Last Updated on March 7, 2023 by Spynaija
Have you ever thought about what is the top 10 highest currencies in the world? It is common to understand that currencies worldwide are evolving in value on a regular basis. However, it is believed that some currencies are stronger than others.
Knowing the highest currency value in the world can be very helpful in various scenarios. It is simpler, easier, and more convenient to convert your local currency to the one with the highest currency value when it comes to travel and tourism to another country, and afterward convert it to the local country’s currency where you intend to travel to, this guarantees a profitable exchange rate compared to when you do so with your own country’s currency.
Generally, the British Pound is considered by most people to be the most expensive currency in the world. But it isn’t really as there are more currencies whose conversion rates are higher than the British Pound.
In this article, we compiled a list of the top 10 highest currencies in the world.
1. Kuwaiti Dinar (KWD)
Kuwaiti Dinar is the strongest currency in the world. With petroleum as the main export product, Kuwait has a petroleum-based economy, as petroleum accounts for half her GDP and 90% of the government’s income. Besides having a very stable economy, Kuwait is also a tax-free nation with a very minimal unemployment rate.
1KWD equals 3.27USD
2. Bahraini Dinar (BHD)
Bahrain Dinar is the second most valuable currency in the world. Bahrain is a Persian Gulf island state with an estimated population of over 1 million people. Bahrain’s largest source of revenue has been the “black gold” exports.
1 BHD equals 2.66 USD
It might also interest you to know that this rate against the dollar has remained stable since 2005.
3. Omani Rial (OMR)
The Omani Rial is the third-highest currency in the world. Despite having a relatively diversified economy, Oman remains dependent on oil exports as it accounts for over 80% of its product exports. Tourism is one of the fastest-growing industries in Oman. One Omani Rial had a purchasing power so high that the government had to introduce 1/4 and 1/2 banknotes.
1 OMR equals 2.60 USD
4. Jordanian Dinar (JOD)
The Jordanian Dinar is the fourth most powerful currency in the world. With Trade and finance, transportation and communication, public utilities, and mining being the major source of revenue, This makes Jordanian’s economy is one of the smallest in its region making it, even more, harder to explain the high value of the Jordanian Dinar.
1 JOD equals 1.41 USD
5. Gibraltar Pound (GIP)
The Gibraltar Pound is the fifth most powerful currency in the world. Although the Gibraltar Pound is often mentioned on the same level as British Pound Sterling, GIP is one of the most valued currencies in the world with a trade value similar to that of USD.
1 GIP equals 1.32 USD
6. British Pound Sterling (BPS)
The British Pound Sterling is the sixth-highest currency in the world. The British Pound is often used in most international trade operations. It is also the local currency of Ireland.
1 BPS equals 1.31 USD
7. Cayman Island Dollar (KYD)
The Cayman Island Dollar is the seventh most powerful currency in the world.
The Cayman Islands dollar was officially introduced in 1972 as a replacement for Jamaican Dollars. Since its introduction and circulation, KYD has become one of the world’s strongest currencies. KYD is the only Caribbean currency that has made it to the top 10 highest currencies in the world for reasons believed that the Cayman Islands is one of the world’s best tax havens.
The Cayman Islands is also known for providing licenses for hundreds of the world’s biggest banks, hedge funds, and insurance companies.
1 KYD = 1.22 USD
8. European Euro (Euro)
The European Euro is the eighth-highest currency in the world. It serves as the official currency for all the members of the great European union. it is the world’s second reserved currency.
1 EUR equals 1.19 USD
9. United State Dollar (USD)
The united dollar is the ninth strongest currency on earth. $USD is the united states‘ official currency. The US Dollar is the most traded currency in the forex market as of the time of writing this article. As of September 2018, about 1.69 trillion USD is in circulation globally, where about 70% of these notes are circulated outside the US. The US Dollar is the most traded currency in the forex market as of today.
10. Swiss Franc (CHF)
The Swiss Franc is one of the strongest and most stable currencies in the world. The Swiss Franc is the official currency of Switzerland and Liechtenstein! The Swiss Franc is the sixth most traded currency and the only currency that is not affected by inflation.
1 CHF = 1.08 USD
We hope you enjoyed our ranking of the top 10 highest currencies in the world. Do you have anything to contribute to this piece? please do well to let us know in the comment section.