The idle ramblings of a Jack of some trades, Master of none

Oct 9, 2007

The Currency Heaven

Another two bite the dust. Currencies, I mean. It used to be a favoured quiz question among currency traders: name the five currencies that are worth more than a pound sterling. From next year onwards, there will only be three currencies in this exalted list of highest valued monies on the planet. The question will be that much easier to answer. Sigh.

The Maltese Lira: this is one that's biting the dust shortly. From 1 January 2008, Malta adopts the Euro. Currently, it trades at Lm 1 = £ 1.61. At one time, this was pegged to the sterling, but when it began to float in the 1970s, it appreciated against the mother currency

The Omani Rial: Before 1940, the Indian Rupee was legal tender in Muscat and Oman. In 1970, the Omani Rial equal in value to the sterling was introduced. Currently, the exchange rate is 1 OMR = £ 1.28, and it is pegged to the US dollar

The Kuwaiti Dinar: When introduced in 1961, it was equal in value to the sterling. At the moment, it is the highest valued currency in the world. (Well, if you ignore the Luigino of Seborga.) Exchanges at 1 KWD = £ 1.76. Until recently, it was pegged to the US dollar.

The Bahraini Dinar:Introduced in 1965 to replace the Gulf Rupee. Currently pegged to the US dollar. Exchanges at 1 BHD = £ 1.30

The Cypriot Pound: this is the other about to vanish forever. As in the case of the Maltese Lira, New Year's Day 2008 will dawn with much fanfare and regret among the (Greek) Cypriots who will no longer be able to exchange 1 CYP = £ 1.18.


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