When it comes to currencies there are those whose value is extremely high while others are very cheap. In areas like oil rich countries the currencies are very expensive while in Africa, currencies are extremely cheap.
While most people imagine that the American dollar is the most expensive currency in the world, the answer might shock you: Kuwaiti Dinar (KWD) is the most expensive currency in the world and it’s valued more than 3 times the American dollar.
Below is a list of top 10 most expensive currencies in the world:
- Kuwaiti Dinar (KWD)
The Kuwaiti Dinar (KWD) is the most expensive currency in the world and it is valued at least 3.3 times the American dollar.
The currency was unveiled in 1961 and has been growing over time to beat most popular currencies like the dollar and the euro.
Kuwait is oil rich country, which means it exports more than it imports, making the country among the most preferred destination for oil companies.
- Bahraini Dinar (BHD)
Bahrain houses American naval base that is crucial to U.S. influence in the region. Its strategic importance gives the Kingdom of Bahrain an outsize role in foreign affairs, which has also cemented its currency’s costly stature. Besides, the country is oil rich, which makes it influential among oil exporting countries.
The BHD is the second most expensive currency on the universe with approximately 2.7 exchange rate against the US dollar.
- Omani Rial (OMR)
Omani Rial (OMR) is the third most expensive currency in the world after Kuwait Dinah and Bahrain Dinar. The currency, which was affected by the collapse of international oil prices some years back, recovered against the dollar and is now trading at 2.6 against the American currency.
In the Middle East, the Omani Rial beats other currencies to become the third most expensive unit in the world.
- British Pound (GBP)
UK voted recently to exit from the European Union. The Brexit was widely condemned and its effects felt across the country. But despite losing the grip as one of the strongest and most powerful countries in Europe, its pound still remains strong. The British Pound is the fourth most expensive currency in the world, beating the Euro and the American currency.
The Pound trades at 1.1 against the American dollar.
- Euro (EUR)
The Euro was adopted less than 10 years ago, which was a wise decision among the member countries.
Currently, the currency is ranked 5th in terms of strength and trades at 1.09 against the American dollar.
- Swiss Franc (CHF)
Coming at position 6 is the Swiss Franc (CHF), which is slightly weaker than the US dollar and slightly more expensive than Libyan Dinar (LYD).The Swiss Franc is 0.99 times the American dollar, which means you can’t have one dollar with a single Swiss Franc
- Libyan Dinar (LYD)
Muammar Gadaffi made sure Libya enjoy free education, healthcare and many other basic and essential services, but his dawn came when the Americans descended on his country which resulted to massive destruction. But despite the demise of Gaddafi and change of leadership, Libyan Dinar is a strong currency-it’s the 7th most expensive currency in the world, thanks to oil which is in plenty.
- Bruneian Dollar (BND)
Bruneian Dollar (BND) is used by Brunei, which is a tiny nation found in Southeast Asia. Nestled between Malaysia and the South China Sea, this little country has an extremely high GDP per capita. Although the currency has fallen from its US$0.83 peak five years ago, the Bruneian dollar still packs a big punch in global forex markets.
- Singapore Dollar (SGD)
One Singapore dollar buys US$0.70
After gaining independence in 1965, Singapore’s currency, the Singapore dollar, came into existence as a pegged currency, first to the British pound and then to the U.S. dollar. However, the currency started free floating 20 years later, giving the SGD room to run. Its value has skyrocketed as Singapore became an intellectual hub of the East. With the country beating gross domestic product (GDP) forecasts in the last two quarters, the SGD is looking strong. (Source: “TAKE A LOOK-Asia GDP: China’s Q4 growth is weakest since 2009,” Reuters, January 19, 2016.)
- Australian Dollar (AUD)
One Australian dollar buys US$0.69
The Aussie is a commodity-based currency, much like the Canadian dollar, but with the added exposure to Japan and Far East trade. 2015 was a horrendous year for the natural resource sector and that’s shown plainly enough in the currency’s value down under, but it still clinched the final spot on our top 10 most expensive currencies list.
Here is a full list of most expensive currencies in the world
|Rank||Country Name||Currency Name|
|1||Kuwait||Kuwaiti Dinar (KWD)|
|2||Bahrain||Bahraini Dinar (BHD)|
|3||Oman||Omani Rial (OMR)|
|4||United Kingdom||British Pound (GBP)|
|5||European Union||Euro (EUR)|
|6||Switzerland||Swiss Franc (CHF)|
|7||Libya||Libyan Dinar (LYD)|
|8||Brunei||Bruneian Dollar (BND)|
|9||Singapore||Singapore Dollar (SGD)|
|10||Australia||Australian Dollar (AUD)|