Most people have been thinking that the highest currency in the world is the US Dollar, the British Pound, or Euro, e. t. c. Well, sorry to disappoint but there are at least a few currencies with a higher value than the ones on their minds.
As much as the USD is the most widely traded, it doesn’t appear in the middle of the list but almost at the end. Here is a list of the top 10 strongest currencies in the world:
1. Kuwaiti Dinar
The Kuwaiti Dinar is the currency of Kuwait. Just ahead of the Bahraini dinar, as of 2022, the Kuwaiti Dinar is the currency with the highest value per base unit. To replace the Gulf rupee and equal to the Indian rupee, the dinar was introduced in 1961. Located on the tip of the Persian Gulf, Kuwait’s wealth can be attributed to its heavy exports of oil to a global market. Its currency code is KWD. Kuwait is a tax-free country with a very low unemployment rate, making it rank 8th in the list of countries with the highest GDP per capita.
The currency was pegged to the US Dollar from 2003-2007 and the government has now decided to peg the Kuwait dinar to an unnamed currency basket. It is valued at 1 KWD to 3.26 USD and 1 KWD to 3.10 EUR.
2. Bahraini Dinar
The dinar is divided into 1000 files. Bahrain is a Persian Gulf island state and has a population of over 1 million people. Its largest source of income is petroleum export and global gas, just like Kuwait.
The Bahraini dinar is tied to the USD with a fixed exchange rate since 1987. It is the second highest currency in the world and is valued at 1 BHD to 2.65 USD and 1 BHD to 2.52 EUR
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3. Omani Rial
The Omani Rial is Oman’s currency divided into 1000 baisa. Oman, like other countries, has a developed economy thanks to oil production – the government later decided to be diversified by developing metallurgy, gas production, and tourism.
From 1973 to 1986, the rial was pegged to the US dollar at 1 Omani rial to the US $2.895 but was later changed in 1986. This is the third highest currency in the world, valued at 1 OMR to 2.60 USD and 1 OMR to 2.47 EUR.
4. Jordanian Dinar
The Jordanian dinar has been the currency of Jordan since 1950. It is pegged to the US dollar and it is divided into 100 qirsh, 10 dirhams, or 1000 fulus. Jordan is an Arab nation on the east bank of the Jordan River. Although the country faces scarce water supplies, complete reliance on oil imports for energy, and regional instability – it is the third freest economy in the Middle East and North Africa.
It is the fourth highest currency in the world, valued at 1 JOD to 1.41 USD and 1 JOD to 1.34 EUR.
5. British Pound Sterling
The Pounds Sterling is the official currency of the United Kingdom and its associated territories. Sterling is the world’s oldest currency that is still in use since its inception. Other territories, that use Sterling include Guernsey, Jersey, the Isle of Man, England, Wales, Scotland, and Northern Ireland.
It is the fifth highest currency in the world, valued at 1 GBP to 1.22 USD and 1 GBP to 1.16 EUR
6. Cayman Islands Dollar
The Cayman Islands Dollar is the currency of the Cayman Islands, which is subdivided into 100 cents. The Cayman Islands is a British Overseas Territory located in the Western Caribbean. It comprises three islands – Grand Cayman, Cayman Brac, and Little Cayman. The country provides licenses for hundreds of banks, hedge funds, and insurance companies.
It is the sixth highest currency in the world, valued at 1 KYD to 1.19 USD and 1 KYD to 1.14 EUR.
7. European Euro
The Euro is the official currency of 19 out of the 27 member states of the European Union and is divided into 100 cents. Over 200 million people worldwide use currencies pegged to the euro. This currency is one of the most widely used in the world and after the US dollar, it is the second most traded currency on the forex market.
The Euro is the seventh highest currency in the world, valued at 1 EYR to 1.05 USD.
8. Swiss Franc
The Swiss Franc is the currency and legal tender of Switzerland and Liechtenstein. It is one of the strongest and most stable currencies worldwide. It is also the only one that is unaffected by inflation and the sixth most traded currency. Switzerland is one of the richest countries in the world and has some of the world’s strictest monetary policies – including a solid track record in banking and finance.
It is the eighth highest currency in the world, valued at 1 CHF to 1.05 USD and 1 CHF to 0.94 EUR.
The United States dollar is the official currency of the United States and several other countries. The dollar is the most widely used currency in international transactions and a free-floating currency. It is considered one of the costliest world currencies as it has the highest demand and is involved in more than 85% of daily forex trades.
It is the ninth highest currency in the world, valued at 1 USD to 0.95 EUR.
10. Canadian Dollar
The Canadian dollar is the currency of Canada. This currency is the fifth-most held reserve currency in the world and the Canadian dollar historically tended to move in tandem with the US dollar. Canada has the second largest Uranium supply in the world as well as large reserves of crude oil.
It is the tenth highest currency in the world, valued at 1 CAD to 0.78 USD and 1 CAD to 0.74 EUR.
The high currency value indicates that the inflation processes in the country are under control. The highest currency is a currency with a higher rate than the Indian rupee. Knowing the Currencies that are more valued in several parts of the world is very useful information that is worth having.