The US Dollar is one of the most popular currencies in the world but it is not the most expensive. The top 5 most expensive currencies in the world are listed below and there are some entries that you may not expect. All currencies are compared against the US dollar and are based on current exchange rates.
This is the worlds highest valued currency. This is surprising to a lot of people as it is such a small country. Economic reforms have not really taken place in the country lately due to the tension that exists within the government. Half of the GDP of Kuwait comes from exporting oil and this also makes up 94% of all the goods that are exported from the country. It has the second largest stock exchange among the Arab countries and this will give it an advantage when the time comes to move away from the oil industry. There are 1000 fils in one Kuwaiti Dinar and this is currently worth $3.31
Bahrain is another country that relies on oil for the majority of its GDP. However, it is also a very popular tourist destination and this provides a boost to the economy. Bahrain is a small island that can be found to the west of the Persian Gulf. Despite being a very small country it is a relatively free economy compared to the rest of the region. This is because it has a lot of natural resources that they have been able to make the most of. It is also home to one of the races on the Grand Prix circuit which brings in a lot of revenue. The currency of the country is the Bahraini Dinar (BHD) and one of these is worth $2.65.
The Sultanate of Oman is another surprise entry on this list because it does not export as much oil as its neighboring countries. It does depend a lot on the oil that it is able to export but there are other aspects that make up the economy such as tourism and agriculture. It is hoped that these aspects can be expanded on in the coming years so that the economy will not take so much of a hit when they are no longer able to export oil. This gives Oman an advantage that other countries in the Middle East do not have and it is considered to be a high income country. One Omari Rial is currently worth $2.60.
The fact that the Jordanian Dinar is on this list at all is something that comes as a surprise to a lot of people as the country is often provided with foreign aid. Most of its energy needs to be imported from nearby countries and it often struggles to provide enough water for everyone that is living in the country. It once shared a currency with Palestine but gained independence from this country in 1946. Nevertheless it did not get its own currency until 1959 when the Jordanian Dinar (JOD) was introduced. Today one JOD is worth $1.41.
British Pound Sterling
The UK was one of the only countries within Europe that chose to stick with their original currency instead of joining the Euro. There is some degree of manufacturing that takes place in the UK but most of its income comes from financial services and insurance. Although the economy has suffered since the decision to leave the EU was announced, it is still in a better position than many other European countries. The value of the pound may drop even further once the Brexit process has been completed but this is not certain and the economy may recover even if there is a drop. One hundred pennies are equal to £1. At the current exchange rate £1 is worth $1.34.
There has always been a degree of fluctuation in currencies and political events can have a large impact on the value of a currency in any particular country. There would have to be some major event that would cause the currency to fall so far that it would make a real difference to the order of this list. It seems likely that these five countries will continue to have some of the most expensive currencies in the world for many years to come.
Written by Garrett Parker
Read more posts by Garrett Parker