Many currencies worldwide, but only a few currencies have the highest currency value. You would think that Euros and US Dollars are topping the list. Unfortunately, it is not.
Though Euros and US dollars are most traded, kept in national reserves, and are the strongest currencies being used. Interestingly, these currencies in different countries don’t have the highest Gdp growth rate per capita.
We will be highlighting tips and why various currencies differ from the rest and why they top the list. Let’s look at them gradually;
1. Kuwaiti Dinar
Currently topping the list around the globe with a USD rate of “3.30USD” and a EURO rate of “2.88EUR”. This achievement was traced back to when the country gained independence in 1960 from the United Kingdom.
Although the currency was initially equal to one pound sterling, also in 2003, it was tagged to US Dollar. Gradually, in 2007 the government tagged it to the weighted currency basket.
In economic terms, Kuwaiti is known for its cheap oil exploits, accounting for 98% of the GDP growth rate – 8th on the highest Gdp growth rate per capita. The employment rate is extremely low with tax-free. The currency code is KWD.
2. Bahraini Dinar
Bahrain with a population of over 1 million and is second on the list around the globe. It has a USD rate of “2.66USD” and a EURO rate of “2.32EUR”.
The currency has been stable since 1987, and it’s pegged to the US Dollar. Its economic rate is attributed to being the largest exporter of black gold. The currency code is BHD.
3. Omani Rial
Oman is a small country around the Arabian Peninsula with a USD rate of “2.60USD” and a EURO rate of “2.27EUR”. The currency has been tagged as the US dollar since 1983.
Purchasing power started increasing for the currency, the government had to initialize ½ and ¼ vial banknotes, look for spots on the currency – definitely, you would spot it. Its economic and development stance is formidable to significant oil production.
Gradually, the reserves are running out, and other sustainable means are being exploited to maintain the status quo. The government finds other means and diversifies the economy by developing available resources – metallurgy, tourism, and gas production. The currency code is OMR.
4. Jordanian Dinar
Relatively, this currency has a USD rate of “1.14USD” and a EURO rate of “1.23EUR”. It is also tagged to the US Dollar and has maintained that status quo for over 20 years which is quite impressive.
Unfortunately, on the currency’s achievements, the economy isn’t quite yet developed to be up to par with others in the world; no significant resources it has to achieve this big feat.
Interestingly, the economy is classified as an “Emerging economy” and is highly dependent on its neighboring countries with the IMF. The currency code is JOD.
5. British pound sterling
Definitely, you would be thinking this currency unavoidable should be topping the list since it is the oldest currency, most traded, highly in circulation and reserves, and also the strongest currency. Interestingly, it is the third most traded currency in forex markets trendlines.
With a USD rate of “1.35USD” and a EURO rate of “1.18EUR”. Still highly above US Dollar, but we should note that there are other different pounds apart from the one approved by the Bank of England.
Though it is still valued as one equal to 1, those British pounds include north Ireland, Scottish, Jersey, Manx, St. Elena Island Pound, and the Falkland Islands, with equal value. The currency code is GBP.
6. Cayman Islands Dollar
With a USD rate of “1.22USD” and a EURO rate of “1.07EUR”. This achievement was attributed to tax and the world’s best at it. Interestingly giving out numerous licenses to banks, hedge funds, and insurance companies.
The government determines the currency’s value in the United State Dollar in section 22 of the 2013 Revision of the Monetary Authority Law. The currency code is KYD.
7. European Euro
It has a USD rate of “1.14USD” and a EURO rate of “1EUR”. Its dominance has increased widely around the globe; this makes it also one of the highest valued currencies. It is presently accepted and economically developed by 19 European countries, making it more interesting.
Although it is the second highly reserved currency globally and the second most traded currency on the forex market, uniquely, 25 countries set their currency to the euro at a fixed rate. The currency code is EUR.
8. Swiss Franc
The Swiss franc has a USD rate of “1.08USD” and a EURO rate of “0.94EUR”. Their strict monetary policies are attributed to it being a safe bet for investors to invest, trade, and store currency. Its economy is known for high-tech products and banking systems.
Although the banking system is quite different from what you know, unfortunately, if you save or keep your money in the bank, it attracts a monthly negative interest charge on it. The currency isn’t affected by inflation, making it unique from the others. Also the strongest and sixth most traded currency around the globe. The currency code is CHF.
9. US Dollar
Quite standing on 9th but with a EURO rate of “0.87EUR”.Known for its acceptance, strongest, kept in reserves, and most traded currency around the globe. This was achieved with the strong economic leadership of the nation pulled. It also achieved the title “World Reserve Currency.” The currency code is USD.
10. Canadian Dollar
Last on topping the list with a USD rate of “0.78USD” and a EURO rate of “0.68EUR”. Its resources are uranium, also the second-largest supply with a large oil reserve.
HIghly on forex trading daily and standing as the sixth most traded currency. However, the Canadian dollar depends on global oil price fluctuations. The currency code is CAD.
Highlighted points were dropped to know why they are topping the list and still maintaining their status quo. We don’t know if they would slip; it all depends on the government policies, economic leadership, and how the economy is thriving and improving.
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