Highest Currency in The World 2020 [Updated]

This post will show you the highest currency in the world and its rates with other currencies.

A currency serves as a medium for exchange of goods and services in a particular economy.

Therefore, without a currency, there will be nothing like budget, trade, import, export, banking, transportation, insurance and the likes. In short, a currency is one of the multiple money systems.

Highest currency in the world

 

In fact, currencies are the most traded items in the foreign and stock exchange markets. A nation without a currency will have no economy. This is because, the currency is the base of any economy.

Certainly, this would pop up thoughts about which currency is the highest in the world, and that is exactly what we will be discussing here today. However, before we dive into the main topic, it will be of great use to know the different currencies we have in the world.

World Currencies

Firstly, I will be mentioning a few of the currencies we have in the world presently. Their countries will also be included in the list. The country comes first, then followed by the currency.

  1. United States – Dollar.
  2. Nigeria -Naira.
  3. Ghana – Cedi.
  4. Australia – Dollar
  5. Kuwaiti – Dinar
  6. France – Euro
  7. Italy – Euro
  8. Spain – Euro
  9. Belgium – Euro
  10. China – Yuan
  11. Japan – Yen
  12. Taiwan – Yuan
  13. Argentina – Peso
  14. Egypt – Pound
  15. Zimbabwe – Dollar
  16. Singapore – Dollar
  17. Germany – Euro
  18. Senegal – Franc
  19. Mexico – Peso
  20. Liberia – Dollar
  21. Kenya – Shilling
  22. Nepal – Rupee
  23. Canada – Dollar
  24. Sierra Leone – Leone
  25. New Zealand – Dollar
  26. Russia – Ruble
  27. South Africa – Rand
  28. Algeria – Dinar
  29. Saudi Arabia – Riyal
  30. Mali – Franc
  31. Syria – Pound
  32. Togo – Franc
  33. North Korea – Won
  34. Norway – Krone
  35. Rwanda – Franc
  36. Chad – Franc
  37. Colombia – Peso
  38. Costa Rica – Colon
  39. Czech Republic – Koruna.

The United States Dollar, Japanese Yen, Switzerland franc, Canadian dollar,  Australian dollar, New Zealand dollar, and Euro are known as major currencies in the world. This is because they are are the most traded currencies in the exchange markets.

Highest currency in the world

As a result, we might feel one of the major currencies should be the highest-valued currency in the world, but we are wrong.

By the time I mention the highest currency in the world, you might get shocked because it is not a well known currency.

Requirements for a currency to have a high value

Before we dive straight into what the highest currency is, let us have an idea on what it takes to be the highest currency in the world.

Saying a currency is the highest is another way of saying it has the greatest economic value. This means that if you have one unit of this particular currency, you will be richer than having the same one unit of any other currency.

Importation of goods and services from a country whose currency has more value than your own currency, might be very dangerous. This because, you will get to pay more of your currency, and thin in turn will increase the prices of the goods you have imported and can lead to inflation.

However, it is very profitable to export goods to such a country because you get more value than your own currency.

What exactly is the world highest currency?

I am quite sure you are very anxious right now to know what exactly the highest currency in the world is. I’m sorry for the long suspense.

Highest currency in the world

The Kuwaiti Dinar(KWD) is the highest valued currency unit in the world. The Kuwaiti Dinar(KWD) was introduced in 1961 to replace the Gulf rupee in Kuwait. I bet you might have not even heard of the currency or the country.

Kuwait has one of the lowest unemployment rates in the world and it is also a tax free country. This means that citizens are not enforced to pay taxes.

So let’s look at the quote(rates) of the Kuwaiti Dinar(KWD) against the US dollar and the Nigeria Naira.

As at the time of publication of this article;

1 KWD equals 3.24 USD; and

1 KWD equals 1,261.54 NGN.

This should tell you how weak the Nigerian Naira(NGN) is.

Highest world CurrencyIn conclusion, we have come to know what the highest currency in the world is. Most of us might have erroneously thought the highest valued currency in the world would be the United States Dollar(USD), but fortunately, this write up came at the right time to shed light on the controversial topic.

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