Top 10 Highest Currencies in The World in 2023 (Updated February)

We have previously told you about Top 10 Highest Currencies in The World for trading. However, have you ever thought about what is the most expensive currency in the world? Is it the US dollar, the euro, or the pound sterling? No, not any of them. They are the most famous and widely traded currencies in the world. Some other currencies outperformed those three currencies. Surprisingly, the US dollar is not even in the middle of the top ten due to it being the most traded.

So how do you determine if a coin has value? The strength of currencies is measured by several factors, such as currency exchange rates, nominal GDP per capita, inflation rate , and many other economic and political issues.

To determine the strongest currencies in the world, we compared them to the US dollar as the base currency. It is for this reason that the most valuable currencies are the most expensive compared to the US dollar.

The most expensive currency in the world

Most people know 3-5 of the most powerful currencies in the world. For example, the US dollar, the British pound, the euro, and possibly the Bahraini or Kuwaiti dinars. However, the list of the most powerful currencies in the world today is much more than that. We have several currencies that are stronger than the US dollar and the Euro.

List of Strongest Currencies in The World

• 1- Kuwaiti Dinar Currency (KWD)

It is the currency with the highest value against the US dollar, taking advantage of Kuwait’s oil wealth and its presence in the global market. It was introduced for the first time in 1961 after the country gained its independence from the United Kingdom, and since then, the Kuwaiti dinar has become and remains the most valuable currency in the world. Over the years, the dinar has been linked to a number of different currencies, including its peg to the US dollar between 2003 and 2007.

• 2- Bahraini Dinar Currency (BHD)

It is the official currency of the Kingdom of Bahrain , and it was introduced for the first time in 1965, and it comes in second place, supported by oil products and exports. Like the Jordanian dinar, the Bahraini dinar is used only in Bahrain, and is pegged to the US dollar.

• 3- Omani Rial Currency (OMR)

It is the official currency of Sultanate of Oman , and it was introduced for the first time in 1973 and witnessed a significant rise in value due to the success of oil supplies and its peg to the US dollar, bearing in mind that the  purchasing power of this currency is very high, so that the government must provide banknotes in the category of a quarter and a half riyals. Since 2019, the riyal is equivalent to $2.6.

• 4- Jordanian Dinar Currency (JOD)

It is the official currency of the Kingdom of Jordan , and was introduced in 1949, to replace the Palestinian pound, which was issued in 1927, and it has been pegged to the US dollar for 20 years, and this has helped it become one of the strongest currencies in the world. However, despite this status, the dinar is still used exclusively in Jordan.

• 5- British Pound Sterling Currency (GPB)

It is the official currency of United Kingdom , and it is often seen as the strongest currency in the world, although this is contrary to reality, because its value is less than the values ​​of 4 Arab currencies. London’s decision to leave the European Union had a negative impact on the value of the pound, which is one of the most used currencies, as well as being the oldest independent currency in the world, as it was first used in the United Kingdom in 1489.

6- Giblatar Pound Currency (GIP)

It is the official currency of Gibraltar . In addition to using it independently, it can also be exchanged for the pound sterling at its nominal value, and from a formal point of view, it looks very similar to it. The Government of Gibraltar prints all of its banknotes and coins. The most common exchange rate in Gibraltar is the pound against the euro.

• 7- Cayman Islands Dollar Currency (KYD)

The Cayman Islands is a British territory located in the Caribbean and known as one of the best tax havens in the world, as it provides banking licenses to a number of the world’s largest banks, hedge funds and insurance companies. The dollar of these islands was introduced in 1972 as an alternative to the Jamaican dollar, and it became among the strongest currencies in the world.

• 8- European Euro Currency (EUR)

It is the main currency of the European Union , and it was adopted on January 1, 1999, to hold the title of the second global reserve currency, and it is the official currency in 19 countries that make up the “eurozone” out of the 28 member states of the European Union.

It began circulating in the form of traveler’s checks and electronic bank transfers, before banknotes and coins appeared a few years later, in 2002. The aim of the euro currency was to increase economic and commercial interdependence among all members of the European Union who chose to adopt it.

9- Swiss Franc Currency (CHF)

It is the official currency of Switzerland and Liechtenstein, and it remains ninth on the list for good reason, which is that Switzerland is one of the richest countries in the world and has a proven track record in banking and finance. And the presence of some of the most stringent monetary policies in the world and the lowest levels of debt, attracted many investors to view the Swiss franc as a “safe bet”, so investors chose to store some of their wealth in the official currency of Switzerland. The franc is also known as the sixth most traded currency in the world, and it is expected to maintain its value in the foreseeable future.

It is the currency of The United States and the most circulated and used in the world, and holds the title of the first reserve currency in the world and is maintained by central and commercial banks all over the world.

1 USD = 3.75 SAR

The Bottom Line

Political news events and other developments carry rapid changes in the economies of countries. Therefore, the exact order in the ranking of the highest currencies may also be subject to changes. The price fluctuations in currencies can be beneficial for traders. You will not miss even minor price changes when trading with FBS .

FBS provides its clients with more than 30 currency pairs for trading, including the strongest currency pairs. All currencies, their different pairs and trading conditions can be found on the website, for example,  EURUSD contract specification  , GBPCHF contract specification , and so on.

If you are a beginner and know little about forex trading, FBS has instructions for  a forex trading demo account . This will help you learn to trade in the real market with virtual money. That is, you do not spend anything.

Common Questions

What are The most Expensive Currencies in The world?

The Kuwaiti dinar (KWD) is the most valuable currency in the world due to the country’s strong economy. 1 KWD = $3.26.

What is The Most Traded and Used Currency in The World?

The US dollar is the most traded and used currency in the world. More than 70% of US banknotes are in use outside the United States. The US dollar is also the reserve currency of many countries.

What is The Most Stable Currency in The world?

The Swiss Franc is the most stable currency in the world. Switzerland has the lowest debt level and sound monetary policy, which makes the country’s economy very strong. Because of all these factors, the Swiss Franc is called a ‘safe haven’ currency. 1 CHF = 1.04 US

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