In May 2019, I was traveling from Riyadh city (the capital of Saudi Arabia) to Bengaluru (India). I had a connecting flight from Muscat (capital of Oman).
There were 3 hrs of the layover. I was so hungry when I reached to Muscat, I bought “Samosa Chole” at Oman airport. It cost me 3.36 Omani Rials (OMR).
At the time of payment, I was ignorant about the currency conversion rate but when I saw the transaction message it blew up my mind!
I was thinking the conversion rate of OMR will more or less be the same as Saudi Rial (SAR).
Immediately, I googled the Omani Rials (OMR) conversion rate to Indian Rupees (INR) which was,
1 OMR = 178.42 INR
It was shocking! because in Riyadh the conversion rate was,
1 SAR = 18.32 INR
Earlier I only knew about the US Dollar ($) as the most powerful currency in the world and yes it is.
USD (United States Dollar) conversion rate to INR is
1 USD = 68.66 INR
But I have never thought of any currency which could cross the value of USD and it was just because of my unawareness.
This huge difference in the valuation of currencies made me more curious for doing the research on the world’s most expensive currencies.
Now, I Would like to share some information based on my research.
So, let’s start :
I am starting from the top 10 countries whose currencies are much more expensive than USD.
KUWAITI DINAR (1 KWD = 3.29 USD).
BAHRAINI DINAR (1 BHD = 2.65 USD).
OMANI RIALS (1 OMR = 2.60 USD).
JORDANIAN DINAR (1 JOD = 1. 41 USD).
BRITISH POUND STERLING ( 1 GBP = 1.26 USD).
CAYMAN ISLAND DOLLARS ( 1 KYD =1.20 USD).
EUROPEAN EURO ( 1 EUR = 1.14 USD).
SWISS FRANC ( 1 CHF = 1.04 USD).
US DOLLARS ( 1 USD = 1.00 USD).
CANADIAN DOLLAR ( 1 CAD = 0.75 USD).
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But the currency rate attracted me the most is Kuwaiti Dinar.
Now the question is :
Why “Kuwaiti Dinar is the world’s most expensive currency”?
Not only KWD is expensive but also it is so stabilized that it has maintained the consistency of being on top in the list of the most expensive currencies in the world.
Isn’t it interesting?
We only know about the USD as the most powerful and expensive currency.
But there is the difference between “the most powerful” and “the most expensive”.
To know more about Kuwaiti Dinar (KWD), let’s understand Kuwait first.
Officially it is known as the state of Kuwait and capital is Kuwait City.
Kuwait is a statutory sovereign state with a semi-democratic political system.
Prime Minister: Jaber Mubarak al – Sabha.
Kuwait is a country in Western Asia.
It is located in the northern edge of Eastern Arabia and at the extremity of the Persian Gulf.
Kuwait shares borders with Iraq and Saudi Arabia and has a population of 4.6 million people where 1.3 million are Kuwaiti nationals and 3.2 million are expatriates.
Now it is the point to think about, only 4.5 millions of people in a country?
Whereas, in our country, only Delhi has 19 millions of people itself.
And if talk we about the population of the USA, it is 32 million(approx.)
Let’s talk about the resources,
Kuwait has 6th largest (which is about 10%) of oil reserves in the world and according to the world bank, it has 4th highest per capita income in the world.
Petroleum accounts for nearly half of GDP and 95% of export revenue and government income.
Kuwait is one of the six members of the GCC (Gulf Cooperation Council) countries.
Other 5 members of the GCC countries are :
United Arab Emirates(UAE).
Among all these GCC countries Kuwait is the 2nd richest country and Qatar is on top.
Kuwait has strong wealth management and banking management system which always maintain the stabilized value of KWD.
Also, this country has the most expensive and highly protected water purifying system because Kuwait doesn’t have any water resources other than Seawater.
So, the government has planted Desalination Industry to purify the saline water to make it drinkable and also for domestic and industrial use.
Yes, these Desalination Industries are highly protected because if it got destroyed there will be a huge water crisis in Kuwait.
Now, the complete overview :
Kuwait has one of the largest oil reserves in the world and the population is so balanced which has made the country economically stabilized.
Undoubtedly, there are some more factors like their wealth and banking management system, highly qualified entrepreneurs.
But the population always play an important role in the growth and development of a country.
And I think the above-mentioned factors have made “Kuwaiti Dinar the most expensive currency in the world”.
THE CURRENCY (KWD)
The Kuwaiti dinar (KWD) is associated with the US$ and is, therefore, the liable to be influenced ups and downs of that currency.
The KWD is divided into 1,000 fils.
Coins are of 10, 20, 50 and 100 fils.
Notes in denominations of KWD 0.25, 0.5, 1, 5, 10 and 20.
Importing & exporting money is not restricted in Kuwait.
Anyone holding a residence visa in Kuwait can open a bank account and can easily import and export funds.
Other than banks, there are many currency exchange companies in Kuwait, and they also provide better rates than the banks.
Some other transfer systems are also available in Kuwait :
Banks and currency exchange companies in Kuwait are hi-tech fast, accurate and trustworthy.
But the transaction also depends on the organizations involved at the receiving end. Electronic transfer is usually the quickest method.
Other than currency attraction Kuwait has many major tourist attraction also :
Al- Kout Beach.
House of Mirrors.
Largest Opera house in the Middle East.
And much more, the list is too long, so, it is better to visit Kuwait rather than reading the list.
Because of my husband’s job I keep traveling in the Middle East. I was in Riyadh (Saudi Arabia) and now I am in Dubai (UAE). Both cities are royal and systematically established because these countries are rich and economically strong.
Now, imagine about the country which is the richest and has the most stabilized economy in the world.
How will that country be?
Altogether I think, Kuwait’s stabilized economy and balanced population made “Kuwaiti Dinar the most expensive currency in the world”
What is your opinion on Kuwait’s balanced economy you can comment below?
I am a blog enthusiast, an innovative thinker, and self-driven individual. I would like to describe blogging as an art. It’s not something which will turn overnight into a profession. A well-nurtured passion will surely become a profession and that’s where I am heading to. Join along. Read. Like. Share. This blog is all about motivating and spreading awareness. An online platform to share information and opinion on sensational topics involving National and International issues. If you introduce me as a founder, a CEO or an entrepreneur, it will be modest. Naaah… Yes, I am all that by myself.
I am a blog enthusiast, an innovative thinker, and self-driven individual. I would like to describe blogging as an art. It’s not something which will turn overnight into a profession. A well-nurtured passion will surely become a profession and that’s where I am heading to. Join along. Read. Like. Share.
This blog is all about motivating and spreading awareness. An online platform to share information and opinion on sensational topics involving National and International issues.
If you introduce me as a founder, a CEO or an entrepreneur, it will be modest. Naaah… Yes, I am all that by myself.