It is no news that the world’s reserved currency is the US Dollar which is also one of the strongest, however, it is surprisingly not the world highest currency.
Contrary to what most people think, neither of the British Pound nor any Dollar is the highest in the world, not even in the world’s top three. You might be surprised to find out which currencies currently seat top in the world ranking.
It is very important that every trader, entrepreneur, and economist know these currencies and their standings.
Here are the world’s top 5 highest currencies in 2021.
1. KUWAITI DINAR
The Kuwaiti Dinar is the official currency of Kuwait. Though a small country, they have amassed a great deal of wealth from oil industry.
One Kuwaiti Dinar today is equivalent to about 3 dollars. The country has a very low unemployment rate and is tax free.
The code for this currency is KWD.
2. BAHRAINI DINAR
The Bahraini Dinar is the official currency of Bahrain. This currency is valued at around 2 dollar and interestingly it has been at this rate since 2005.
It came into existence in 1965. Although it does not make it to the top 10 richest countries in the world, Bahrain is the fifth richest Arab country.
The country’s largest source of income is exportation of black gold. It is also known for other mineral resources like oil and date palms.
3. OMAN RIAL
Next to the Bahrain Dinar is the Oman Rial, its currency code is OMR.
One Oman Rial is equivalent to about 2 US dollars. Oman is a small Arab country which generates most of its revenue from agriculture and tourism with an economy developed enough to offer her citizens a high quality of life.
4. JORDAN DINAR
This is the fourth highest currency in the world. Its currency code is JOD and one JORDAN Dinar is equivalent to about 1 dollar.
Unlike the top three countries on this list, the Jordan economy is classified as ‘emerging market economy’, this is partly because the country is not blessed with natural resources like some other countries. However, Jordan Rial remains one of the world’s highest currencies.
5. BRITISH POUND STERLING
A lot of people would have expected that the British pound sterling will top this list, but in 2021, it is the fifth highest currency in the world.
The currency code for the British Pound Sterling is GBP
Something different about this currency is that Britain is a colony, but countries under it have their different types of pounds. Countries like, North Ireland, Scotland, England and so on.
Political and economic times are changing which causes most country currencies to be unstable or unable to retain their positions in the world ranking.
However, you would note while going through our list that these currencies do not even belong to the top five richest or most powerful countries in the world. Their currency status is rather attained by GDP per capita.