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Following the Covid-19 outbreak, many economies have had hits on the negative. Stocks across the globe plummeted. All these also affected the strength of currencies around the world. While some became stronger, some were weaker.
Many people consider the US Dollar or British Pound Sterling as the strongest currency among others. Although they form part of this list, keep reading to discover the strong currencies in the world.
The Most Powerful Currencies in the World
Below are the ten strongest currencies in the world. They are the current heavyweights in the market.
1. The Kuwaiti Dinar (KWD)
The Kuwaiti Dinar is currently the strongest currency in the world. It’s also currently the most valuable currency against the US Dollar.
In 1961, the currency was introduced after obtaining its independence from the UK. Ever since its independence, the Kuwaiti Dinar has become the strongest currency in the world.
2. Bahraini Dinar (BHD)
The Bahraini Dinar is the second strongest currency in the world. It’s the official currency of Bahrain. It was introduced in 1965.
Bahrain is a small nation, located within the PersianGulf Island State. Its population is roughly one million.
3. Omani Rial (OMR)
This is the third strongest currency on the list. The Omani Rial was introduced in 1973. Since then, the Arabian currency has experienced a good ride in value.
4. Jordanian Dinar (JOD)
This is the official currency of Jordan. The Jordanian Dinar was first introduced in 1949 when it placed the Palestinian pound. For over twenty years, the currency has been pegged by the US Dollar.
5. British Pound Sterling (GBP)
You would have been waiting for this to be among the top 5. Yes, the Pound Sterling is very strong. This is the official currency of the UK.
By default, GBP is often seen as the most valuable currency in the world. But you can see that four Arabian currencies are stronger.
6. Gibraltar Pound (GIP)
This is the official currency of Gibraltar. GIP can be exchanged, at par value, with the GBP. It can also be used and traded independently.
7. Cayman Islands Dollar (KYD)
These Islands are located in the Caribbean. They are also a British Territory. If you are looking for some of the best tax havens in the world, the Cayman Islands is a great location.
8. European Euro (Euro)
One Euro is about 1.23 US dollars. The currency is very strong because it’s also the primary currency of the EU (European Union). Euro was collectively adopted on the 1st of January, 1999.
Euro is currently second in the world regarding reserve currency. Among the 28 members of the EU, 19 countries currently use the Euro.
9. Swiss Franc (CHF)
The Swiss Franc is the official currency of Liechtenstein and Switzerland.
One Swiss France is roughly 1.01 USD. This may not be a good conversion rate compared to other currencies on this list. The Swiss Franc is still a strong currency.
10. US Dollar (USD)
This is the official currency of the United States of America. The US Dollar is the most traded currency among others. It’s also the most used currency across the globe.
USD is currently the world’s primary reserve currency. The currency is held by Central Banks and Commercial Banks worldwide.
Conclusion
Contrary to popular belief, the Pounds Sterling or the US Dollar isn’t the strongest currency in the world. Some Arabian currencies are top-notch! However, the USD, EURO, and GBP are the most traded currencies in the world. You can also save your monies in these currencies too. Finally, to learn more about currencies, visit the Sydney currency exchange market.
