Strongest currencies in the world(2023) : Top 10

Have you ever wondered what the strongest curreny in the world is: The US dollar, wrong. The Pound sterling, wrong again. The strongest currency in the World is the Kuwaiti Dinar.

A country’s currency shows how strong a country is and also put the country in the discussion of the wealthiest countries in the World.

In this article, we have listed the top 10 currencies in the World in 2023.

By comparing the value of the currencies, we have used the United States dollar as the fixed base currency. The strongest currency here is defined as the one that is the most expensive in comparison to the US dollar. That is the currency that gives you the smallest currency return for 1 US dollar.

Top 10 Strongest currencies in the world(2023)

Below is the list of the top 10 strongest currencies in the world:

1. Kuwaiti Dinar

The world’s strongest Currency

Topping the list of the Strongest currencies in the World is the official currency of Kuwait, The Kuwaiti Dinar(KWD). The Kuwaiti Dinar was introduced in 1960 replacing the Gulf rupee that was pegged at parity with the Indian rupee and was initially equivalent to one pound sterling.

Kuwait is considered one of the world’s wealthiest countries, thanks to its large global exports of Oil,  and is also a tax-free country with little to no unemployment rate.

The exchange rate for Kuwaiti dinars is o0.30 for 1 US dollar.

2. Bahraini Dinar

Also on the list of the Top 10 strongest currencies in the world is the official currency of Bahrain, The Bahraini Dinar(BHD). Introduced in 1965, to replace the Gulf rupee.

Bahrain is an island country in the Persian Gulf. Thanks to the country’s oil and gas industry, Bahrain is also among the wealthiest country in the World and derives 85% of its revenue from Oil and Gas.

You will receive about 0.38 Bahraini dinar when trading with 1 US dollar

3. Omani rial(OMR)

The Omani rial is the official currency of Oman. Introduced in 1970, The Omani rial(OMR) is split into 1000 smaller divisions known as baisa.

Located on the Southeastern coast of the Arabian Peninsula, The Sultanate of Oman has a strong economy due to oil exports to various countries all over the World.

The exchange rate for 1 OMR is 2.60 US dollars

4. Jordanian Dinar(JOD)

Also on the list of the Top 10 strongest currencies in the world is the Jordanian Dinar(JOD), the official currency of Jordan since 1950.

Jordan does not boast of Oil reserves, still, the Jordanian dinar is strong as a result of Jordan’s diversified economy – which span from trade and finance to manufacturing and mining.

The Jordanian Dinar is pegged at a fixed rate of  1 JOD to 1.41 US dollars.

5. Pound Sterling (GBP)

Most used Currency in the World

Boasting the title of the oldest currency in the world, The Pound sterling is the official currency of the United Kingdom, the British Overseas Territories, and the UK Crown Dependencies.

GBP is among the most used currency in the world accounting for around 12.8% of daily trades on the foreign exchange market.

It currently exchanges at 1 GBP to 1.21 US dollars.

6. Cayman Islands Dollar (KYD)

The Jamaican Dollar was the official currency of the Cayman Islands after which, the Cayman Islands Dollar took its place.

Known as the “Tax haven”, The Cayman Island offers offshore bank services for financial corporations and wealthy individuals, hence no taxes are applied on any income stored or earned within the jurisdiction.

The KYD exchanges at 1 KYD to 1.21 US dollar.

7. Swiss Franc(CHF)

Also on the List of the Top 10 Strongest currencies in the world is the official currency of Switzerland and Liechtenstein, The Swiss Franc, which was introduced in 1850.

A stable and robust currency, The CHF is known as a ‘safe haven’ currency because of the countries stable economy, the strictest monetary policy and lowest debt levels.

The Swiss Franc is the 7th most traded currency in the world and currently exchanges at 1 CHF to 1.04 USD.

8. Euro

The youngest currency in the World

Officially the currency of 19 states of the European Union, The Euro is the 2nd most used currency globally, both in reserve and circulation, and is among the newest currency.

In exchange for 1 US dollar, you will receive around 0.90 Euro,

9. US Dollar (USD)

Also on the list of the strongest currencies in the world(2023) is the official currency of the United States of America and its territories, The US dollar. The USD is the most used currency in the world both in reserve and circulation.

Introduced in 1972, The US dollar holds many first-place titles, including the richest country in the world but on the list of the strongest currencies in the world, comes in at 9th place.

10. Bahaman Dollar (BSD)

Wrapping up the list of the Top 10 strongest currencies in the world is the official currency of the Bahamas, the Bahaman Dollar which was introduced in 1966 serving as a replacement for the Bahamas pound.

The Bahamas’ economy is heavily reliant on international financial services and tourism. And it is also considered a tax haven as it charges no tax on income stored or earned.

Summary(Top 10 Strongest currencies in the world(2023) )

Below is a summary of the Top 10 strongest currencies in the World (2023)

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SOURCES:

www.bankbazaar.com