Most Valuable Currencies Around the World
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The value of currencies fluctuates, but some remain strong decade after decade. This is due to a nation's economy and the value of its currency.
These are the most valuable currencies in the world.
16. New Zealand Dollar
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Current value: $0.60 USD
Bottom line: The New Zealand dollar has been hit and miss over the past few years in terms of strength, but it is still one of the most valuable currencies in the world. It is relatively new after only coming into being in 1967.
New Zealand's economy took a hit during the pandemic, but has recently rebounded with the help of tourism and education. The country's dollar is often referred to as a "commodity currency," because of the country's exported agricultural products.
Note: All currency rates come from Google Finance as of November 2023.
15. Australian Dollar
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Current value: $0.65 USD
Bottom line: Australia's dollar has also been up and down due to the pandemic but is generally strong due to its geology, natural resources, and location in relation to Asia.
However, its currency can be volatile, as it is tied to commodities. The country also faces more competition from China for investors looking to move assets abroad.
14. Canadian Dollar
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Current value: $0.73 USD
Bottom line: The Canadian dollar has always been fairly strong, but this is an anomaly as its economy is actually 10th in the world overall.
However, it is the 12th-largest export economy on the planet. What Russia no longer offers (oil, gas, grain and fertilizer), Canada has plenty of.
13. Singapore Dollar
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Current value: $0.74 USD
Bottom line: The Monetary Authority of Singapore issues the country's currency and serves as its financial regulator, as well as its central bank.
The currency, estimated to have a value of over S$30 billion, is backed by gold, silver, or other assets in possession of the Monetary Authority, which also owns over $270 billion USD in assets.
This makes it one of the most stable currencies in the world.
9. Bahamian Dollar (Tie)
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Current value: $1.00 USD
Bottom line: The Bahamian dollar also serves as the official currency of the Turks and Caicos Islands.
This currency came into existence in 1966. In 1973, when the Bahamas became fully independent, it replaced the pound sterling.
The Central Bank of the Bahamas has always made an effort to keep the currency on par with the U.S. dollar and continues to do. The strong economy in the Bahamas is a result of tourism, fishing and trade.
9. Bermudian Dollar (Tie)
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Current value: $1.00 USD
Bottom line: Bermuda introduced the Bermudian dollar in 1970, but kept the kept the pound sterling until 1972, when it fixed its dollar to the U.S. dollar.
For this reason, the U.S. dollar is accepted on the island at par. The Bermuda dollar is not exportable, as it is not traded — you cannot buy or sell this currency abroad.
Nearly 75 percent of the island's visitors, imports, commerce and international business operations are from the United States.
9. Panamanian Balboa (Tie)
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Current value: $1.00 USD
Bottom line: This currency, introduced in 1904 to replace the Columbian peso, is also fixed to the U.S. dollar, which is the primary legal tender in the country.
Panama does not have its own central bank, nor does not issue any paper currency of its own. The U.S. military and political presence in Panama, which began with the Panama Canal, influences the Balboa's strength.
9. U.S. Dollar (Tie)
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Bottom line: The U.S. dollar is a global currency against which all others are measured and it is the most traded in the world.
It is backed by the U.S. power in the geo-political landscape, and over recent decades, it has gotten even stronger.
Sixty-five countries have fixed their currencies to the dollar, while 11 countries — Ecuador, El Salvador, Zimbabwe, The British Virgin Islands, The Turks and Caicos, Timor and Leste, Bonaire, Micronesia, Palau, Marshall Islands, and Panama — use it as their official currency.
8. European Euro
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Current value: $1.07 USD
Bottom line: The euro is the currency for 19 European Union countries and over 340 million EU citizens. It came into existence in 1999 and, for the most part, has always had more value than the U.S. dollar.
But in recent months, that has changed, and it dipped below $1.02 USD for the first time since 2002. The euro, while still strong, now has a little more value than the U.S. dollar. The war in Ukraine, Russia's uncertain exportation of energy supplies, and the recession worries are all factors in the fluctuations.
7. Swiss Franc
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Current value: $1.11 USD
Bottom line: For decades, the Swiss franc has been considered stable and a safe haven for finances. Investors could back the Franc in times of trouble with the knowledge it would continue to retain its strength.
In the global recession of 2008, investors flocked to the country to buy the currency.
6. Cayman Islands Dollar
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Current value: $1.20 USD
Bottom line: You may have heard of rich folks who have offshore accounts located in Cayman Islands. This is because the territory has no corporate or income tax on money earned outside of it, which makes it a popular place to put money.
The country's strong financial services sector and economy (Caymanians make an average income of $71,549 USD) have placed the Cayman Islands consistently in the top 10 for having one of the world's strongest currencies.
5. British Pound Sterling
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Current value: $1.24 USD
Bottom line: The British pound sterling has always been a relatively strong currency. It's highest value was $2.86 in 1957.
While still strong, it has dropped to its lowest level against the dollar in 37 years.
The culprit? Inflation, which was 10.1 percent in July 2022. Food and energy prices have soared post-Covid and as a result of the war in Ukraine.
4. Jordanian Dinar
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Current value: $1.41 USD
Bottom line: Since 1995, Jordan has fixed its dinar to the U.S. dollar, with the goal of creating stability in its financial system.
This middle-income nation is considered an emerging economy, but this keeps its currency from fluctuating too much, which makes a draw for attracting foreign investments.
3. Omani Rial
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Current value: $2.60 USD
Bottom line: The Omani rial is pegged to the U.S. dollar at a fixed exchange rate. Until 1985, 1 rial was worth about $2.895. That changed to $2.6008 in 1986, where it has remained. This fixed rate allows the currency to remain stable.
The county's economy is also strong and is centered around oil, fishing and trade.
2. Bahraini Dinar
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Current value: $2.65 USD
Bottom line: The Bahraini dinar made its debut in 1965, replacing the Gulf rupee, and is pegged to the U.S. dollar with a fixed rate of $2.65, which doesn't allow for much fluctuation.
Bahrain also has one of the strongest economies in the Middle East. The economy of this wealthy island nation comes primarily from oil and gas.
The country is also a financial services and banking hub for the region.
1. Kuwaiti Dinar
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Current value: $3.24 USD
Bottom line: In 2003, the Kuwaiti dinar was pegged the U.S. dollar until 2007, when the nation's currency board returned to an undisclosed currency basket (i.e., several currencies with different weightings).
Kuwait is also an oil-rich nation, exporting 104 billion barrels, or 10 percent of the world's reserves. With a strong economy and low unemployment rate, its currency remains the most valuable currency in the world.