US dollar most circulated currency worldwide
KUWAIT CITY, Dec 24: Recent report of the web application Listography indicates the American dollar is not the most valuable currency although widely circulated, reports Al-Anba daily.
Report added the Kuwaiti Dinar is the most valuable currency worldwide while other Arab currencies also made it to the top 10 valuable currencies, including the Bahraini Dinar, Omani Riyal and Jordanian Dinar.
The top 10 valuable currencies for 2018 depend on factors such as the performance of the US dollar, because 64 percent of foreign exchange transactions are done by the US dollar followed by Euro (19.7 percent).
The value of Kuwaiti Dinar — first issued in 1961, is 3.30 dollars. It is considered the most valuable currency due to its stable value, as it’s not subjected to supply and demand. Kuwait ended the link between its Dinar and the US dollar since 2007 and connected the currency with the value of a package of currencies.
Bahraini Dinar ranked second with $2.65 while Omani riyal, first issued in 1970, came third with $2.59. It is noteworthy of note Bahrain allows its citizens to conduct transactions with the Saudi riyal.
Report stated the Jordanian Dinar claiming fourth place with $1.41 was first issued in 1950 to replace the Palestinian Pound. The currency was connected to the International Monetary Fund (IMF) in 1995 and has since maintained its steadiness. Gibraltar pound came fifth with about $1,31845.
Gibraltar is an autonomous provenance belongs to England with a total land space of 6.7 kilometers and residents of about 30,000. Although the economy of Gibraltar is too small (about $1,887 billion) the currency is a strong one. Sterling Pound came in the 6th place with $1, 31806. It is the currency of UK and other 9 relevant provinces. Sterling is the oldest currency that still being used till now.
It is the 4th most circulated currency after the American dollar, Euro and Chinese yin. Sterling is affected by the supply and demand and it once went up to match five dollars but it later went back to reach $1,31. However it is one of the most stable currencies around the world. Cayman Islands dollar came in the 7th place with $1, 21. Cayman Islands are British Overseas Territory Province. The currency was first issued in 1972 to replace the Jamaican dollar.
Euro came in the 8th place and it is circulated in 18 countries out of 24 countries of the European Union by 338.6 million individuals in their daily transactions in the Euro Area. 227 million others use currencies linked to the Euro around the world. Euro is the second most circulated currency in the world after the American dollar and it was first launched in Spain 1995 and 4 year later it was entered to the international financial markets. Swiss Franc came in the 9th place equaling one dollar.
American dollar is being used in America since 1785 and it is used officially in 11 countries while 43 countries use it not officially. Canadian dollar came in the 10 place equaling $0.789 and it was first issued in 1858 and it contains 100 cents.