar was introduced in 1966. On international financial services and tourism, the economy of the Bahamas is dependent.
These were the 10 most expensive currencies in the world. In this article, we learned about various currencies and got to know about their value as well.