10 Most Expensive Currencies in The World in 2017

Published on January 17, 2017 at 12:20 pm by Mariam Muhammad in Futures/Forex, Lists, News

The most expensive currencies in the world in 2017 aren’t that different from previous years, which is actually pretty surprising considering the recent Brexit fiasco and constantly fluctuating economies and exchange rates. Currencies of the Gulf States in particular always tend to hold up their game in the world market. This is thanks to the way their currencies are divided and their fixed exchange rates, and needless to say, particularly due to the latter reason, they’ve successfully maintained that track record so far.

An expensive currency is not, contrary to popular opinion, necessarily desirable; in some scenarios devaluing currency actually brings enormous advantages, especially with respect to jobs, inflation, and trade. Nonetheless, it’s probably better for a nation to own a stable currency with significant value that stands the test of time, otherwise they might find themselves in a situation like the Zimbabwean dollar, which had to be redenominated three times due to a mind-boggling degree of inflation bringing it down every time. Redenomination essentially means that they had to keep revaluing it by introducing the second, third and then the fourth and final Zimbabwean dollar–but even that could not stop the incessant devaluing. For instance, the Zimbabwean government actually printed a banknote of a 100 trillion Zimbabwean dollars, and the fourth Zimbabwean dollar, when it was first introduced, was equal to 10^25 first Zimbabwean dollars. Yep, you read that right: that’s 25 zeroes. In case you don’t already know, the Zimbabwean dollar was discontinued in 2009, and now they use a myriad of currencies like the Yuan, the United States dollar and so on. As if Zimbabwe’s economy wasn’t messed up enough already.

0 Most Expensive Currencies In The World in 2017

Living in a country that boasts an expensive currency does have a bright side for the average citizen; you can go vacationing practically all over the world without making too big of a dent in your pocket. However, if you are one of those unfortunate souls abiding in a developing nation, or somewhere like in Japan with an extraordinarily cheap currency, you’re out of luck. In that aspect, living in Europe has tremendous perks, thanks to the universal high-value Euro used throughout the European Union. They don’t need to devalue it either, for European economies are clearly thriving. For more information, check out the 10 Most Competitive Economies in Europe in 2016.

On a serious note, strengthening currency can have extremely deleterious effects on the economy in certain situations; for instance, when the pound was overvalued in 1991 it only deepened the recession, leading to the recession of 1991-92. Additionally, appreciation of a currency due to speculation is also quite harmful, as was evident in Switzerland. It’s probably for the best then that its government clamped down on the ever-rising increase in value.

To prepare the list we picked up high-value currencies and then checked their exchange rate against the United States dollar using the XE currency converter on the 11th of January 2017. Of course, exchange rates constantly fluctuate, and with Brexit in the process we can’t promise that the list will stay the same for the entire year, but so far these are the currencies with the highest value. Now let’s get on with the most expensive currencies in the world in 2017:

10. Canadian Dollar (CAD)

1 CAD = 0.75 USD

The Canadian dollar is recognizable by two major characteristics: the amalgam of different hues which the notes take on, and the traditional names of the one and two dollar coins: the “loonie”, which takes its name from the duck-like loon, and the “toonie”, which gets its title by combining “loonie” and the number two. All the coins, including these and the quarter, dime, nickel and cent, all have a picture of the current (and the beloved) British monarch on one side. The Canadian twenty-dollar bill also bears a big image of Queen Elizabeth II, accompanied by a smaller copy on the strip in a fashion similar to the rest of Canadian banknotes. According to the 2011 series of bills which will continue till 2018, the dollar bills have pictures of Wilfrid Laurier ($5). John A. Macdonald ($10), William Lyon Mackenzie King ($50), Robert Borden ($100) and, of course, as previously mentioned, the Queen.

10 Most Expensive Currencies In The World in 2017

9. Swiss Franc (CHF)

1 CHF = 0.97 USD

Swiss Franc ranks 9th in our list of the most expensive currencies in the world in 2017. Switzerland is one of the focal points of Europe for tourists, but it uses the Swiss Franc instead of the Euro because Switzerland never joined the European Union despite a few attempts to do so. They fear having to bend to immigration and banking laws, and they have maintained neutrality in key situations, a method of response which they would effectively have to abandon as part of the European Union. This, amongst other reasons, means that its citizens are firmly opposed to joining it. Currently, the eighth series of the Swiss Franc is in use, but soon they intend to introduce a new, nature-oriented series, of which they have already started to utilize the 50 Franc note, to replace the brightly colored old ones. Swiss currency also features a thousand Franc note, though it is rarely used.

10 Most Expensive Currencies In The World in 2017

8. Bahamian Dollar (BSD) / United States Dollar (USD)

1 BSD/USD = 1 USD

The Bahamian dollar has always been equivalent to the United States dollar in value, therefore we decided to place both currencies on the eighth spot on our list of the 10 most expensive currencies in the world in 2017. The Central Bank of the Bahamas takes special measures to ensure the parity between the Bahamian and the U.S. dollars, and the latter are frequently used in the Bahamas interchangeably with their own currency. Their banknotes, which are available in reasonable denominations, display a variety of famous politicians such as Milo Butler, Roland Symonette, and even Queen Elizabeth II.

