Every Country has its own currency and has different value. Currency of one country can be changed to other ones according to their value. Value of currency shows the prosperity and development of country.
What do you think, which is the best currency of the world now?
Whenever we talk about currency, British pound strikes our mind instantly, but this is not true. A new list updated on January 13, 2019. It is known that the if country has strong currency then its economically strong country. And not successful countries have low value of their currency. Practically there is no case of constant increases in the value of currency. So many reasons effect the value of currency and constant increase in value of currency is not profitable also. Reason behind this is savings of funds rather than spending them. American dollar is the most circulatory currency of the world. abut as of August 2018, Euro surpass this and became the most circulatory currency of the world.
Comparison of Currency:
High value of Currency determines that inflation of the country is in control. For Strongest economy other factors also take in consideration. Above mention is a thought but practically if we take example of Japan, Japan is the strongest economy but its currency ‘Yen’ is very small. 1 dollar = 109.77 yen. As US dollar is most Reserve currency of the world. All the currencies are termed in US Dollar as well as in Indian rupees. Numbering to currencies is also given on the basis of value in USD. As change is the necessary for life, like that list of best changes also. Some currencies are able to hold their position but some put down. Reason may very for change in the depletion of currency and economy of the country.
Highest value of currency is rarely used by investors, in fact for investment purpose most stable currency is taken under consideration. According to January 2019 top currencies are:
1 Kuwait Dinar
2. Bahraini Dinar
3. Oman Rial
4. Jordan Dinar
5. British Pound Sterling
6. Cayman Islands Dollar
7. European Euro
8. Swiss Franc
9. US Dollar
10. Canadian Dollar In the above list USD is taken as measuring Currencies and other currencies are compared by US Dollar to Differentiate all these. Let us start a brief study of these currencies.
1. Kuwait Dinar (KWD)
Kuwait Dinar is the Currency of Kuwait. Kuwait Dinar is further divided into 1000 fils. In present time Kuwait Dinar is World’s highest- valued currency in terms of its face value. Kuwait is small country in Western Asia. Saudi Arabia and Iraq shares border with Kuwait. A total population of 4.5 million people reside in Kuwait. Kuwait has World’s Sixth largest oil reserve which is the major source of income. That is why Kuwait has a High- income economy. According to world Bank Kuwait ranked fourth in Highest per capita income. In the middle east Kuwait is the home of opera house.
1 KWD = 3.29 US Dollar = 230.19 Indian Rupee
Code of Currency = KWD
Banknotes: ¼, ½, 5, 10, 20 dinars.
Coins: 1, 5, 10, 20, 50, 100 fils
Kuwait is famous for oil. Central bank of Kuwait has circulated its 6th series of Banknotes from 29 June, 2014.
2. Bahraini Dinar (BHD)
Dinar is the currency of Bahrain. That why it is called Bahraini Dinar. It is further divided in 1000 fils. In 1965 Dinar was introduced. Dinar replaced Gulf rupee, 10 Gulf rupee= 1 Dinar. Dinar is derived from roman word denarius. For showing fils it is generally represented up to three decimal places.
1 BHD = 2.65 US Dollar = 185.63 Indian Rupees
Code of Currency = BHD
Banknotes: BD ½, BD 1, BD 5, BD 10, BD 20
Coins: 5 fils, 10 fils, 25 fils, 50 fils, 100 fils, 500 fils
Bahraini Dinar is the World’s Second most Valuable Currency. Bahrain from 20th century invested in banking sector and tourism. Bahrain’s Financial Sector is strong. Production of Petroleum is the main source of income. Aluminum production is the second major source followed by financial and construction material’s production. World bank tagged Bahrain is a High-income Economy. Bahrain is the 10th freest economy of the world. Bahrain is Persian Gulf Island state. More than 1 million people resides in Bahrain. Interesting fact is that Bahrain Dinar is pegged to USD exchange rate. And from last 14 years its exchange rate with US Dollar is same.
3. Omani Rial (OMR)
Rial is the currency of Oman. It is further divided in 1000 baisa. Omani Rial is the third most valuable currency of the World. Oman is an Arab country. Official religion of Oman is Islam. Oman shares its border with United Arab, Saudi Arabia, Yemen and Marine Borders with Iran and Pakistan. Tourism, trade of fish, dates and agricultural produces are the significant part of its economy. Oman is placed in the list of High- income economy. According to Global Peace Index Oman ranked 70th most peaceful country. Its strategic location is very nice.
1 OMR = 2.60 US Dollar = 181.68 Indian Rupees
Code of Currency is = OMR
Banknotes: 200 baisa, 100 baisa, 50 baisa, 20 baisa, 10 baisa, 5 baisa, 1 baisa, ½ baisa out of all these 200 baisa is rarely used currency.
Coins: 5 baisa, 10 baisa, 25 baisa and 50 baisa
4. Jordanian Dinar (JOD)
Since 1950 Jordanian Dinar is the currency of Jordon. 1 dinar is further sub divided into 10 dirhams, 100 qirsh and 1000 fulus. Economy of Jordon is emerging. Jordon’s economy had grown at a fast rate i.e. 8 % rate annually till 2008 but in 2011 its annual rate is decrease by 2%. Jordan has Free Trade Agreement (FTA) with US, Canada, Singapore, Malaysia, the European Union, Tunisia, Algeria, Turkey and Libya.
Jordan is an emerging knowledge economy. Scarce water supplies are the main hurdles of Jordon’s economy. Fully dependent on oil imports for energy with regional instability. Water supply is limited and only 10% land is Arable. Ground water is not renewable, low rainfall. Economy resources are based on phosphates, potash and their fertilizer, tourism, overseas remittances. 93% of domestic needs of energy relies on natural gas. Jordon lack in coal resources, hydroelectric power. For oil Jordon depends on Iraq until 2003. Jordon produces goods in many sectors like textile, aerospace, defense, cosmetics and pharmaceuticals. It is quiet surprising that this country lacks in natural resources still has 4th valuable currency of the world.
