Will we ever have a world currency?
TOP 10 - The most expensive currencies in the world in 2021
What do you think is the world's strongest currency today?
Most people believe that the British pound is the most expensive currency. But actually it's not. There are at least a few currencies that are more valuable.
To give you a better understanding of the situation, we have a list of the strongest world currencies.
Compare this list with the TOP 10 of the world's weakest currencies to see the significant differences.
# 1 - Kuwait Dinar ($ 3.30)
Currency Code - KWD.
Exchange rate Kuwait Dinar:
1 KWD = $ 3.30 (Kuwaiti dinar to US dollar).
1 KWD = EUR 2.73 (Kuwaiti dinars in euros).
1 KWD = 2.94 CHF (Kuwait Dinar in Swiss Francs).
The strongest currency in the world is the Kuwaiti dinar (against the US dollar).
Kuwait is a small country with enormous wealth. The high value (exchange rate) of its currency is explained by significant oil exports to the world market.
Due to the stable petroleum-based economy, highly developed oil production and exports, Kuwait is one of the richest countries in the world.
More than 80% of the country's income comes from the oil industry, as oil production is easiest here and therefore cheapest among other countries.
The currency has been pegged to the US dollar since 2003, but in 2007 the government decided to peg the Kuwaiti dinar to the weighted basket of currencies.
In addition to the very stable economy, Kuwait is a tax-free country with a very low unemployment rate.
# 2 - Bahraini Dinar ($ 2.66)
Currency Code - BHD.
Bahraini dinar exchange rate:
1 BHD = $ 2.66 (Bahraini dinar to US dollars).
1 BHD = EUR 2.20 (Bahraini dinar in euros).
1 BHD = 2.37 CHF (Bahraini dinar in Swiss francs).
The Bahrain Dinar is the second most valuable currency.
Bahrain is an island nation on the Persian Gulf with just over 1 million inhabitants. As in the first case, the largest source of income in this country is the export of "black gold".
It is interesting that the Bahraini dinar has been pegged to the US dollar and that its rate against the US dollar has remained unchanged since 2005.
# 3 - Oman Rial ($ 2.60)
Currency Code - OMR.
Exchange rate Oman Rial:
1 OMR = $ 2.60 (Oman rial in US dollars).
1 OMR = EUR 2.15 (Oman rial in euros).
1 OMR = 2.31 CHF (Oman Rial in Swiss Francs).
Oman is a country on the Arabian Peninsula. Thanks to its strategic location, it has a developed economy and a high quality of life.
Like the Bahraini dinar, the Oman Rial is pegged to the US dollar.
Remarkably, the purchasing power of this currency is so high that the government has had to issue 1/4 and 1/2 rial banknotes. In the picture above you can see 1/2 rial (half rial).
# 4 - Jordan Dinar ($ 1.41)
Currency Code - IODINE.
Jordan dinar exchange rate:
1 JOD = $ 1.41 (Jordan Dinar in US dollars).
1 JOD = EUR 1.16 (Jordan Dinar in Euro).
1 JOD = 1.25 CHF (Jordan Dinar in Swiss Francs).
It is difficult to explain the great value of the Jordanian dinar. This country is economically undeveloped and lacks vital resources such as oil. Still, a Jordanian dinar costs $ 1.41, making it one of the 10 strongest currencies in the world.
# 5 - British pound sterling ($ 1.37)
Currency Code - GBP.
British pound sterling exchange rate:
1 GBP = 1.37 USD (British pounds sterling to US dollars).
1 GBP = 1.13 EUR (British pound sterling in euros).
1 GBP = 1.21 CHF (British pound sterling in Swiss francs).
Most people consider the pound sterling to be the strongest currency in the world, and it barely closes the top 5 on this list.
British colonies issue their own banknotes, which are visually different from the Bank of England banknotes, but are valued at a currency rate of 1 to 1.
That is why there are quite a number of them: The pound of Scotland, Northern Ireland, Manx, Jersey, Guernsey, Gibraltar as well as that of St. Elena Island and the Falkland Islands.
Amusingly, native Britons do not always accept "other" pounds as a form of payment.
# 6 - Cayman Islands Dollars ($ 1.22)
Currency Code - KYD.
Cayman Islands Dollar Exchange Rate:
1 KYD = $ 1.22 (Cayman Islands dollars to US dollars).
1 KYD = EUR 1.01 (Cayman Islands Dollars to Euros).
1 KYD = CHF 1.08 (Cayman Islands Dollars to Swiss Francs).
The Cayman Islands are one of the most popular tax havens in the world. These islands provided licenses for hundreds of banks, hedge funds, and insurance companies.
Thanks to its leadership role among tax havens, the Cayman Islands dollar costs nearly $ 1.22.