7. Euro (EUR)

1 EUR = 1.04 USD

Euro ranks 7th in our list of the most expensive currencies in the world in 2017. The banknotes of the Euro consist of a spectrum of bright colors with the size of the bill corresponding to its value. The highest value bill available was, until recently, the 500 Euro note, but that has been discontinued in an effort to curb illegal activities. The Euro’s design is based on an appreciation of various architectural styles from all around Europe, for example Classic and Romanesque. The new series – Europa – largely retains the layout and visuals from the earlier notes, but includes revamped security features such as a security thread and a portrait window. Coins depict symbols of European unity such as the entire continent of Europe, and though there is a general design, coins from nation to nation tend to differ, if only in the slightest manner.

10 Most Expensive Currencies In The World in 2017

6. British Pound (GBP)

1 GBP = 1.20 USD

British Pound ranks 6th in our list of the most expensive currencies in the world in 2017. Big congrats to the pound sterling that managed to make the list of the world’s most expensive currencies even after the fiasco that is Brexit. That’s not to say that Britain leaving the European Union did not affect the pound at all, however; it dropped dramatically when lawmaker Boris Johnson joined the Brexit campaign, and then fell into a gigantic downward spiral when the results of the referendum came out. The pound immediately rose in value upon the U.K. court ruling on Brexit, so let’s just sum up by saying that the sterling is not the most reliable currency to use at the moment. Maybe this was the universe’s way of exacting revenge on those old-fashioned, faded pieces of paper they call money!

10 Most Expensive Currencies In The World in 2017

5. Caymanian Dollar (KYD)

1 KYD = 1.21 USD

Caymanian Dollar ranks 5th in our list of the most expensive currencies in the world in 2017. The currency of the Cayman Islands, like so many other currencies out there, feature various editions of undoubtedly the most famous monarch who ever lived: Queen Elizabeth II. Their notes come in an erratic range of colors: from the typical light blues and pinks to garish oranges. The Cayman Islands Monetary Authority (CIMA) perhaps also took this as an opportunity to attract tourists; the currency features elements such as seashells and land crabs along with images of royalty.

4. Jordanian Dinar (JOD)

1 JOD = 1.41 USD

Jordanian Dinar ranks 4th in our list of the most expensive currencies in the world in 2017. With the Jordanian Dinar, we essentially begin a stream of unbelievably valuable currencies from the Gulf States. Unlike the rest of its brethren, however, Jordan does not profit from limitless oil reserves and is, in fact, a developing country with issues such as unemployment, low per capita income, etc. Despite the economic problems riddling Jordan, the value of its currency is affixed to the given amount of United States dollars and the currency is hence quite strong. The banknotes, which only go up till fifty dinars, feature Hussein bin Ali, a caliph of the Ottoman Empire, and his descendants.

3. Omani Rial (OMR)

1 OMR = 2.60 USD

Omani Rial ranks 3rd in our list of the most expensive currencies in the world in 2017. Though once again we come to a developing country in the form of Oman, it is in a different scenario. From a pathetic state of affairs, it has come to being a decent nation thanks to a skyrocketing level of development. The Omani rial, similar to the dinar of Jordan, has also been pegged to a specific amount of United States dollars, and hence it retains its value relative to the dollar. All of its notes feature its current Sultan – Qaboos bin Said al Said – thanks to it being an “absolute monarchy”. Similar to the dinar of Jordan, the Omani rial is subdivided into 1000 units called “baisas.” Coins of various denominations in baisas are found in Oman, as well as the two hundred baisa note.

2. Bahraini Dinar (BHD)

1 BHD = 2.65 USD

Bahraini Dinar ranks 2nd in our list of the most expensive currencies in the world in 2017. Originally, before the advent of the Bahraini dinar, the Gulf rupee was used in Bahrain before it was abandoned in 1965. The dinar of Bahrain is fractionated into “fils”, a thousand of which make up one dinar. The highest value bill is of twenty dinars and, like the ten dinar note, it boasts an image of the incumbent king of Bahrain, Hamad bin Isa Al Khalifa. The rest of the notes display various buildings of some significance such as the old Bahrain Court. The Bahrain keeps its value because, like the previous two currencies we have discussed, it has a fixed exchange rate with the United States dollar.

1. Kuwaiti Dinar (KWD)

1 KWD = 3.26 USD

The number one currency on our list of the 10 most expensive currencies in the world in 2017 is not only high-value, but is also incredibly artistic in its aesthetic design. The banknotes of the Kuwaiti dinar range from a quarter of a dinar to twenty dinars, and all exhibit various things from oil tankers to animals such as the camel and the falcon. The colors of the notes are just bright enough to attract notice, yet subtle enough to impart a classical look to them. Similar to the other Gulf currencies we have already elaborated upon, Kuwaiti dinars are also split up into 1000 units, in this case, like its predecessor, called “fils”. Coins are issued in terms of fils by the Central Bank of Kuwait.