Top 10 highest currencies in the World

There are many currencies in the World and some of them stand out above the rest. Many of the top 10 highest currencies in the World aren’t as popular as the ones that originate from countries with a stable economy and a more even distribution of wealth , not to say the countries with these currencies are poor. They just do not have a even distribution of wealth. The currencies on this list are ranked based on their strength compared to the US Dollar.

10. American Dollars (USD)

The American dollar makes the list as not only one of the highest currencies but also one of the more popular ones. America has a comparatively more even distribution of wealth and a very strong and stable economy. Alot of countries outside of America also use the USD.

The United States dollar was established as the world’s foremost reserve currency by the Bretton Woods Agreement of 1944. It claimed this status from the British pound sterling after the devastation of two world wars and the massive spending of Great Britain’s gold reserves. Despite all links to gold being severed in 1971, the dollar continues be the world’s foremost reserve currency. Furthermore, the Bretton Woods Agreement also set up the global post-war monetary system by setting up rules, institutions and procedures for conducting international trade and accessing the global capital markets using the U.S. dollar.

The U.S. dollar is widely held by central banks, foreign companies and private individuals worldwide, in the form of eurodollar foreign deposit accounts (not to be confused with the euro), as well as in the form of US$100 bills, 80% of which are held overseas. The U.S. dollar is predominantly the standard currency unit in which goods are quoted and traded, and with which payments are settled in, in the global commodity markets

Swiss Franc
9. Swiss Franc

The Swiss Francs is the national currency of two countries ( Switzerland and Lichtenstein) and $1 USD will buy you about $0.98 Swiss Francs. The Swiss are known for their banking system and natural resources and so this must be what plays a huge factor in their currency value.

The Swiss franc is the currency and legal tender of Switzerland and Liechtenstein. It is also legal tender in the Italian exclave of Campione d’Italia. The Swiss National Bank (SNB) issues banknotes and the federal mint Swissmint issues coins. The smaller denomination, a hundredth of a franc, is a Rappen (Rp.) in German, centime (c.) in French, centesimo (ct.) in Italian, and rap (rp.) in Romansh. The ISO 4217 code of the currency is CHF, which is used by banks and financial institutions.

The official symbols Fr. (German symbol) and fr. (Latin languages) are widely used by businesses and advertisers, also for the English language. According to Art. 1 SR/RS 941.101 of the federal law collection the internationally official abbreviation – besides the national languages – however is CHF,also in English; respective guides also request to use the ISO 4217 code. The use of SFr. for Swiss Franc and are outdated. The Latinate “CH” stands for Confoederatio Helvetica. Given the different languages used in Switzerland, Latin is used for language-neutral inscriptions on its coins.

8. Euro

The Euro is the currency of many countries within Europe including Belgium and Cyprus along with 17 0thers. It is the second reserved currency in the World and if you want to buy $1 USD you would have to pay around $0.90 Euros. The Euro is the second most traded currency on the foreign exchange market only being beaten by the USD.

The euro is the official currency of 19 of the 27 member states of the European Union. This group of states is known as the eurozone or euro area and includes about 343 million citizens as of 2019. The euro, which is divided into 100 cents, is the second-largest and second-most traded currency in the foreign exchange market after the United States dollar.

The currency is also used officially by the institutions of the European Union, by four European microstates that are not EU members, the British Overseas Territory of Akrotiri and Dhekelia, as well as unilaterally by Montenegro and Kosovo. Outside Europe, a number of special territories of EU members also use the euro as their currency. Additionally, over 200 million people worldwide use currencies pegged to the Euro

7. Cayman Islands Dollar

The KYD is the seventh highest currency on this list and is the official currency of The Cayman Islands, a British commonwealth country located in the Caribbean. It is most widely known as being a tax haven for those who are higher up in society , as well as wealthy companies and businesses. the KYD trades with the USD at a rate of $0.83 KYD for $1 USD.

The Cayman Islands dollar was introduced in 1972 ( 10 years after separation from Colony of Jamaica ), replacing the Jamaican dollar at par. Jamaican currency and Cayman Islands dollars both remained legal tender until 1 August 1972, when Jamaican currency ceased to be legal tender. The Cayman Islands dollar has been pegged to the United States dollar at 1 Cayman Islands dollar = 1.2 U.S. dollars since 1 April 1974, when the Currency Law of 1974 was enacted. In 1983, the 1974 law was repealed and replaced by the Currency Law Revised, which itself was replaced in 1997 by section 22 of the Monetary Authority Law. Under section 22 of the 2013 revision of the Monetary Authority Law, the value of the Cayman dollar in United States Dollars is determined by the Governor.

6. Gibraltar Pound

The GIP is the national currency of Gibraltar and has the same base rate as the British Pound Sterling which is exchangeable between the two countries (in Gibraltar you are free to use both BPS and GIP). it exchanges with the USD at a rate of $0.81 GIP to $1 USD.

In 1898, the British pound was made sole legal tender, although the Spanish peseta continued in circulation until the Spanish Civil War. Since 1927, Gibraltar has issued its own banknotes and, since 1988, its own coins. Gibraltar decimalised in 1971 at the same time as the UK, replacing the system of 1 pound = 20 shillings = 240 pence with one of 1 pound = 100 (new) pence.

