The value of money can only be determined by comparison with the money of other countries, and in total there are about 180 currencies in the world today. Which one is the most expensive and valuable?
Many people think that the dollar, the euro or perhaps the pound sterling are the most valuable currencies, but this is not the case. For several years, the currencies of the countries of the Middle East have taken a leading position in the list of the most valuable currencies in the world.
In Kuwait, where there is said to be one millionaire for every fifteen inhabitants, the dinar, introduced in 1961, succeeded in displacing the Indian rupee, which held a leading position in the Asian region. In 2006, Kuwait devalued its currency by 1% against the dollar, due to which the exchange rate became 0.29 Kuwaiti dinar per dollar, but only a year later – in mid-2007 – the Kuwaiti dinar got rid of its peg to the dollar. dollar, replacing it with a basket of several currencies. Today, the Kuwaiti dinar is worth 3.25 US dollars, holding the position of the most valuable currency in the world according to a number of research centers and international financial institutions.
In second place is the Bahraini dinar. It is noteworthy that in the period 1966-1973, the Bahraini dinar was the national currency of the United Arab Emirates, and was later replaced by the Emirati dirham. The Bahraini dinar entered the market in 1965, replacing the Gulf rupee. In 1987, it was heavily pegged to the US dollar. Today the price of one dinar is 2.65 dollars.
The third place is occupied by the Omani rial, which is the official currency of the Sultanate of Oman. On one side of the banknote there is an inscription in English, and on the other in Arabic. There are no inscriptions in English on the coins. 1 Omani rial = 2.60 US dollars.
Although the Jordanian economy is one of the poorest in the Middle East. The country has few natural resources, in addition to chronic problems with unemployment, inflation and external debt. However, the Jordanian dinar is the fourth most expensive currency in the world. The Jordanian dinar is pegged to Special Drawing Rights, which is the unit of account of the International Monetary Fund, which means the fact that it is pegged to the US dollar. The cost of one Jordanian dinar is 1.41 US dollars.
And only in fifth place is the pound sterling, the official currency of Britain since 1694. In the eighteenth and nineteenth centuries, the pound sterling was the main reserve currency in almost the entire world, but lost its status as the most important currency after the end of World War II, when the currency began, America controlled the world market. Today one pound sterling is equal to 1.20 dollars.
As for the euro, it ranks eighth behind the Cayman Islands dollar, which is worth $1.2, and behind the Swiss franc, which is worth $1.04. The Euro is the official currency of the European Union and is used by 19 countries in the Eurozone. It appeared in non-cash circulation in 1999, and since 2002 banknotes and coins have been introduced. Today, one euro is equal to approximately 1.02 dollars. The same applies to the Swiss franc.
The US dollar, the world’s most widely traded currency, is the ninth most valuable currency in the world.
Although the price of the Russian ruble is much lower than the aforementioned currencies, according to Bloomberg, the Russian ruble has become the best global currency to strengthen against the US dollar in 2022. According to the agency, despite the unprecedented Western sanctions against Russia, the value of the ruble has grown by 11% since the beginning of the year.
Source: RT+agencies
