What do Kuwait, Bahrain, Oman, and Switzerland have in common? The answer is that their currencies are the most expensive in the world. If you’re a trader—or you’re simply curious about global currencies—let’s see which one is the priciest.

Starting with the number one spot: the Kuwaiti dinar. Its exchange rate is 1 KWD = 3.26 USD. The reason is that Kuwait is a major oil exporter, producing about 3 million barrels of oil per day, which brings the country enormous revenue, making their currency very strong.

In second place is the Bahraini dinar (1 BHD = 2.65 USD). Bahrain is also an oil producer. Even though it’s smaller than Kuwait, their economy is stable, with low inflation and a current account surplus throughout the year. In these two countries, their currencies are pegged to a basket of currencies or to the US dollar to maintain stability.

Looking at the Omani rial (1 OMR = 2.60 USD), it’s another of the world’s most expensive currencies. Oman produces about 1 million barrels of oil per day, and oil exports are the engine of their economy, strengthening this currency.

Moving on to the world’s most expensive currency from a non-oil-producing country: the British pound (1 GBP = 1.33 USD). It remains a powerful currency because the UK is an economic superpower. London is the world’s main financial hub, and the value of the UK’s technology sector is more than $1 trillion.

The Swiss franc (1 CHF = 1.21 USD) is also considered one of the most expensive currencies in the world, and it’s still a “safe haven” because Switzerland has laws requiring 40% gold reserves to support its currency. So when global crises happen, people often flock to the Swiss franc.

What’s interesting is the ยูโร (1 EUR = 1.13 USD). Even though it’s a relatively new currency (in use since 2542), it has become an influential currency in the global economy. It is also a reserve asset of the IMF, accounting for 29% and being the second most held international reserve currency after the US dollar.

The Jordanian dinar (1 JOD = 1.41 USD) is a special case. Jordan isn’t a major oil producer like its neighbors, but their currency is still strong because they have large foreign reserves and it’s pegged to the US dollar.

Meanwhile, the Gibraltar pound (1 GIP = 1.33 USD) and the Cayman Islands dollar (1 KYD = 1.20 USD) are also among the world’s most expensive currencies, but they’re used mainly at the local level, because they are respectively pegged to the British pound and the US dollar.

In summary, the world’s most expensive currencies often come from countries with strong economies—whether they’re oil producers, economic superpowers, or financial centers. If you’re thinking about holding a particular currency, consider the credibility and stability of the country that issues it, because a high currency value doesn’t always mean it’s safe or stable.