Most Expensive Currencies
Currencies determine the strength of a country and each country has their own currency. Going by the records of April 2015 it has been seen that certainly it is not the US dollar, the euro or the British Pound which is the most expensive currency rather the most worthy currencies are not from the wealthy countries.
It is surprising to see currencies from other countries giving run for its money to the U.S dollar. Rate of exchange also varies from each currency. Here is a list of the most valuable currencies from all over the world.
1. Kuwaiti Dinar - Equivalent to USD 3.30
It is the accessibility and availability of the oil reserves in Kuwait for which it is labelled as the sixth biggest oil reserve out of all the countries as of 2014. Due to its reserves 10% of the government budget is saved. Hence, it is considered as the most expensive currency.
2. Bahraini Dinar (BHD) - Equivalent to USD 2.65
Yet another gulf state which has the second most expensive currency in the world and it also covers up maximum government revenue which is around 88% as recorded in 2013.The economy of Bahrain has grown up to 3.4% in average.
3. Omani Rial (OMR) - Equivalent to USD 2.59
Oman is a country which borders with Saudi Arabia, Yemen and United Arab Emirates. It is considered to be rich in energy, 77% of the government revenue is oil industry. The government of Oman is trying to reduce its contribution of the oil sector to 40%.
4. British Pound Sterling - Equivalent to USD 1.50
As far as economy is concerned, United Kingdom comes as the third biggest economy after Germany and France. The majority of the economy is boasted due to banking as well as insurance. Manufacturing also forms 10% of the economy. It clearly has outperformed other countries of Europe.
5. Jordanian Dinar (JOD) - Equivalent to USD 1.41
6. Cayman Islands Dollar - Equivalent to USD 1.21
7. Euro - Equivalent to USD 1.07
8. Swiss Franc (CHF) - Equivalent to USD 1.03
9. Azerbaijaini Manat (AZN) - Equivalent to USD 0.95
10. Canadian Dollar (CAD) - Equivalent to USD 0.81
For trade these currencies act as a medium of exchange and are defined by a set of rules and pattern. Coins, banknotes and money all come under currency. Variant type of system is used to refer to national currency by the International Monetary Fund.