business
Friday Aug 05 2022
By
BDBusiness Desk

What are the most valuable currencies in the world?

By
BDBusiness Desk
Banknotes of different currencies.—Unsplash
Banknotes of different currencies.—Unsplash

While the value of currencies keeps changing and the two most traded currencies in the world are the US Dollar and the Euro, the currency that tops the list of the most valuable currencies in the world is different.

Being the most traded currency ranks the dollar higher but it is not necessarily at the top. It is also important that a nation's currency is backed by oil and energy reserves and strict monetary policies.

According to List Wire, the following the are the top currencies in the world right now:

10. Canadian Dollar (CAD)

Since Canada has huge crude oil reserves and uranium supply, the value of its currency is usually dependent on the global price of oil. 

Conversion rate: 0.78 USD/0.74 EUR.

9. US Dollar (USD)

Being the most traded currency in the world, nearly 70% of it roams around the world outside the United States. 

Conversion rate: 0.95 EUR.

8. Swiss Franc (CHF)

Switzerland has very strict monetary policies which has helped its national currency the Swiss Franc increase its value. 

Conversion rate: 1.05 USD/1 EUR.

7. European Euro (EUR)

What strengthens the second-most traded currency in the world, Euro, is that it is the official currency for 19 European countries.

Conversion rate: 1.05 USD.

6. Cayman Islands Dollar (KYD)

While not many people know about the Caribbean island's currency, its status as a premier tax haven has made its dollar a strong one.

Conversion rate: 1.19 USD / 1.14 EUR.

5. British Pound Sterling (GBP)

The national currency of England, Scotland, Wales, and Northern Island, the British Pound Sterling, is the highest-valued but not based in the Middle East.

Conversion rate: 1.22 USD / 1.16 EUR.

4. Jordanian Dinar(JOD)

While Jordan does not have as much oil as its neighbours, the government has kept the exchange rates high enough to make its dinar valuable.

Conversion rate: 1.41 USD / 1.34 EUR.

3. Omani Rial (OMR)

Oman's currency gets its value from oil production. The Omani Rial became so valuable that the government issued notes worth 1/4 and 1/2 a rial.

Conversion rate: 2.60 USD / 2.47 EUR.

2. Bahraini Dinar (BHD)

Being one of the world’s leading oil producers, Bahrain's Dinar effortlessly tops this list.

Conversion rate: 2.65 USD / 2.52 EUR.

1. Kuwaiti Dinar (KWD)

Kuwait has large reserves and exports of oil. List Wire reports that nearly nine percent of the planet's oil reserves are in this country. Therefore, it has the world's strongest currency.

Conversion rate: 3.26 USD / 3.10 EUR.