Kuwaiti Dinar, the national currency of Kuwait, is the most valuable currency in the world. The currency was introduced in 1961 as the replacement of the Gulf Rupee. The Gulf rupee was introduced by the Indian government in 1959 to use outside of India, particularly in the Persian Gulf region.
In 1961, Kuwait became an independent currency of the United Kingdom. Kuwaiti currency law created the Kuwaiti Currency Board to establish Kuwaiti currency. By 1966, both currencies were calculated, but the use of the rupee had ended entirely.
Today, Kuwaiti Dinar is known as the most valuable currency in the world as it is a freely floating currency. Substantial oil production in Kuwait supported the currency’s wealth and value. Over the years, Kuwaiti Dinar gained a significant sovereign wealth fund, and Kuwait Investment Authority manages this fund and helps ensure that Kuwaiti remains prosperous.
The economy of Kuwait is heavily dependent on oil production, and the country is one of the largest oil exporters in the world. With such a high oil demand, Kuwait’s currency kept on in demand. Moreover, Kuwait is a tax-free country; this is also one of the reasons that affect the economy of Kuwait. The residents of Kuwait do not need to pay any taxes.
The conversion rate of one KWD is $3.28$.
More currencies in the world are considered valuable, but they all come after Kuwaiti. Let’s find out which is the most valuable currency in the world after Kuwaiti. Read out the below section to explore other strongest currencies worldwide.
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Other Most Valuable Currency in the World
Money is the only medium to exchange goods all around the world. The only difference is, different countries have different currencies with distinct values. But, have you ever wondered which is the highest valued currency in the world? The United Nations recognized 180 currencies as the most valuable money in the world. While Kuwaiti Dinar is the most valuable currency in the world, read ahead to discover valuable currency in the world other than Kuwaiti.
To compare the value, we have used the USD currency.
Conversion Rate: 1 BDH = $2,66
Bahraini Dinar is the most valuable currency in the world after Kuwaiti Dinar. Bahrain is also heavily reliant on oil exports after Kuwait. The most popular exchange rate of Bahraini Dinar is INR to BHD, INR is the Indian currency symbol, and BHD symbolizes Bahraini Dinar. India is the largest expat group of Bahrain, which is the reason behind the INR to BHD popularity.
The current value of one BHD is 196.95 in INR.
Conversion Rate: 1 OMR = $2,60
Omani Rial is the most valuable currency in the world after Kuwait and Bahraini Dinar. Oman used INR as its official currency, and this is why INR is the most popular exchange rate to OMR. After introducing oil export, Oman quickly rose its currency value and was pegged against the U.S. Dollar.
Conversion Rate: 1 JOD = $1,41
Jordanian Dinar or JOD is the currency of Jordan and is considered the fourth most valuable currency in the world. The West Bank and Israeli Shekel use Jordanian Dinar as the official currency. Unlike other countries, Jordan is not exclusively an oil-rich country and relies on other exports as a source of income.
British Pound Sterling
Conversion Rate: 1 GBP = $1,37
British Pound Sterling is the oldest currency in the world and needs no introduction. This monetary unit is the national currency of various nations in the United Kingdom and is now the fifth most valued currency in the world. In the forex trade market, the biggest financial market in the world, the combination of USD and GBP is considered the strongest and is often referred to as the ‘Cable’.
Gibraltar Pound (GIP)
Conversion Rate: 1 GIP = $1,37
Gibraltar Pound or GIP is the national currency of Gibraltar, a British overseas territory. This currency counts at number sixth when it comes to the most valuable currency in the world. It can be exchanged with the British pound sterling at face value. The most popular Gibraltar pound exchange rate is EUR to GIP rate. The major income of the country depends on a number of sectors like tourism and e-gaming.
Caymanian Dollar (KYD)
Conversion Rate: 1 KYD = $1.41
The Caymanian Dollar is the official currency of the Cayman Islands. Before the Caymanian Dollar was introduced as the official currency, the Jamaican Dollar was used as currency until 1972. Currently, the value of KYD makes it the seventh position in the most valuable currency in the world.
The country supports the tax haven status that makes it the most valuable money in the world.
Conversion Rate: 1 EUR = $1.13
The Euro or EUR, the official currency of Eurozone, has 19 member states out of 28 European Union: Austria, Belgium, Cyprus, France, Germany, Estonia, Ireland, Greece, Latvia, Lithuania, Malta, Luxembourg, Italy, the Netherlands, Portugal, Slovakia, Slovenia, Estonia and Spain. Euro is the second largest reserve currency after the USD; it is also the most valuable currency in the world after the Caymanian Dollar in the chronology.
Money has completely turned the barter system into pieces of paper. These small pieces of paper have unique designs and values depending on the country or region. Kuwaiti Dinar is currently the most valuable currency in the world. After the main export of petroleum, Kuwait deals in fertilizers, petrochemicals and financial services. The important trading partners of Kuwait are Japan, China, the US, India, South Korea, Singapore, European Union, South Arabia. While Japan is the largest consumer of Kuwaiti oil, India, Singapore, and South Korea are the second largest importers of Kuwaiti oil.