For one reason or another, you could have been asking yourself which currencies are the most expensive in the global market. Initially, I used to believe that the British Pound tops the list of the most expensive currencies today. However, I came to discover that I was so much wrong. After undertaking a thorough research, I decided to compile a list of the top ten most expensive currencies in 2018. This information is critical especially for the international traders who want to trade in foreign exchange. The list is up to date since it is extracted from mid-march, 2018 data.
- Kuwait Dinar
The currency code for this denomination is KWD. Currently, one Kuwait Dinar is equal to 3.33 US dollars. Kuwait Dinar ranks top on the list of the strongest currencies in the world. Kuwait is a very small country even though it has a lot of wealth. The best way to explain the best rate or value for this currency is the significant exportation of oil goods in the global economy. The currency may continue to enjoy this position for several years unless the business trends in the global market change to favor another currency.
- Bahrain Dinah
This currency ranks in position number two in the global market. The currency code for Bahrain Dinah is BHD. Currently, one Bahrain Dinah exchanges at 2.65 US dollars in the world trading system. Bahrain is the famous Persian Island State whose population is slightly above one million. Like in the previous case, Bahrain nation ranks number one when it comes to ‘black gold’ exports. One interesting thing with the BHD is that fact that it is pegged to the United States Dollar exchange rate. This currency has maintained a stable exchange rate against the United Stated for the last fourteen years.
- Oman Rial
Have you come across these initials ‘OMR’? If yes, then you need to understand that it is the currency code for Oman Rial. Oman is an Arabian Peninsula Nation. This country experiences a luxury lifestyle, high quality of life, and a developed economy because of its strategic lifestyle. One OMR currently exchanges at 2.60 USD. Like the Bahrain Dinah, Oman Rial is also pegged to the United States Dollar. The purchasing power of this currency is considerably so high that the government is forced to issue a quarter and a half Rial paper bank notes. This occurrence is so rare in the world market.
- Jordan Dinar
One Jordan Dinar is pegged to the US dollar at a rate of 1.41 and its currency code is JOD. It is quite hard to provide an explanation for the high value of the JOD. The country is not developed economically and it lacks the most essential resources like oil. Never the less, the Jordan Dinar exchanges at a rate of 1.41 US Dollars bringing it on the list of the strongest currencies in the world.
- British Pound
The British Pound (GBP) ranks number five when looking at the most expensive currency. One British Pound exchanges at 1.39 US dollars. Like me, some people have been thinking that this is the strongest currency in the world. However, this currency just comes in to close the list of the top five currencies in the world. One thing you need to understand it that British colonies issues their own banknotes and they visually differ from the bank notes that the bank of England issue. However, they are normally rated as one per one. There is a long list of these banknotes including the Gibraltar, Guernsey, Jersey, Manx, North Island, Scottish Pounds together with Folk Island Pounds and St. Elena Island Pounds. One amusing but thing is that Native Britons rarely accept other pounds as a mode of payment.
- European Euro or Euro Dollar
The currency code is EUR and one Euro dollar trades at 1.24 US dollars. The Euro dollar has been gaining more strength over the past few years. This has helped the EUR to remain as the most expensive currency in the world. Some of the partial explanations of its strength is the fact that its an official world currency among the European nations and most of them are economically developed countries. Apart from this, the Euro currency is the second largest reserve in the whole world enveloping 22.2 percent of the global savings. The US dollar is at 62.3 percent making it the largest.
- Cayman Islands Dollar
The currency code is KYD and its pegged to the US dollar at a rate of 1.22 USD. In fact, the Cayman Island is among the best global tax havens. The Islands give authority to hundreds of insurance companies, hedge funds, and banks in the world. Special thanks are given to the leadership it provides among the tax havens making it to trade at 1.22 USD.
- US Dollar
It goes without saying that the US dollar exchanges at 1.0 against itself. The United States is the global economic leader and the currency has gained some titles like the ‘world reserve currency.’ The implication is that you can use the USD to make payments anywhere in the world. These attributes make it to be among the most powerful currencies in the world.
- Swiss Franc
The currency code for the Swiss Franc is CHF and one of it trades against the USD at 1.06. One thing you need to understand is that Switzerland is among the richest and most stable countries in the global economy. One attribute that sets its banking system apart is its resolute ‘bank secrecy’. Its high-tech goods are also estimated all over the world. You have to be keen as you observe the view of the bank note. It is the only one that comes with a vertical view.
- Australian Dollar
This currency comes last on the last as the most expensive currency. Its currency code is AUD and one Australian dollar is equal to 0.78 USD. One amazing thing with the new series of Australia dollars is the fact that they come with a tactile feature or Braille that help communities that are visually impaired to get to understand the value of the note. The Australian authority controls fighting against cash by reducing cash payments share while making small retail purchases.
It is very hard for a currency to retain this ranking because of the ever changing political and economic situations in the global market. As a result of this, there are some currencies that have been left out on this list. Some of them include the Libyan Dinar and Azerbaijani Manatt. It is close to keep a close eye on this so as to tell which currencies are the most expensive in the global market.