Surprisingly in 2015, the title of the most expensive currency was not the U.S. dollar, the Euro or the Great British pound. The most valuable currencies don’t always belong to the west or the most wealthiest economies in the world. Here is a list of the top 10 currencies that have overthrown the western currencies’ and are ranked for their value against the U.S. dollar.
lO.DAzerbaijani Manat 1 AZN = $0.96Located between the Caspian and Black seas, Azerbaijan is an oil rich nation that is rapidly growing from its import and export relationships with neighboring countries to the north, Russia and Georgia as well as southern-bordered neighbors, Turkey and Iran. This country is also expected to benefit financially from a new extensive network of pipelines running oil across its borders.
9.DSwiss Franc 1 CHF = $1 .OOSwitzerland is renowned for having a prosperous, stable and high tech economy which is why it was no surprise that there is a continuous demand for this safe haven currency. Despite its modestly small size, it is one of the largest exporters’ in Europe.
e.DEuro 1 EUR = $1 08Officially introduced in 1999, the Euro remains a dominant multinational currency that represents 17 countries in the European Union and has been steadily gaining on the dollar for years. The currency is acknowledged as the second most largest and traded reserve currency only to the dollar.
7. Cayman Islands Dollar 1 KYD = $1,22With no direct taxation, this island has become a tax haven and prospers as an offshore financial center, even though it boasts zero employment. Nevertheless, most of the revenue generated by the government derives from duties on imported products and tourism.
6. Jordanian Dinar 1 JOD = $1.41 The Jordanian Dinar can be described as being the biggest anomaly in the currency market. The country relies heavily on foreign aid to combat poverty, imports the bulk of its energy needs, is continually battling budget deficits and is one of the smallest economies in the Middle East. Yet somehow, when evaluated against the US dollar their currency is valued to be over 40% higher.
5. Great British Pound 1 GBP = $1.51 The majority of the UK economy originates from the financial services, banking, insurance and manufacturing. In recent times, the UK has outperformed the rest of Europe
economically, steadily growing by 3% since 2014.
4. Latvian Lats 1 LVL = $1.61 Latvia recently integrated in the Euro as its main currency but the former currency is still trading at almost double the standard US dollar value.
3. Omani Rial 1 OMR = $2.60More than 80% of Omanis nation’s revenues are derived from exporting its energy and oil resources. As a result of its strategic location, high level of human development and add that to the growing tourism sector, Oman will remain a currency force to reckon with.
2. Bahraini Dinar 1 BHD = $2.65The root of Bahrain’s economy stems from mostly oil production and refinery. Relative to its size, Bahrain has huge exports and a larger population, which all fuels the economy and its expensive currency.
1. Kuwaiti Dinar 1 KWD = $3.30A little nation but with huge wealth, Kuwait holds the title of having the most expensive currency on the plant. A fixed exchange rate and vast oil exports keep the KWD as the most costly and valuable currency in the world.