Whenever the word currency is spoken, A dollar or pounds floats in front of our eyes. A currency is nothing but the money, also known as medium of exchange which is commonly used in a particular nation for transaction between an individual and business.
You can judge value of the product of your country because we are very much aware about currency value of our country. But if you are traveling form one country to another, before your flight departs you need to exchange your currencies notes with respect to currency of destination country. So when you reach there it becomes little bit difficult for you to purchase any product in unknown country because we are not much aware about pricing rate and currency value for that country.
Standard currency such as united state dollar (USD), Pound sterling (GBP) and euro (EUR) are commonly used in foreign exchange market and mostly exchange rates calculation are made with respect to this currency. There are many more currency which are more valuable than US dollar, pound and euro. But it doesn’t mean that doing investment in high value currency will give you good return or country with higher value currency is having good economic health of that country. 10 most expensive currencies whose values are calculated against dollar are listed below:
1. Kuwaiti Dinar (1 KWD= 3.55 USD)
In an area slightly smaller than New Jersey, lies the home of the world’s most valuable currency. Dinar is the currency of Kuwait which is the highest value currency in the world. Kuwait is located at western Asia. Capital of Kuwait is Kuwait city. Currency code is represented by KWD and it is further subdivided into 1000 fils. It holds the highest value of currency in the world.The Value of 1 KWD is equal to 3.55USD. Kuwait is oil rich gulf country which from long years back. Earlier gulf rupee was used as currency but in 1961 dinar replaces the gulf rupee and it was almost equivalent to sterling pound. Kuwait currency value is on the top because of oil export across the world.
Kuwait has been involved in talks this year with five other Gulf Arab monarchies to form a single currency. The Kuwait currency is currently pegged to the dollar.
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2. Bahrain Dinar (1 BHD= 2.65 USD)
A small island nation, approximately 3.5 times the size of Washington DC, Bahrain is geographically central in relation to its Persian Gulf neighbors. Its industry relies on petroleum production and refining, as well as financial services and construction. With an exchange rate to the US dollar at around $2.65 for one Bahraini Dinar, second valuable currency in the world. It’s also expected to be relatively steady, as it was officially pegged to the dollar in 2001.
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3. Omani Rial (1 OMR = 2.60 USD)
Currency of Oman is Rial. Oman is officially called as sultanate of Oman and is Arab state located in southwest Asia. Capital of Oman is Muscat. Omani riyal is third most valuable currency in the world. Currency code of Oman is OMR. Value of 1 OMR is equal to 2.60552 USD. In 1970, the currency of Oman was made by Rial Saidi. Oman is also an oil reach country, deals with petroleum production and refining. Major business of Oman is export of crude oil.
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4. Latvian Lats (1 LVL= 1.97 USD)
Currency of Latvia is Latvian Lats and Latvia is located at Baltic region of Northern Europe. Riga is the capital of Latvia. Currency code of Latvian lats is LVL and abbreviated as Ls. Value of 1 LVL is equal to 1.97 USD.In 1922 Lats was first introduced, replaced Latvian rubils.Latvian Lats is the fourth most valuable currency in the world.
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5. UK Pound Sterling (1 GBP = 1.64 USD)
Currency of United Kingdom is pound sterling which is officially known as pound. Further pound is subdivided into 100 pence. The United Kingdom of Great Britain and Northern Ireland is commonly known to be United Kingdom (UK).London is capital of UK. Pound sterling is the fifth most valuable currency in the world and it’s denoted by (GBP). Value of 1 GBP is equal to 1.64 USD.
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6. Jordanian Dinar (1 JOD =1.41 USD)
Jordan may lack water and crude oil but the Mideast kingdom has one thing going for it – a strong currency. From 1927 to 1950, the Palestine Currency Board issued Palestine pound as the official currency in both Palestine and the Trans-Jordan Emirate, according to Wikipedia. When Jordan became independent in 1946, the country wanted its own currency and Jordanian dinar became the kingdom’s official currency.
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7. European Euro (1 EUR = 1.37 USD)
Officially introduced in 1999, the multinational Euro didn’t begin changing hands until January 2001. After a rocky start, the Euro has gained on the dollar for years. The currency is the official currency of eurozone that comprises of 17 countries. Some these include Belgium, Finland, France, Germany, Greece, Italy, Netherlands, Portugal, and Spain. The currency is the second largest reserve currency as also the second most traded in the world.
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8. Azerbaijan Manat (1 Manat = 1.28 USD)
After gaining independence in 1991, Azerbaijan became a member of the International Monetary Fund, the World Bank, the European Bank for Reconstruction and Development, the Islamic Development Bank and the Asian Development Bank. The banking system of Azerbaijan consists of the Central Bank of Azerbaijan, commercial banks and non-banking credit organizations.
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9. Cayman Islands Dollar (1 KYD = 1.22 USD)
With no direct taxation, the islands thrive as an offshore financial center, with hundreds of banks, insurers and mutual funds. One Cayman Islands Dollar equals $1.22 US. The earlier currency used in Cayman Islands was Jamaican dollar, which was replaced in 1972. On the islands, the US dollar is accepted as legal currency.
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10. Switzerland franc (1 Franc = 1.12 USD)
Switzerland has a stable, prosperous and high-tech economy. In 2011, it was ranked as being the wealthiest country in the world in per capita terms (with 'wealth' being defined to include both financial and non-financial assets). It has the world's nineteenth largest economy by nominal GDP and the thirty-sixth largest by purchasing power parity. It is the twentieth largest exporter, despite its size. Switzerland has the highest European rating in the Index of Economic Freedom 2010, while also providing large coverage through public services.
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