1 JOD = 1.41 US dollar = 98.69 Indian Rupees
Code of Currency is = JOR
Banknotes: 1 dinar, 5-dinar, 10-dinar, 20-dinar, 50 dinars
Coins: ½ qirsh, 2 ½ qirsh, 1 qirsh, 5 qirsh, 10 qirsh, ¼ dinar, ½ dinar, 1 dinar
5. British Pound Sterling (GBP)
British Pound Sterling generally preferred as Pound but rarely termed as Sterling. Pound Sterling is the currency of the UK, Jersey, Guernsey, The Isle of Man, South Georgia and the South Sandwich Islands, the British Antarctic territory and Tristan da Cunha. Pound is further subdivided into 100 pence. A number of nations that don’t use Sterling have only Pound as their currency.
In foreign exchange market Sterling is the third most- traded currency, first one is United States and 2nd one is Euro. Chinese Yuan, US Dollar, Euro and Sterling Pound altogether forms the basket of currencies use to calculate the value of IMF special drawing rights. In Global Reserves Sterling is also the third most- held reserve currency. For the pound sterling ‘Bank of England’ is the central bank. Central bank issues its own banknotes and coins and regulate its issuance by private banks in Scotland and Northern Ireland. Most of people thought that British pound is the top currency but this currency is on number 5. Bank colonies issues their own banknotes which are different from Bank of England and have a face exchange value of 1:1.
1 GBP = 1.26 US Dollar = 91.11 Indian Rupees
Code of Currency is = GBP
Banknotes: frequently used: £5, £10, £20, £50
Rarely used: £1, £ 100
Coins: Frequently used: 1p, 2p, 5p, 10p, 20p, 50p, £1, £2
Rarely used: 3p, 4p, 6p, 25p, £5, £ 25, £ 100, £ 500
6. Cayman Islands Dollar (KYD)
Cayman Islands Dollar is the currency of Cayman Islands. This is further subdivided into 100 cents. Its symbol distinguishes it from other dollar dominated countries. It is the 9th highest valued currency as of November, 2018. Cayman Islands is one of the best world tax havens. These Islands provide the authority to so many banks and Insurance companies. These Islands accepts US dollar as a currency but change given by them is in Cayman Islands Dollar only.
1 KYD= 1.20 US Dollar = 84.04 Indian Rupees
Code of Currency is = KYD
Banknotes = 1, 5, 10, 25, 50, 100 dollars
Coins = 1, 5, 10. 25 cents
7. European Euro (EUR)
Out of 28 member states Euro is currency of 19 states of European Union. These states altogether known as Eurozone. 343 million population of eurozone counted as of 2019. Euro is second most – traded and second largest currency in the world after US Dollar. Euro is further categorized in 100 cents. The currency is also used by micro European states that are not the part of European Union. As of 2018, 240 million people used pegged currency with euro.
Euro is the second largest Reserve currency. Circulation of Euro in terms of Banknotes and coins is highest all around the world, which overcome US dollar.
Name Euro was adopted in 1995. In 1999, Euro introduced to Financial markets as an Accounting currency.
1 EUR = 1.14 USD = 78.67 Indian Rupees
Code of Currency = EUR
Banknotes = Frequently used: 5, 10, 20, 50, 100 euro
Rarely used: 200-euro, 500 euro
Coin: Frequently used: 1c, 2c, 5c, 10c, 20c, 50c, euro 1, euro 2
Rarely used: 1c, 2c
8. Swiss Franc (CHF)
Franc is the currency and legal agreement of Switzerland and Liechtenstein. It is also legal agreement in the Italian exclave. The Swiss National Bank issues the banknotes and coins issued by Swissmint. Franc is further sub divided into 100 Roppen in German, centime in French, centesimo in Italian and rap in Romansh. ISO code for currency by banks and financial institutions is CHF, SFr is also used by businesses and advertisers. SFr stands for Swiss Franc. CH stands for Confoederatio Helvetica. So many languages are used in Switzerland, hence a neutral inscription used on its coins. Switzerland is not only a rich country but stable one also. “Bank Secrecy” is the banking system of Switzerland known for its resolute. Franc banknote has vertical view which differentiate from others.
1 CHF =1.04 USD = 69.44 Indian Rupees
Code of Currency is = CHF
Banknotes: 10, 20, 50, 100, 200 & 1000 franc
Coins: 5, 10 &20 Rp/cts, ½, 1, 2, 5 francs
9. United States Dollar (USD)
Since 1792 US dollar is the currency of United States and its territories. Dollar is further sub divided into 100 cents or 1000 mills for accounting purpose. US dollar is the world’s most reserve currency. Also, the most circulatory currency of the world. Several currencies used it as their official currency.
1 USD = 70 Indian Rupees = 1.0 USD
Code of Currency is = USD
Banknotes: 1, 5, 10, 20, 50, 100 dollars
10. Canadian Dollar (CAD)
The Canadian dollar is the currency of Canada. Abbreviated with dollar sign $, or sometimes Can$ or C$ to distinguish from other $ dominated country. Canadian dollar is further sub divided into 100 cents. Canadian Dollar is the Fifth largest Reserve currency in the World. Canadian Dollar is also known as ‘Ioonie’ in Honour the bird depicted on coin of $1.
1 CAD = 0.75 USD = 52.17 Indian Rupees
Code of Currency is = CAD
Banknotes = $5, $10, $20, $50, $100
Coins = 5 cent, 10 cent, 25 cent, $1, $2