The since repealed Currency Notes Act 1934 conferred on the Government of Gibraltar the right to print its own notes. Notes issued are either backed by Bank of England notes at a rate of one to one, or can be backed by securities issued by the Government of Gibraltar. Although Gibraltar notes are denominated in “pounds sterling”, they are not legal tender anywhere in the United Kingdom. Gibraltar’s coins are the same weight, size and metal as British coins, although the designs are different, and they are occasionally found in circulation across Britain.

Under the Currency Notes Act 2011 the notes and coins issued by the Government of Gibraltar are legal tender and current coin within Gibraltar. British coins and Bank of England notes also circulate in Gibraltar and are universally accepted and interchangeable with Gibraltarian issues.

5. British Pound

The British Pound Sterling is the official currency of the United kingdom as well as a few other British territories. The BPS is the oldest currency in the World which is still in circulation. The fifth highest currency trades with the USD at a rate of $0.75 BPS for $1 USD.

Sterling is the fourth most-traded currency in the foreign exchange market, after the United States dollar, the euro, and the Japanese yen. Together with those three currencies and the Chinese yuan, it forms the basket of currencies which calculate the value of IMF special drawing rights. As of 30 September 2019, sterling is also the fourth most-held reserve currency in global reserves.

The British Crown dependencies of Guernsey, Jersey and the Isle of Man produce their own local issues of sterling (the Guernsey pound, the Jersey pound and the Manx pound) which are considered fully equivalent to UK sterling in their respective regions. The pound sterling is also used in the British Overseas Territories: Gibraltar (alongside the Gibraltar pound), the Falkland Islands (alongside the Falkland Islands pound), and in Saint Helena, Ascension and Tristan da Cunha (alongside the Saint Helena pound), others having transitioned to dollar currencies, such as Bermuda in 197

0. The Bank of England is the central bank for the pound sterling, issuing its own banknotes, and regulating issuance of banknotes by private banks in Scotland and Northern Ireland. Sterling banknotes issued by other jurisdictions are not regulated by the Bank of England; their governments guarantee convertibility at par. The pound sterling was also used to varying degrees by colonies in the British Empire.

4. Jordan Dinar

While not a well know country or a well developed economy Jordan holds the tittle of having the forth highest currency in the World . In the country $1 USD is equal to $0.71 JOD.

3.Omani rial

The OMR is the national currency of Oman and is split into 1000 smaller divisions which are called baisa. The OMR quickly rose in value after the successfully being introduced due to the success of Oman’s oil exports and industry. It is pegged against the USD. The OMR goes for a rate of 0.38 for $1 USD.

Until 1940, the Indian rupee and the Maria Theresa thaler (known locally as the rial – adopted from the Portuguese “real”) were the main currencies circulating in Muscat and Oman, as the state was then known, with Indian rupees circulating on the coast and thaler in the interior. Maria Theresa thaler were valued at 230 paisa, with 64 paisa = 1 rupee.

In 1940, coins were introduced for use in Dhofar, followed, in 1946, by coins for use in Oman. Both coinages were denominated in baisa (equivalent to the paisa), with 200 baisa = 1 rial. The Indian rupee and, from 1959, the Gulf rupee continued to circulate. On 6 June 1966, India devalued the Gulf rupee against the Indian rupee. Following the devaluation, several of the states still using the Gulf rupee adopted their own currencies. Oman continued to use the Gulf rupee until 1970, with the government backing the currency at its old peg to the pound, when it adopted the Saidi rial.

In 7 May 1970 the Saidi rial (named after the House of Al Said, not to be confused with Saudi riyal) was introduced as the currency of Oman to replace the Gulf rupee. It was equal to the British pound sterling and 1 Saidi rial = 21 Gulf rupees. The Saidi rial was subdivided into 1000 baisa. The Omani rial replaced the Saidi rial at par in 11 November 1972.At that time, the currency became pegged to the US dollar at 1 Omani rial = US$2.895, instead of the pound sterling, a rate that would continue until 1986, when it was devalued by about 9% to 1 Omani rial = US$2.6008. The currency name was altered due to the regime change in 1970 and the subsequent change of the country’s name. Since 1975, new coins have been issued with the country’s name given as Oman.

2. Bahrain Dinar

The BHD is only used in Bahrain and is pegged against the USD. It goes for a rate of $0.38 BHD for $1 USD. In December 1980, the dinar was officially pegged to the IMF’s special drawing rights (SDRs). In practice, it is fixed at $1 USD = 0.376 BHD, which translates to approximately 1 BHD = $2.65957 USD and, consequently, almost 10 Saudi Arabian riyals. This rate was made official in 2001 and Saudi riyals are accepted in Bahrain at any point of sale, with the exception of the Saudi 500 riyal note which is only accepted in major supermarkets, airports and electronic shops.

Before Malta’s adoption of the euro on 1 January 2008, it was the third-highest-valued currency unit after the Kuwaiti dinar and Maltese lira. After Malta adopted the euro, the dinar became the second highest-valued currency unit.

1.Kuwaiti Dinar

The KWD is the national currency of Kuwait and holds the tittle of being the number 1 currency on the top 10 highest currencies in the World. It was introduced in 1960 and was initially equal to 1 BPS. It is a very small nation which borders Iraq and is mainly economically driven by oil exports. The is $0.30 KWD for $1 USD.

A currency is a major part of a countries financial identity and it is usually fuelled by the country’s economy. This has been the top 10 highest currencies in the World.

Written by odanemorgan


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