Are you struggling with the exchange rates of foreign currencies? Would you like to get the most out of your money, even if it’s just a few extra cents on the dollar? With that said, you should have enough knowledge about the highest currencies in the world. The ‘highest currency’ doesn’t always belong to the wealthiest nations of the world. We have put together a list of the top 10 highest currencies in the world, so you can think of getting extra buying power while traveling abroad.
1. Kuwaiti Dinar
Currency Code: KWD
Introduced in: 1960
Symbol: دينار كويتي
Rates: 1 KWD = 3.26 USD
1 KWD = 3.10 EUR
Kuwaiti Dinar is running as one of the highest currencies in the world because Kuwait has a stable economy and significant oil exports in the global market. Petroleum production is the cheapest here, as 7% of global oil reserves are in its territory. Also, it has the 8th highest GDP per capita in the world, making it one of the richest countries worldwide. Moreover, Kuwait is a tax-free country with having low unemployment rate. All the factors mentioned earlier contribute to make Kuwaiti Dinar one of the highest currencies in the world.
2. US Dollar
Currency Code: USD
Introduced in: 1972
Symbol: $
Rates: 1 USD= 1.00 EUR
US Dollar is the official national currency of the United States of America and it is the most widely traded currency on the planet. Hence, US Dollar being replaced by any other currency is nearly impossible making US Dollar among the highest currencies in the world. Moreover, it is backed by the global political landscape hence it is becoming stronger day by day. It can be used as a base while comparing the strength of other currencies. A total of 16 countries other than the USA use USD as official currency like Ecuador, El Salvador, Palau, Puerto Rico, etc.
3. British Pound Sterling
Currency Code: GBP
Introduced in: 1694
Symbol: £
Rates: 1 GBP = 1.22 USD
1 GBP = 1.16 EUR
British Pound Sterling is the official national currency of the United Kingdom (U.K.) of Great Britain, which includes England, Wales, Scotland, and Northern Ireland. GBP is referred to as cable by foreign exchange traders since it accounts for roughly 13% of the daily trading volume at the international level. It is the oldest currency in the world that’s still active in use all over the world. Moreover, ‘Quid’, ‘Sterling’, etc. are the nicknames of the British Pound Sterling.
4. European Euro
Currency Code: EUR
Introduced in: 1999
Symbol: €
Rates: 1 EUR = 1.05 USD
The European Euro is the official currency for 19 out of 27 European countries that are part of the European Union (EU). It is the second most traded currency all over the world after the US Dollar, making it one of the highest currencies in the world. Adopting the euro had made cross-border financial operations easier than before, which contributes to making the EU economy integrated. Furthermore, it encouraged alliance at a political level to make the deeper engagement of member states.
5. Canadian Dollar
Currency Code: CAD
Introduced in: 1858
Symbol: C$
Rates: 1 CAD = 0.78 USD
1 CAD = 0.74 EUR
The Canadian Dollar is the fifth largest reserve currency and around daily 5% of foreign exchange reserves are traded in CAD. The Canadian Dollar fluctuates according to the global oil prices as it has 13.2% reserves of global oil and it ranks second worldwide in uranium supply. CAD is nicknamed as ‘loonie’ and all Canadian coins have an image of a British monarch on one side. Commodity prices heavily influence Canada’s monetary policy at the global level and the availability of natural resources.
6. Bahraini Dinar
Currency Code: BHD
Introduced in: 1965
Symbol: .د.ب or BD
Rates: 1 BHD = 2.65 USD
1 BHD = 2.64 EUR
Bahraini Dinar is the official currency of Bahrain, which heavily relies on the oil and gas industry with refined petroleum as part of its largest export. Bahrain is a strong financial center with multiple banks along with financial institutions and oil revenue contributes to 85% of the government budget. The Bahraini Dinar has the advantage of the strategic geo-political location in the Persian Gulf and is part of the Gulf Countries Cooperation. It can fulfill the food and fuel needs of Oman and Yemen, making BHD stronger day by day.
7. Omani Rial
Currency Code: OMR
Introduced in: 1991
Symbol: ر.ع.
Rates: 1 OMR = 2.64 USD
1 OMR = 2.58 EUR
Omani Rial is the official currency of Oman, which is again heavily dependent on oil exports, but it is trying to diversify its economy. The Omani officials paying attention to tourism, manufacturing, and logistics to make OMR more stable and continue to peg with dollars. Like other oil-rich gulf nations, OMR fluctuates frequently because of global oil prices and as automobile industries worldwide are shifting toward electric vehicles; OMR will face serious troubles in the future.
8. The Swiss Franc
Currency Code: CHF
Introduced in: 1991
Symbol: ₣
Rates: 1 CHF = 1.05 USD
1 CHF = 0.94 EUR
The Swiss Franc ranks eighth in the list of the highest currencies in the world. It is one of the most stable currencies at the international level that is less likely to get affected by inflation. The Swiss Franc is the official currency of Switzerland which provides a negative interest rate on deposits. This implies that the owner has to pay extra money for keeping his wealth in the bank. Hence, Switzerland turns out to be one of the richest countries in the world and it keeps strengthening CHF with the help of a fixed rate.
9. Jordanian Dinar
Currency Code: JOD
Introduced in: 1949
Symbol: د.أ
Rates: 1 JOD = 1.41 USD
1 JOD = 1.34 EUR
The Jordanian Dinar is the official national currency of Jordan, which isn’t heavily relied on oil exports like other neighboring countries. A major reason behind the high value of currency is that the government of Jordan keeps the exchange rate fixed, which results in a stable economy. Moreover, West Bank and Israel also use JOD for trading with other countries and to attract deposits from local banks. The Jordanian Dinar has the extra edge of offering foreign investments and more capital for domestic industries.
10. Cayman Islands Dollar
Currency Code: KYD
Introduced in: 1972
Symbol: $
Rates: 1 KYD = 1.20 USD
1 KYD = 1.20 EUR
The Cayman Islands Dollar is the only Caribbean country on the list of the highest currencies in the world. It is a self-governing British Overseas Territory popular as a tax heaven country. It offers offshore banking services for hundreds of insurance companies, and hedge funds. Henceforth, the economy receives a consistent supply of capital. However, the largest source of their currency rate is based on exporting natural resources like fish, wood, etc.
The currency is money as paper and coins. The list of the highest currencies in the world holds important recognition at the international level. All of them represent the financial and political stability of a particular nation. To decide the highest currencies in the world, we have compared them with US Dollar and Euro. You can use the above information of the top 10 highest currencies in the world to start your own business and earn a lot of money in foreign currencies.
Also Read: Top 10 Finance Companies in New York
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