The world’s economy experiences a dynamic switching where one country enjoys a smooth GDP while the other suffers its best. What makes a country expensive or cheap is the value of its currency and the best way to judge a currency’s worth is to compare it with the US dollar.
Here are 10 most expensive currencies of the world in 2014. Have a look!
1) Kuwaiti Dinar
Kuwait
Currency: Dinar
Value of 1 dinar against dollar: $3.51
Value of 1 dinar against rupee: Rs.209.91
Highest banknote: 20Introduced in 1961 to replace Gulf rupee, it was equivalent of one pound sterling initially.
The currency has seen it’s ups and downs. When Iraq invaded Kuwait in 1990, they replaced Kuwaiti dinar with Iraqi dinar. After liberation, the Kuwaiti dinar was restored.
2) Bahrain Dinar
Bahrain
Currency: Dinar
Value of 1 dinar against dollar: $2.65
Value of 1 dinar against rupee: Rs.158.49
Highest banknote: 20
Bahrain introduced dinar in 1965 to replace the Gulf rupee. Initially one dinar was equivalent to 10 rupees. Before Malta adopted the euro, Bahrain’s dinar was the third highest-valued currency and is now the second.
3) Omani Rial
Oman
Currency: Rial
Value of 1 rial against dollar: $2.60
Value of 1 rial against rupee: Rs.155.20
Highest banknote: 50
There was a time when India rupee was the main currency, along with Maria Theresa Thaler, circulating in Muscat and Oman. In 1940, however, the rial was made the currency of Oman.
4) Latvian Euro
Latvia
Currency: Lats
Value of 1 lats against dollar: $1.89
Value of 1 lats against rupee: Rs 112.76
Highest banknote: 500
First introduced in 1922, lats were replaced with Soviet ruble when USSR occupied the country. After the country regained independence, the currency was reintroduced in 1993.
In June 2013, European Union asses the Latvia and gave it the green light to introduce euro. Lats will no longer be the country’s currency from January 1, 2014, once euro is introduced.
5) UK Pound
United Kingdom
Currency: Pound
Value of 1 pound against dollar: $1.53
Value of 1 pound against rupee: Rs 91.64
Highest banknote: 100 (in Scotland and Northern Ireland) and 50 (in England and Wales)
The pound sterling is the world’s oldest currency still in use and it is the fourth most traded currency in the foreign exchange market, after the United States dollar, the euro, and the Japanese yen.
Sterling is also the third most held reserve currency in global reserves (about 4 per cent).
6) Jordanian Dinar
Jordan
Currency: Dinar
Value of 1 dinar against dollar: $1.41
Value of 1 dinar against rupee: Rs 84.51
Highest banknote: 50
From 1927 to 1950, the Palestine Currency Board issued Palestine pound as the official currency in both Palestine and the Trans-Jordan Emirate, according to Wikipedia.
When Jordan became independent in 1946, the country wanted its own currency and Jordanian dinar became the kingdom’s official currency.
7) European Union Euro
Countries in European Union
Currency: Euro
Value of 1 euro against dollar: $1.33
Value of 1 euro against rupee: Rs.79.22
Highest banknote: 500
The currency is the official currency of Eurozone that comprises of 17 countries. Some these include Belgium, Finland, France, Germany, Greece, Italy, Netherlands, Portugal, and Spain.
The currency is the second largest reserve currency as also the second most traded in the world.
The currency was introduced to world financial markets as an accounting currency in 1995.
8) Azerbaijan Manat
Azerbaijan
Currency: Manat
Value of 1 euro against dollar: $1.27
Value of 1 euro against rupee: Rs.75.74
Highest banknote: 100
After gaining independence in 1991, Azerbaijan became a member of the International Monetary Fund, the World Bank, the European Bank for Reconstruction and Development, the Islamic Development Bank and the Asian Development Bank.The banking system of Azerbaijan consists of the Central Bank of Azerbaijan, commercial banks and non-banking credit organizations.
9) Cayman Islands Dollar
Cayman Islands
Currency: Dollar
Value of 1 dollar against dollar: $1.22
Value of 1 dollar against rupee: Rs. 72.99
Highest banknote: 100
With no direct taxation, the islands thrive as an offshore financial center, with hundreds of banks, insurers and mutual funds. One Cayman Islands Dollar equals $1.21 US. The earlier currency used in Cayman Islands was Jamaican dollar, which was replaced in 1972. On the islands, the US dollar is accepted as legal currency.
10) Switzerland Franc
Switzerland
Currency: Franc
Value of 1 franc against dollar: $1.07
Value of 1 franc against rupee: Rs.64.16
Highest banknote: 1,000
Historically, the Swiss franc has been considered as a safe-haven currency with virtually zero inflation and a legal requirement that a minimum of 40 per cent be backed by gold reserved.
The currency saw a sudden appreciation in 2011 as investors sought safety when Greek-sovereign debt crisis occurred. It further appreciated when European crisis continued and US, too, was witness economic turmoil.
As the currency appreciation was looked as a threat to domestic business, Switzerland’s central bank intervened. At present, the bank has set a highest target for the currency and does not let it appreciate beyond that.
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