This can be regarded as a very interesting topic among most of us. Information of these types is indeed very fascinating. They help us to know various important facts and figures about different countries. This also indicates the economic status of the country to a great extent. It also enables us to make comparisons between different countries on the basis of their currency values. Hence, the topic, “strongest currency in the world” can be regarded as very important. As per reports, the United Nations recognises around 180 currencies as legal tender. In order to compare the value of the currencies, the United States dollar is usually used as the fixed base currency. Hence, according to this, the strongest currency is defined as the one that is the most expensive in comparison to the US dollar. This is the currency that gives us the smallest currency return for 1 US dollar. Hence, in this article, we will be discussing some of the strongest currencies in existence these days. So, without further delay, let’s get into our discussion of the topic.
- Kuwaiti dinar – a strong currency
It is known as the strongest currency that is currently in use. The Kuwaiti dinar or KWD was introduced in the year 1960 and during that initial period, it was equivalent to one pound sterling. As we all know, Kuwait is a small country that is nestled between Iraq and Saudi Arabia. The wealth and richness of this country has been driven largely by its large global exports of oil. Thus, you will receive just 0.30 Kuwait dinar after exchanging 1 US dollar. From this, it is evident that the Kuwaiti dinar is the world’s highest-valued currency unit per face value, or simply ‘the world’s strongest currency’.
- Bahrain dinar- one of the strongest currency in the world
This can be essentially regarded as the second strongest currency as per latest reports. Like most Arabic currencies that are discussed on this list, this one is also divided into 1000 smaller currency units called ‘fils’. One thing that we should keep in mind is that the Bahraini dinar is only used in Bahrain and is pegged against the US dollar. When trading 1 US dollar you will receive 0.38 Bahraini dinar. Thus, from this we can get an idea regarding the strength of this currency.
- Omani rial- an important currency
The Omani rial or OMR is regarded as the national currency of Oman. It can also be regarded as one of the strongest currency in the world. The Omani rial is usually split into 1000 smaller divisions known as baisa. As per reports, the Omani rial quickly rose in value after being introduced due to the success of Oman’s oil exports and being pegged against the US dollar. Taking into account various evaluations, a single US dollar will exchange for around 0.38 Omani Rial, which is nearly double the currency strength of the Pound sterling!
- Jordan dinar- another strongest currency in the world
This currency is regarded as the national currency of Jordan. As per recent reports, it earned the position as the 4th strongest currency currently. This currency has became Jordan’s official currency in the year 1950 after it replaced the Palestinian pound. As per evaluations, 1 US dollar is transferrable for around 0.71 Jordanian Dinar. Hence, it is evident that this currency has earned a rightful place in the top 5 most valuable currencies of the world.
- Pound sterling- a very valuable currency
The Great British pound, the pound sterling or the GBP is regarded as the 5th most valuable currency in the entire world. As we all know, this cannot be regarded as the strongest currency but it does keep the title as the oldest currency still in use. It is often thought to be the strongest currency in the entire world due to the fact that it is actually the strongest currency that is widely used. The pound sterling can also be regarded as the 4th most traded currency globally, accounting for around 12.8% of daily trades on the foreign exchange market. It has been observed that when exchanging a single US dollar, you will receive around 0.75 Great British pounds in return. Thus, this currency is quite strong!
- Gibraltar pound- the strongest currency in the world
The Gibraltar pound or GIP is considered as the national currency of Gibraltar. It is exchangeable with the British pound sterling at face value. This means that, in Gibraltar you are free to use both GIB and GBP. According to reports, a single US dollar will buy you around 0.81 Gibraltar pounds. Thus, it is evident that the values are very much similar to that of the pound sterling.
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- Cayman Islands dollar- another valuable currency
This currency can be regarded as the 7th most expensive currency in the world. The Cayman Islands dollar or KYD is the national currency for the Cayman Islands. It is actually an autonomous British territory located in the Caribbean. It has been observed that the Cayman Islands are a major financial tax haven for wealthy individuals and corporations. As per evaluations, a United States dollar is exchangeable for around 0.83 Cayman Islands dollar. Thus, this currency is indeed very strong and it is actually the only strongest Caribbean currency on the list.
Thus, from our discussion of the topic, “ strongest currency in the world”, it is quite evidentthe list includes a number of currencies. Such a detailed discussion is very important and it enables one to get an idea regarding the financial aspects associated with different countries. As it is evident, the value of currency can definitely indicate the financial strength that the country possesses. It gives an idea regarding how rich or affluent the country is. Now, as we can see, whenever we are proceeding with such a discussion, we usually need a standard, on the basis of which we can make our comparison. Without a proper standard, it is very difficult to establish such an efficient list!
