2. Although the currencies mostly used in foreign exchange
markets are the USD, GBP and Euro, most countries around the world
have their own currencies and some of them even surpass the value of
the three mentioned above.
Let’s take a look at the world’s most expensive currencies at the
moment, comparing them to the US dollar and trying to find out why
they are this pricy. From dollars to francs, pounds and dinars, this list
has everything, including today’s currency exchange rates.
3. 1. Kuwaiti Dinar
2. Bahraini Dinar
3. Omani Rial
4. British Pound Sterling
5. Jordanian Dinar
6. Cayman Islands Dollar
7. European Euro
8. Swiss franc
9. Bahamian Dollar
4. 1. Kuwaiti Dinar
Although the State of Kuwait is also a relatively small country, it
has the most expensive currency in the world, the Kuwaiti Dinar (KWD)
currently being worth $3.29. Its economy is based primarily on
petroleum which covers almost half of the GDP and no less that 94% of
the export revenues.
It has the second largest stock exchange in the Arab countries and they
held the initiative when it came to move away from oil exports and seek
new ways of improving the economy. But these efforts didn’t go a long
way due to the tense relationship between the elected parliament and
the government that prevented any economic reforms. With all its
problems, the economy of the country still experienced a rise it its small
business sector
5. 2. Bahraini Dinar
Another Gulf state which bases most of its economy on oil, Bahrain is a
small island country on the western shores of the Persian Gulf. It is quite amazing
how this little country managed to use its natural resources to the fullest, with an
industry which relies a lot on petrol and also impressive financial services and
tourism options, which increased Bahrain’s wealth a lot.
The freest economy in the region uses the Bahraini Dinar (BHD) which is currently
worth $2.65.
6. 3. Omani Rial
The Sultanate of Oman is an Arab country on the southeastern coast of
the Arabian Peninsula and it doesn’t have as many oil reserves as its
neighbors. Still, by 2010 it was considered one of the most improved
nations in the last 40 years with a high-income economy.
Its economy is currently quite diversified but still depends a lot on oil
exports with tourism increasing in the region and industry or agriculture
taking only a small part in the overall income. They seek to reduce the
country’s dependency on the oil prices and focus on alternative sources of
income, which they managed to do with some success ’til now, putting
the national currency, the Omani Rial (OMR) at a worth of $2.59.
7. 4. British Pound Sterling
The UK is currently the third largest economy in Europe and it chose to preserve
its national currency instead of transitioning to the Euro. Most of the country’s economy
comes from financial services, insurance and a bit of manufacturing and when the rest of
Europe was in turmoil due to the recession, the UK still registered economical rises.
With a growth of over 2.5% since the beginning of 2014, currently one pound sterling
(GBP) is worth $1.55.
8. 5. Jordanian Dinar
It is quite weird to have a country which relies on foreign assistance
for its basic needs on this list. Jordan is certainly an anomaly as it imports
most of its energy and doesn’t even have sufficient water or oil as might be
the case with the other Middle Eastern countries.
It shared the same currency as Palestine from 1927 to 1959 but with its
independence in 1946 it sought to get its own currency in the shape of the
Jordanian dinar (JOD) which is currently worth $1.41.
9. 6. Cayman Islands Dollar
With a population of just 60,000, The Cayman Islands are actually
a tax haven with no unemployment and over 90,000 business ventures that
are predominantly oriented toward financial services. Before using their own
version of the dollar, the official currency of the country was the Jamaican
dollar, being replaced in 1972 with the Cayman Islands Dollar (KYD).
The American dollar is also accepted as legal currency in the Cayman Island.
Without taxation for corporate or income taxes, the revenues of the
government come from duties on imported goods and tourism mostly,
putting the KYD at a current worth of $1.21.
10. 7. European Euro
One of the newest currencies in the world, being introduced in 1999 officially but
only starting to move around since 2011, the Euro (EUR) is the official currency of the
Eurozone with its 17 countries. Due to powerful economies such as Germany, France, Finland
or The Netherlands, the currency is the second largest reserve and also the second most
traded currency in the world, making it highly appreciated ever since it was launched.
With the global financial crisis, the European Union went through a serious recession in
these last years and it only managed to stabilize itself during the first quarter of 2014. The
GDP readings ay that the economical growth of the European Union is at less than one
percent, but the struggles with Greece make the Euro still relatively unstable.
The currency of the largest economy in the world, the E.U., is worth $1.09 at the moment.
11. 8. Swiss franc
Switzerland always had a prosperous economy and it’s one of the
wealthiest countries in the world right now, with a huge purchasing power. It’s
also one of the world’s largest exporters even though the country is pretty small
in size. It has the highest rating of Economic Freedom in Europe and its currency,
the Swiss Franc (CHF), went through a major change in the beginning of this
year, when the Swiss National Bank removed the cap on its currency.
This change put the currency at a value of 15% over the U.S. dollar and the
demand for Swiss francs just kept growing. Currently 1 CHF is $1.04 USD.
12. 9. Bahamian Dollar
The Bahamas is a small island country in the Lucayan Archipelago of the
Atlantic Ocean which thrives on tourism alone, this bringing it over 60% of the
country’s GDP as well as covering most of the workforce. Apart from tourism,
Bahamas also has important banking and financial services and a government
which encourages foreign business through a competitive tax regime.
The Bahamian Dollar (BSD) is the currency of the country since 1996 and it’s worth
exactly one US dollar since the Central Bank of The Bahamas tries to maintain
parity as a way to allow economic development. So $1 BSD will always be exactly
$1 USD.