# 7 - European Euro ($ 1.21)
Currency Code - EUR.
Exchange rate European euro:
1 EUR = 1.21 USD (European euro in US dollar).
1 EUR = 1.08 CHF (European euro in Swiss francs).
The euro currency had strengthened for several years, but is now close to the valuation on issue. So it was able to move up a bit in the list of the most powerful currencies. Part of its strength is explained by the fact that it is the official currency in many European countries, including many economically developed countries.
In addition, the euro is the world's second reserve currency and covers 22.2% of all global savings (US dollar: 62.3%).
# 8 - Swiss Francs ($ 1.12)
Currency Code - CHF.
Exchange rate Swiss franc:
1 CHF = 1.12 USD (Swiss Francs in US Dollars).
1 CHF = 0.93 EUR (Swiss Francs in Euros).
Switzerland is not only one of the richest countries in the world, but also one of the most stable. The banking system has long been known for its once feisty "banking secrecy".
In addition, their high-tech products are very well known around the world.
Be careful if you see an original of this banknote. This is the only banknote I've seen with a vertical layout.
# 9 - US dollars
Currency Code - USD.
Exchange rate US dollar:
1 USD = 0.83 EUR (US dollars to euros).
1 USD = 0.89 CHF (US dollars to Swiss francs).
Thanks to the global economic leadership of the USA, their currency was given the title "World Reserve Currency". In other words, you can pay in dollars anywhere (in any country).
# 10 - Canadian dollar ($ 0.79)
Currency Code - CAD.
Canadian dollar exchange rate:
1 CAD = $ 0.79 (Canadian dollar to US dollar).
1 CAD = EUR 0.65 (Canadian dollar to euro).
1 CAD = 0.70 CHF (Canadian dollar to Swiss franc).
The Canadian dollar is the world's fifth most important reserve currency. The Canadian dollar is often referred to as the "madman" in honor of the bird depicted on the $ 1 coin.
Outside of TEN
Due to the dynamic change in the economic and political situation in the world, it is difficult for some currencies to stay in this ranking. So here is the list of currencies that have left the top ten for past periods.
Australian dollar ($0,77)
Currency Code - AUD.
Australian dollar exchange rate:
1 AUD = $ 0.77 (Australian dollar to US dollar).
1 AUD = 0.64 EUR (Australian dollar to euro).
1 AUD = 0.69 CHF (Australian dollar to Swiss franc).
An interesting fact is that the new series of Australian banknotes, as pictured above, has a tactile function (Braille) that also helps the visually impaired to recognize the value of the banknote.
The fight against cash is also being waged in Australia by reducing the percentage of cash payments made on small purchases in retail outlets.
Libyan dinar ($0,22)
Currency Code - LYD.
Exchange rate Libyan dinar:
1 LYD = $ 0.22 (Libyan dinar to US dollars).
1 LYD = EUR 0.19 (Libyan dinar in euros).
1 LYD = CHF 0.20 (Libyan Dinar in Swiss Francs).
The Libyan Dinar has token money called Dirham. It is interesting that one dinar is equal to 1,000 dirhams and not 100 as we all used to think.
Azerbaijani manat ($0,59)
Currency Code - AZN.
Azerbaijani manat exchange rate:
1 AZN = $ 0.59 (Azerbaijani manat to US dollars).
1 AZN = 0.48 EUR (Azerbaijani manat in euros).
1 AZN = CHF 0.52 (Azerbaijani manat in Swiss francs).
It was a surprise to find the Azerbaijani manat on this list. However, the currency of this Central Asian country is only slightly weaker than the US dollar.
This country's economy is surprisingly strong and the unemployment rate is low.
Have you ever heard of the currency called Seborgan Luigino belongs?
It belongs to the micronation principality of Seborga on the border between Italy and France. The Seborgan Luigino is mainly in circulation locally and is not considered a valid currency in any other country.
But interestingly, the local course maintains 1 SPL = $ 6 to be what it is for strongest currency in the world could do if it were officially recognized outside of Seborga.
Hence, despite such a great value, the SPL cannot top our list of the strongest currencies in the world.
Is the high value of a currency a sign of a strong economy?
It is known that the currencies of not very successful countries tend to depreciate. However, if all is well with the economy, we can hardly see the opposite effect.
In practice, there have been virtually no cases in which the value of a currency has steadily increased. The reasons can be different. Constantly strengthening the currency is not beneficial to a country because the population begins to actively save money instead of spending it.
The high value of the currency only says that the inflation processes in the country are under control.
In connection with this article, Japan should also be mentioned, one of the strongest economies in the world. At the same time, the value of the Japanese yen is very low, $1 = ¥ 103,78.
Investors can hardly use information about the most valuable currencies to make investment decisions. In this case, it is better to pay attention to the most stable currencies.
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