Which are the strongest currencies in the world?
In the hierarchy of currencies, some legal tender has an economic advantage over others. This is mainly caused by the strong state of the economy which is attributed to factors ranging from export trade to products and services rendered.
Depending on the country – one needs to change from one currency to another in order to book flights and as a result, this is a vital indicator of the usefulness to know the exchange rate beforehand.
Without much ado, listed below are the 10 strongest currencies in the world:
10. Most Tradable currency – US Dollar
Kicking off the list of the strongest currencies in the world is the popular US Dollar.
It is the official currency of the United States of America and is also the leading legal tender in terms of international default price set-up on major leading platforms, apps, stores, and so on.
9. Swiss Franc
Another powerful currency that made it on the list is the Swiss Franc.
This strong currency is used both in Switzerland and Liechtenstein. As of the time of writing this post, the exchange rate of Swiss Franc to the United States dollar is 1 CHF is equal to 1.01 USD.
Switzerland is an expensive country that has a very low debt rate and its currency is among the most tradable in the world.
Also, the nation has a rich economy and its banking sector is easy and hassle-free. Experts predict that the value of the Swiss Franc will likely increase in the coming years.
Outsmarting the US Dollar, Euro is one of the most powerful currencies in history.
It is the currency of 19 countries in Europe out of 28 member Nations. The legal tender was introduced in 1999 and is one of the most tradable currencies Worldwide.
It is the second world reserve currency. The Euro currency was used as traveler cheques and electronic bank transfers during its release. Notwithstanding, this strong currency grew over time and has been adopted by the majority of countries in the EU and EEA.
Also, Countries using the legal tender in Europe have a good level of economic interdependency on trading than others who opt not to.
7. Cayman Islands Dollar
Cayman Islands Dollar is the currency adopted by the Cayman Islands – a British Territory located in the Caribbean.
The currency was introduced to replace the Jamaican dollar. Since making that replacement, the legal tender has grown to be one of the most powerful currencies in the world.
The strong currency provides licenses for a good number of insurance companies and banks across the world.
It was introduced in 1972 and as at the time of writing this post, 1 KYD is equivalent to 1.20 USD.
6. Gibraltar Pound
Gibraltar Pound comes in next as one of the strongest currencies in the world.
The Legal tender is adopted as the official currency of Gibraltar.
The currency shares similar traits in terms of aesthetics with the British Pound and is one of the popular exchange means in the world.
5. Most Strongest currency in Europe – Pound Stirling
Pound Stirling is a member of the top 5 strongest currencies in the world.
It is the official currency of the United kingdom – a nation comprising England, Wales, Ireland, and Scotland.
Excluding Asia, it is the most powerful (independent) currency in the world.
It was adopted by Britain way back in 1489 and has over the years become one of the most exchanged currencies.
The legal tender as it stands can be exchanged for 1.26 USD per Pound Stirling.
4. Jordanian Dinar
The Jordanian Dinar was introduced in 1949 to replace the Palestinian pound.
It is the official currency of Jordan, an Arabic nation located on the bank of the river Jordan. However, the currency is used exclusively in Jordan and has been pegged by the US dollar for a long time.
This is one of the main reason why it is one of the strongest currencies in the world!
3. Omani Rial
Omani Rial is the third strongest currencies in the world. It is also the third most powerful currency in Asia and is the official currency of the Sultanate of Oman.
Just like the Jordanian Dinar, the legal tender is pegged by the U.S Dollar. It has a high purchasing power and as a result of this, the government of the country Introduced an alternative means through the adoption of the 1/4 and 1/2 Rial banknotes.
It was introduced in 1973 and 1 OMR is currently exchanged for 2.60 USD.
2. Bahraini Dinar
Missing the top spot on the list, Bahraini Dinar comes in as the second strongest currency in the world.
It is the official currency of Bahrain, a PersianGulf Island State. However, The said legal tender is exclusively used within the country.
The strong currency was introduced in 1965 and is pegged by the US Dollar. Currently, 1 BHD is equivalent to 2.65 USD.
1. Most Strongest currency in the world – Kuwaiti Dinar
Coming top, Kuwaiti Dinar is the strongest currency in the world.
The Kuwaiti Dinar is abbreviated as KWD. 1KWD is equivalent to $3.29.
it is the official currency of Kuwait, an Asian country that is bounded by Iraq and Saudi Arabia. Kuwait was formerly part of the united kingdom and when they gained Independence, the currency was thereafter adopted in 1961. It waxed stronger with time and has been pegged by several currencies Worldwide.
Kuwait has been involved in the huge exportation of oil and this is one of the main reasons for the currency’s strong value.
That was all on the 10 strongest currencies in the world.
We hope that with the provided information, you will be equipped with the knowledge on what you’ll likely face if you’re planning to study or do business in any of the countries using these currencies.
Nevertheless, it is better to invest with these currencies as they are more likely to bring high dividends.
Below is the summary on the strongest currencies in the world:
- Kuwaiti Dinar
- Bahraini Dinar
- Omani Rial
- Jordanian Dinar
- Pound Stirling
- Gibraltar Pound
- Cayman Islands Dollar
- Swiss Franc
- US Dollar