The US dollar is considered one of the strongest, most expensive and best-known currencies in the world. However, it has serious competitors in terms of value. Many people know that the euro is more valuable than the dollar, but is it the only currency that costs more than the USD?
🔸Euro
Exchange rate: 1.10 USD
If one asks what is worth more, the euro or the dollar, the answer is the euro. But this is true for 2023. From January 2000 to November 2002, for example, the dollar was valued higher than the EUR, but the euro strengthened after that and was cheaper than 1 USD only in the second half of 2022.
🔸Cayman Islands Dollar
Exchange rate: 1.20 USD
The Cayman Islands dollar is the legal tender of the Cayman Islands, the British Overseas Territory in the West Indies, in the Caribbean Sea. The international abbreviation is KYD. This legal tender relies on a fixed exchange rate pegged to the US dollar, where 1 KYD equals 1.20 USD.
🔸British Pound
Exchange rate: 1.26 USD
Thanks to the UK’s position as one of the world’s major financial centres and one of the leaders in international trade, the British pound is strong. Politicians in the UK generally maintain the value of the pound above that of the greenback.
🔸Jordanian Dinar
Exchange rate: 1.40 USD
Similarly to the KYD, the Jordanian dinar (JOD) is pegged to the US dollar at a higher value. The idea behind this was to influence the exchange rate and keep it as stable as possible, which should help attract US investment in Jordan.
🔸Omani Rial
Exchange rate: 2.60 USD
Oman has also pegged its legal tender to the US dollar at a fixed rate, so 1 OMR is 2.60 USD. The rial successfully maintains its value thanks to the country’s oil production, tight monetary policies, and financial restrictions on the money supply. The restrictions have helped keep inflation rates low for many years.
🔸Bahraini Dinar
Exchange rate: 2.66 USD
The Bahraini dinar, or BHD for short, is pegged to the USD at a higher value. Since 2018, the Bahraini dinar’s exchange rate has remained at the same level, and 1 BHD = 2.66 USD. In hindsight, the average annual rate for the BHD has been close to the current rate since 2011. The dinar stays pegged, and inflation remains low.
🔸Kuwaiti Dinar
Exchange rate: 3.26 USD
The Kuwaiti dinar or KWD is the world’s strongest national currency. It is not pegged and floats freely. Thanks to the country’s vast natural resources and significant oil production, the value of KWD is very high.
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