It is commonly believed that the British pound and the US dollar are the two most valuable paper currencies in the world, but in reality this belief is not true, as there are many other currencies that surpass them in value. So, we decided to compile a list of the 10 most valuable paper currencies in the world for the year 2023.
Kuwaiti dinar
The Kuwaiti dinar is the most expensive currency in the world because its exchange rate remains fixed at 3.3 dollars according to the policy followed by the Central Bank of Kuwait, where the reasons for its high value lie in the country’s permanent maintenance of a large surplus in the balance of payments for a long time, in addition to a huge cash flow resulting from exports Oil The country's population is limited and economic productivity is weak, which makes the need to devalue the currency to increase the competitiveness of exports in the global market non-binding.
Bahraini Dinar (BHD)
The Bahraini dinar is also classified as a high-value currency, and its exchange rate is close to two and a half dollars per dinar, as Bahrain is considered a small island with a low population density and relies mainly on a small economy built on oil and natural gas exports.
The Bahraini dinar is 100% linked to the US dollar, and this link has been in place since the currency was first launched in 1965. The value of the Bahraini currency faces challenges, especially with the continued fluctuations in energy markets and the complexities of the geopolitical situation in the Gulf region.
Omani Riyal (OMR)
The exchange of the Omani riyal has been linked to the US dollar since the first day of its issuance, and this trend is similar to many currencies in the Gulf countries. In addition, the Sultanate of Oman adopts conservative monetary policies that coincide with low inflation rates, and these factors contributed to the stability of the exchange rate of the Omani riyal over many decades.
The Omani economy may depend heavily on oil revenues, which constitute about 50% of the gross domestic product. Despite the Sultanate's attempts to invest in the tourism sector and some investment funds, the overall performance is still lagging compared to successful countries in the region such as the United Arab Emirates.
Jordanian Dinar (JOD)
The presence of the Jordanian dinar on the list of the most expensive currencies in the world may raise questions for some, especially with Jordan being classified as one of the poor countries with heavy debt burdens that receive international aid on a regular basis to support its economy.
However, the reason behind the strength of the Jordanian dinar is mainly due to its peg to the US dollar only, and this does not reflect the reality of the Jordanian economy, which suffers from structural problems and weak economic indicators. No one denies that the strength of the Jordanian dinar may be an advantage, but its high value hinders the competitiveness of Jordanian goods. It reduces the attractiveness of tourism as a means of increasing hard currency revenues.
British Pound (GBP)
The pound sterling is considered the oldest currency in circulation to date, as its use dates back more than 1,200 years. The pound sterling has witnessed many changes in its form and value before the current version, which is considered the official currency of the United Kingdom and some countries that depend on the British Crown in their regions.
The British pound against the US dollar is considered one of the most important major currency pairs in the forex market, which reflects the great economic value of the United Kingdom. If you are interested in investing in foreign currencies, we suggest that you read a detailed guide about the best trading companies in the forex market, which will help you make informed investment decisions with Trusted brokers regulated by official financial bodies.
Cayman Islands Dollar (KYD)
The Cayman Islands is ranked as one of the most famous tax havens in the world, making it a prime destination for many companies.
As for the Caymanian dollar: it is a currency of limited value and is only circulated within the Cayman Islands themselves, which makes it difficult to exchange it in other regions of the world.
Gibraltar Pound (GIP)
Gibraltar is considered one of the smallest countries in the world, with a population limited to about 32 thousand people. Gibraltar is subject to British sovereignty, and the rise in the value of the Gibraltar pound may be due to its close connection to the pound sterling and its dependence on the British Crown. Note that people in this country currently prefer Use sterling notes more than local currency.
Swiss Franc (CHF)
The Swiss franc is considered one of the most stable currencies in the world, and this is due to the economic diversity and permanent political stability that Switzerland enjoys, as global investment banks invest in the Swiss franc to diversify their investment portfolios.
In addition, Switzerland has a modern banking structure and a respectable legal system that makes it one of the best destinations for opening offshore bank accounts, making it a safe destination for investment and stability during these difficult times.
Euro (EUR)
The euro is the official currency of the countries of the European Union, as it is considered one of the most prominent and most sought-after major currencies in the foreign exchange market.
US dollar (USD)
The US dollar is considered the strongest currency in the world and the most widely used in global markets to secure the flow of goods and services, as the dollar plays a vital role as the backbone of the international financial transfer system SWIFT. The dollar also derives its strength from the size and diversity of the US economy, in addition to the enormous political influence of the United States that the currency has made. Reserve reserves for most countries in the world.