Apart from being a source of pride, currency is also a means of payment for legal economic transactions used by a country. In Indonesia, for example, the Rupiah is an official and legal currency that can be used as a means of payment at home and is often used as a medium of exchange for conducting foreign trade.
In spot international currency trading, where various currencies are traded, there are usually many things that determine the high and low rates of currency exchange rates. One of the most decisive things is the petroleum trade. So it is not wrong if the currency exchange rate of the largest oil producing country in the world dominates to become the most expensive currency in the world. Here is the proof, the 10 most expensive currencies in the world throughout 2020:
1. Kuwaiti Dinar (KWD)
The first rank for the most expensive currency in the world is occupied by the Kuwaiti Dinar with the currency code – KWD. The exchange rate against the US dollar is up to 3.24 USD per 1 KWD. Meanwhile, against the Rupiah itself, the value reached a fantastic price, namely 47,611.98 IDR per 1 KWD. The high Kuwaiti Dinar exchange rate is due to the significant value of petroleum exports on the global market. So it is not wrong if Kuwait is considered the richest country in the world, where more than 80 percent of the country’s income comes from the petroleum industry.
2.Bahraini dinar (BHD)
The second most expensive currency in the world is the Bahraini Dinar with the currency code BHD. The Bahraini dinar has a quite expensive exchange rate difference with the US dollar exchange rate, which is up to 2.66 USD per 1 BHD.
3. Omani riyals (OMR)
The Omand Riyal with the currency code – OMR – is the third most expensive currency in the world. Apart from being an oil-producing country in the world, one of the countries in the Arabian peninsula is also supported by a strategic location and is a silk route for world trade. It is not wrong that Oman has a rapidly developing economy and its people have a very good standard of living. That is what makes the Omani Riyal exchange rate one of the most expensive currencies in the world. Just imagine, 1 OMR can go up to 2.60 USD
4.Jordan Dinar (JOD)
Again, countries on the Arabian peninsula once again dominate the value of world currency exchange rates at exorbitant prices. The currency is Jordanian Dinar, code JOD, traded in spot currency per 1 JOD can reach 1.41 USD. Meanwhile, in the Rupiah exchange rate, the value reached 20,747.43 IDR. The interesting thing is that Jordan, unlike other countries in the Arabian peninsula, is a petroleum producer and its economy is not very developed. But certainly, the value of the JOD currency has a fantastic price and is in the ranks of the most expensive currencies in the world. Per 1 JOD priced at 1.41 US Dollars
5.British pound ($ 1.32)
Everyone must have thought the British Pousterling (GBP) is the most expensive currency in the world with an exorbitant price. However, in the spot trading list, it occupies the fifth position and the dollar takes the sixth position. The British Pound exchange rate per 1 GBP reaches 1.23 USD
6.Cayman Islands Dollar (KYD)
The Cayman Islands is one of the licensees for hundreds of world’s banks, hedge, insurance companies and is one of the best tax havens in the world. Therefore, the value of the KYD exchange rate is well maintained and is included in the top 10 most expensive currencies in the world. Noted, 1 Cayman Islands Dollar (KYD)
can reach 1.22 USD
7.European Euro (EUR)
The value of the European Union currency which was melted into the euro is still relatively stable and the strongest in the world. Moreover, the Euro currency has enormous reserves totaling more than 22 percent of world reserves and in the form of Dollars occupies the first position with more than 62 percent. The official currencies of these European countries have a fairly expensive value, for just 1 EUR the value reaches 1.10 USD
8.Swiss franc (CHF)
The Swiss franc (CHF) is one of the most expensive currencies in the world as the currency of pride of the Swiss state. Apart from being one of the richest countries in the world, Switzerland is the most stable country. Moreover, Switzerland is known for the best banking system, with very strict and strict confidentiality. Therefore, CHF has a very expensive value, where just 1 CHF can reach 1.03 USD
9.US Dollar (USD)
The dominance of world money reserves reaches more than 62 percent, making the United States Dollar (USD) able to penetrate the ranking of the top 10 most expensive currencies in the world. Where, for just 1 USD at this time it could reach 14,709.48 IDR. Moreover, in various countries USD finances a payment instrument which is widely used for export and import activities.
10.Canadian dollar (CAD)
The top 10 position is held by the Canadian Dollar (CAD). In addition, the Canadian currency is one of the countries that has the fifth world currency reserve in the world. So it’s not wrong if CAD is able to occupy the top 10 ranks of the most expensive currencies in the world by occupying the tenth position. Where 1 CAD is priced at 0.72 USD