TOP 10 HIGHEST CURRENCIES IN THE WORLD

Business

When we talk of the highest currencies in the world today, the mind of people totally gravitates towards the Dollar, Pounds and Euros.

On the contrary, these world-dominating currencies do not even sit on the top three in terms of currency strength. Below is a compiling of the world’s top 10 strongest currencies as matched against the American Dollar.

Be ready for some shockers.

#1 – Kuwaiti Dinar ($3.2)

With the currency code – KWD, the Kuwaiti Dinar is at number one and stands at 1 KWD = 3.29 USD and 1 KWD = 2.97 EUR.

This comes as a shocker to most minds as they see Kuwait as a small country, but this country has enormous wealth from its significant oil exports into the global market.

With 80% of the country’s revenue coming from petroleum, it is considered to be one of the richest countries in the world today. It is also worthy to know that besides the very stable economy, Kuwait is a tax-free country with a very low unemployment rate.

#2 – Bahrain Dinar

The Bahrain Dinar is the second most valuable currency.

With the code BHD, the Bahrain Dinar rates at
1 BHD = 2.66 USD (Bahrain Dinar to US Dollar).
1 BHD = 2.40 EUR (Bahrain Dinar to Euro).

With a population of just over a million people, the Persian Gulf island state gets its source of income from Black Gold exports and the rate against the US Dollar as seen above has remained stable since 2005.

#3 – Oman Rial

The Oman Rial which has its currency code as OMR, rates at 1 OMR = 2.60 USD and 1 OMR = 2.34 EUR.

With its strategic location along the Arabian, Oman has a developed economy with a high quality of life from petroleum and metal exports around the world.

The purchasing power of this currency is so high that the government had to issue 1/4 and 1/2 Rial banknotes.

#4 – Jordan Dinar

Experts say it is hard to explain the high value of the Jordan Dinar as the country isn’t economically developed and lack essential resources such as oil and precious stones.

Nevertheless, the Jordan Dinar still ranks fourth on the list of 10 strongest currencies in the world as 1 JOD equals 1.41 USD and 1.27 EUR respectively.

#5 – British Pound

Although ranked at number five, people around the world still believe that the Pound is the strongest currency in all of the world.

The Great Britain Pound (GBP) is rated at 1.32 against the US Dollar and 1.19 against the Euro.

There are several colonies which make up the Great British Empire and these colonies issue their own banknotes. They include the Scottish, North Ireland, Manx, Jersey, Guernsey, Gibraltar Pounds, as well as St. Elena Island Pound and Falkland Islands Pound.

Amusingly, native Britons do not always want to accept “other” Pounds as a means of payment.

#6 – Cayman Islands Dollar

The Cayman Islands are one of the world’s best tax haven. These islands provided licenses for hundreds of banks, hedge funds, and insurance companies.

This has helped the KYD rate at 1.22 USD to 1 KYD and 1.01 EUR to 1 KYD.

#7-European Euro

Partially, the strength of the explained by the fact that it is the official world currency in European countries, among which you will find several economically developed ones.

The Euro is rated at 1 EUR to 1.11 USD.

The Euro is the second reserve world currency enveloping 22.2% of all world savings (US Dollar has 62.3%).

#8 – Swiss Franc

As a country which has been known to be resolute in its banking system, Switzerland is among the richest countries of the world.

The countries have high tech goods which go all around the world.

Sitting at number 8 for the countries with the strongest currencies, the Swiss Francs rates at 1 CHF to 1.01 USD and 1 CHF to 1 EUR.

#9 – US Dollar

Owing to the USA’s world economic leadership, its currency achieved the title “World Reserve Currency”. In other words, you can make dollar payments everywhere (in any country).

The USD rates at 1 USD to 0.90 EUR

#10 – Canadian Dollar

The Canadian dollar is the fifth largest reserve world currency. It is often called the “loonie” in honour of the bird depicted on the one-dollar coin.

It rates at 1 CAD = 0.75 USD and 1 CAD = 0.68 EUR

It is important to know that economies are not always stable, hence these currencies may appreciate or depreciate within a short period.

Interestingly, there is the Seborgan Luigino which rates at 1 SPL to 6 USD. Yes, you read right.

This currency is supposed to be the biggest current in the world but because it is not used or recognized outside SEBORGA ( A micronation Principality of Seborga on the border of Italy and France), it cannot be on the list.

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Grace Esohe

A Musical Artist, Saxophonist, Blogger, Web Developer, and Mum with a desire to share knowledge, information and experience while making a difference in the World.

https://www.newsnowafrica.com

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