By Chetna Kaushik
Yes, the heading “Top ten currencies of world 2015” would have been good, but let’s see it this way, it will cost you a lot to visit these countries. The living cost, travelling cost, and the sightseeing. That is a lot of money. How much a country’s currency is worth depends on its economy, GDP, and purchasing power.
The generic definition of currency is ‘It is a system of money in general use in a particular country’. And the strength of currency (or the value) can also be calculated from currency in relation to other currencies, usually using a pre-defined currency basket. A typical example of this method is the U.S. Dollar Index.
So the top ten currency of the world, in U.S. Dollar Index, are:
The official currency of the State of Kuwait is Kuwaiti Dinar, denoted as KWD. Kuwait being one of the richest countries has the strongest currency of the world. One Dinar has the value of 3.29 US Dollars. Highest Denomination Currency Note as per the sixth series issued in 2014 is of 20 Dinars that equals 65.87 US Dollars. Kuwait is not a very large country rather a smaller one, situated in Arabian Peninsula. But it comes out the best example of, size doesn’t matter. The oil reserve of Kuwait is the fifth largest in the world and due to the returns received by trade of oil and gas, Kuwait is included in the list of richest countries of modern world and the currency of Kuwait is the strongest currency of world.
Bahraini Dinar denoted as BHD is the official currency of Kingdom of Bahrain. One Bahraini Dinar is equal to 2.65 US Dollars. It is 2nd in number among the ten strongest currencies of modern world. In 2008 the Central Bank of Bahrain has introduced a new series and now the biggest note is of 20 Dinars and it is equal to 53.05 US Dollars. Almost all of the Arab countries have discovered their oil reserves and they do trade of these reserves as well, it is important to know that Bahrain was the very first country who discovered its oil reserves.
Riyal denoted as OMR is the official currency of the Sultanate of Oman. It was attributed as the official currency in 1970 and before this Oman has been using Indian Rupee and Riyal Saidi. One unit of OMR equals 2.60 US Dollars. It is the 3rd strongest currency of the world today. The Highest Denomination Currency Note issued by the Central bank of Oman is of 50 Omani Riyal and it is equal to 129.85 US Dollars. Oman is a traditional monarch state, as it is evident from the name. . The country also sells oil and gas as many other Arab countries do but along with this trade many other elements add to the country’s economic development. rts of the country. Poultry production is
Lat has been the official currency of the Republic of Latvia till January last year. It had been the currency of the state since 1922; however it was replaced by the currency of USSR during the occupation of Russia over the country. One unit of Latvian Lat denoted as LVL equals 1.61 US Dollars. The Highest Denomination Currency Note is of 500 LVL that equals 805.74 US Dollars, though 500 LVL notes are rarely used.
Falkland Islands Pound
The Falkland Islands Pound is the currency of The Falkland Islands which is a British overseas territory. The currency is pegged to the British Pound Sterling. The Falkland Islands was introduced in the year 1883. It is one of the strongest currencies of the world as you can get 1.51 USD in exchange of one The Falkland Islands Pound. The highest denomination currency note of The Falkland Islands is 50 Pounds which is equivalent to 75.39 USD.
British Pound Sterling
The pound sterling denoted as GBP and is commonly known in the world as Pound. It is interesting to know that it is officially the currency of United Kingdom as well as Jersey, the Isle of Man, Guernsey, the South Sandwich Islands, South Georgia, Tristan da Cunha and the British Antarctic Territory. The Pound is considered to be the oldest among the currencies of world. One GBP is equal to 1.51 US Dollars. The Highest Denomination Currency Note is of 50 Pounds that is equal to 75.64 US Dollars.
Gibraltar Pound is the currency of the Gibraltar which is a British overseas territory. The currency is pegged to the British Pound Sterling. The currency was introduced in the year 1934. It is one of the strongest currencies of the world as you can get 1.51 USD in exchange of one The Gibraltar Pound. The highest denomination currency note of The Gibraltar Pound is 50 Pounds which is equivalent to 76.64 USD.
St. Helena Pound
The St. Helena Pound is the currency of the Atlantic Islands of Saint Helena and Ascension which is a British overseas territory. The currency is pegged to the British Pound Sterling. It is one of the strongest currencies of the world as you can get 1.51 USD in exchange of one The St. Helena Pound. The highest denomination currency note of The St. Helena Pound is 20 Pounds which is equivalent to 30.25 USD.
Jordanian Dinar is on number six in the list of ten strongest currencies of the world. Dinar denoted as JOD is the official currency of the Hashemite Kingdom of Jordan (commonly known as Jordan). One Dinar is equal to 1.41 US Dollars. The Central bank of Jordan issued Highest Denomination Currency Note of 50 Dinar in 1999, it equals 70.61 US Dollars.
Cayman Islands Dollar
The 8th strongest currency of the world is Cayman Islands Dollar. It is denoted as KYD and one KYD is equal to 1.22 US Dollars. The Highest Denomination Currency Note is of 100KYD that is equal to 121.95 US Dollars. Latest series of notes was issued in April 2011 by the Cayman Islands Monetary Authority (CIMA)