Let's take a look at the most expensive currency in the world at the moment, compare it to the US dollar and try to find out why its price is so high.
9 currencies worth competing in the world in 2022
Top 9 Highest Currencies in the World in 2022
From dollars to francs, pounds and dinars, this list contains everything, including today's currency exchange rates.
9. Bahamian Dollar
The Bahamas is a small island nation in the Lucayan Archipelago in the Atlantic Ocean and thrives on tourism alone, making it more than 60% of the country's GDP, as well as covering most of the workforce.
Apart from tourism, the Bahamas also has important banking and financial services and a government that encourages foreign business through a competitive tax system.
The Bahamian dollar (BSD) has been the country's currency since 1996, and it is equal to exactly one US dollar since the Central Bank of the Bahamas attempted to maintain parity as a way to allow economic development; So 1 BSD will always be exactly 1 USD.
8. Swiss Francs
Switzerland has always had a thriving economy, and is one of the richest countries in the world today, with huge purchasing power.
It is also one of the world's largest exporters although the country is rather small in size, it has the highest rating of economic freedom in Europe and its currency is the Swiss Franc (CHF).
It underwent a major change at the beginning of this year, when the Swiss National Bank raised its currency ceiling.
This change put the currency 15% above the US dollar and the demand for the Swiss franc continued to grow.
Currently 1 Swiss Franc is equal to 1.02 US dollars.
7. Euro
One of the newest currencies in the world, it was officially introduced in 1999, but it started moving since 2011.
The Euro (EUR) is the official currency of the Eurozone with 17 countries.
Due to the strong economies such as Germany, France, Finland, and the Netherlands, the currency has the second largest reserve and second most traded currency in the world, which makes it highly regarded since its launch.
With the global financial crisis, the European Union has gone through a serious recession in recent years, and was only able to achieve stability during the first quarter of 2014.
GDP readings suggest that the EU's economic growth is less than one percent, but conflicts with Greece keep the euro still relatively unstable.
The currency of the world's largest economy, the European Union, is currently worth $1.18.
6. Cayman Islands dollar
With a population of just 60,000, the Cayman Islands is actually a tax haven with no unemployment and over 90,000 businesses mostly geared towards financial services.
Before using their own version of the dollar, the country's official currency was the Jamaican dollar, which was replaced in 1972 by the Cayman Islands dollar (KYD).
The US dollar is also accepted as legal tender in Cayman Island.
Without corporate or income taxes, government revenue comes mostly from duties levied on imported goods and tourism, putting KYD at a present value of $1.20.
5. Sterling pound
British Pound: The United Kingdom is currently the third largest economy in Europe and has chosen to keep its national currency rather than switch to the Euro.
Most of the country's economy comes from financial services, insurance and a bit of manufacturing and when the rest of Europe was in turmoil due to recession, the UK was still posting economic gains.
With a growth of over 2.5% since the beginning of 2014, and a very significant drop after Brexit, the British pound is currently at $1.34.
4. Jordanian Dinar
It is strange that there is a country that depends on foreign aid for its basic needs on this list.
Certainly, Jordan is an anomaly because it imports most of its energy and does not even have enough water or oil, as is the case with other Middle Eastern countries.
It shared the same currency with Palestine from 1927 to 1959, but with its independence in 1946, it sought to obtain its own currency in the form of the Jordanian Dinar (JD), which currently amounts to 1.41 US dollars.
3. Omani Rial
The Sultanate of Oman is an Arab country located on the southeast coast of the Arabian Peninsula and does not have oil reserves like its neighbors.
However, by 2010, it was one of the most improved countries of the past 40 years with a high income economy.
Its economy is currently very diversified but still very much dependent on oil exports with tourism increasing in the area and manufacturing or farming only a small part of the total income.
They seek to reduce the country's dependence on oil prices and focus on alternative sources of income, which they have managed to achieve with some success so far, as they put the national currency, the Omani Rial (OMR), at $2.60.
2. Bahraini dinar
Bahrain is another Gulf state whose economy depends mostly on oil, and it is a small island country on the western shores of the Persian Gulf.
It's really amazing how this small country has been able to put its natural resources to the fullest, with an industry that relies so much on gasoline as well as great financial services and tourism options, that have greatly increased Bahrain's wealth.
The freest economy in the region uses the Bahraini dinar, which is currently $2.65.
1. Kuwaiti dinar
Although Kuwait is also a relatively small country, it has the most expensive currency in the world, with the Kuwaiti dinar (KWD) currently worth $3.31.
Its economy is mainly dependent on petroleum, which covers nearly half of the GDP and at least 94% of export earnings.
It has the second largest stock exchange in the Arab countries and they have taken the lead when it comes to moving away from oil exports and looking for new ways to improve the economy.
But these efforts did not go a long way because the strained relationship between the elected parliament and the government prevented any economic reforms.
With all its problems, the country's economy is still seeing a rise in the small business sector
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