As of April 2015, the most expensive currency in the world is not the American dollar, British pound or Euro. For example, the EUR / USD exchange rate has changed very slightly over the long term. Surprisingly, the most valuable monetary units do not always belong to rich economies and developed countries.
In this article, you can see how much US dollars cost the most expensive currency in the world as of 2015. Below are the TOP 10 most valuable financial units.
Canadian dollar (CAD)
One Canadian dollar costs $ 0.81. In April 2011, this currency reached its peak value and could be purchased for $ 1.05. The situation in the Canadian economy was much better during the Great Recession, when banks had significant financial assets. However, its growth was halted by lower real estate prices. To date, the Canadian economy has expanded and continues to grow slowly at an average rate of 2.0% and 2.5% in 2013 and 2014, respectively. These factors have helped the Canadian dollar remain one of the most important currencies in the world.
Azerbaijan Manat (AZN)
One Azerbaijani manat can be purchased for $ 0.95. Azerbaijan, located between the Black and Caspian Seas, has Russia and Georgia as neighbors in the north, and Turkey and Iran in the south. The economy of this rich oil country grew by 4.5% in 2014 and is expected to benefit even more from the vast network of oil pipelines crossing its borders. Currently, it is the ninth most expensive currency in the world.
Swiss franc (CHF)
One Swiss franc is $ 1.03, i.e., slightly more expensive than the US dollar. On January 15, 2015, the National Bank of Switzerland made the Swiss franc a legendary currency, increasing its value by 15% higher in relation to the US dollar in a short period of time. The floating exchange rate was the result of continued demand for the Swiss franc, also called a safe haven currency and a representative of a well-diversified, export-oriented economy. This currency has always been included in the TOP “The most expensive currency in the world” and is unlikely to come out of it.
Euro (EUR)
Perhaps the currency of the euro is not only expensive, but also one of the most common and in demand in the world. One euro is purchased for $ 1.07. After the global financial crisis, only the European Union managed to get out of the recession in the first quarter of 2014. Recent gross domestic product (GDP) figures show that the economy is growing at less than one percent per year. Nevertheless, the euro remains the largest in the economy of the whole world, and not just the European Union.
Cayman Islands Dollar (KYD)
One Cayman Islands dollar is equivalent to $ 1.21. With a population of only 60,000 people, this tax haven offshore harbor boasts zero unemployment and more than 90,000 businesses, mainly in financial services. While the country does not have direct taxation (such as levies such as income taxes or income taxes), the government receives revenue mainly from duties on imported goods and international tourism. It is not surprising that the monetary unit of this country is positioned as the most expensive currency in this geographical region.
Jordanian Dinar (JOD)
One Jordanian dinar is $ 1.41. This currency can be called one of the largest anomalies in the foreign exchange market. According to the financial situation of Jordan, it remains today to rely on foreign assistance to combat poverty.In addition, Jordan is one of the smallest economies in the Middle East, which currently imports most of its energy needs and continues to struggle with budget deficits. However, its currency is valued at more than 40% above the US dollar.
British Pound (GBP)
One British pound can be bought for $ 1.50. The ratio of currencies “pound to ruble” is constantly growing, amounting to 100 rubles 90 kopecks as of September 2015. The United Kingdom is the third largest economy in Europe after Germany and France. Financial services, including banking and insurance, make up the majority of the UK economy, but manufacturing still accounts for about 10% of financial assets. The United Kingdom has recently economically outpaced the rest of Europe, as its currency has grown by more than 2.5% since the beginning of 2014. This means that its value will grow steadily in relation to other monetary units, including Russia and the CIS countries. The ratio of the value of the pound sterling to the ruble is expected to be much higher before the end of 2015.
Omani Rial (OMR)
One Omani rial costs $ 2.59. Oman, which borders Saudi Arabia, United arab emirates and Yemen, is a state rich in energy resources with 77% of its state revenues from oil. The prevailing low oil prices clearly constitute a budget deficit. In addition, Oman differs from many countries in its expansive social protection system. At the same time, the Omani government intends to reduce its contribution to the oil sector from 40% in 2014 to below 10% by 2020. This suggests that low oil prices will have less impact on the Omani rial.
Bahraini Dinar (BHD)
One Bahraini dinar costs $ 2.65. This is the second most expensive currency in the world today. Bahrain is a small state in the Persian Gulf for which oil makes up the vast majority of government revenues - 88% of the country's total assets. The Kingdom of Bahrain is a tiny island nation (whose area is one tenth of the size of the Hawaiian Islands), but at the same time, it boasts 1.2 million citizens. Bahrain has grown economically by 3.4% on average over the past four years.
Kuwaiti Dinar (KWD)
One Kuwaiti dinar equivalent to $ 3.30. As a member of the Organization of Petroleum Exporting Countries (OPEC), Kuwait was the 10th largest oil exporter in 2013. The state ranks sixth in the world in terms of oil reserves for 2014. Kuwait’s oil revenues allowed the country to constantly save 10% of its state budget annually. This protected her and, in turn, the Kuwaiti dinar from the effects of the current decline in oil prices. Currently, the Kuwaiti dinar is the most valuable and most expensive currency in the world, exceeding the value of the US dollar by more than three times.
This currency began its life as tied to one of the most stable and quoted currencies in the world (British pound) and retained its value for the reasons listed above (oil revenues, etc.).
The Kuwaiti dinar was introduced in 1960 to replace the Indian rupee. Initially, it was equivalent to one pound. Since the rupee at that time had a fixed cost of 1 shilling of 6 pence, this led to an exchange rate of 13 rupees / 1/3 dinar. When Iraq invaded Kuwait in 1990, the Iraqi dinar replaced the Kuwaiti currency. A large number of banknotes were destroyed or lost. After the liberation, the Kuwaiti dinar was restored as the country's currency, after which a new series of banknotes was introduced, which made it possible to withdraw from circulation all previous assets, including stolen ones. This allowed the monetary unit to take first place in the “Most expensive currency” rating and not reduce its position for many years.
