Did you know that over 180 currencies from around the world are recognized by the UN?
Many of these currencies are stronger than others – but it is important to note that this does not necessarily indicate a stronger economy. For example, Japan’s economy is regarded as one of the world’s strongest. Yet, a single Japanese Yen exchanges for considerably less than US$1.
There are several factors that influence the value of a currency. Not only are there a number of country-specific variables that go into determining a currency’s strength, but there are also other benchmarks (other currencies, commodities, etc) against which a currency’s strength can be measured.
One of the main reasons the value of a currency might fluctuate is buyers. Countries all over the world purchase other countries currencies, which determines the value. For example, the US Dollar is strong because so many countries buy US Dollars. If investors and buyers decide to stop buying US Dollars, then the value of the US dollar would drop significantly.
Here’s our list of the 10 strongest currencies in the world 2019 (valued against the world’s most traded currency, the US Dollar).
10 – Canadian Dollar
Canada’s official currency is the sixth most traded globally and the world’s fifth largest reserve currency. The Canadian Dollar’s value is quite sensitive to changes in the US economy and the US dollar’s value.
Currency Code: CAD
Value vs USD: 1 CAD = .74 USD
9 – US Dollar
The US Dollar is the world’s most traded currency, and is also the world’s primary reserve currency. It is held by central and commercial banks all around the world for the purpose of international transactions.
Currency Code: USD
Check out our blog: The History of the US Dollar
8 – Swiss Franc
The official currency of Switzerland is both the world’s eight strongest and eight most commonly held reserve currency. Switzerland’s sound monetary policies and low levels of debt, have made CHF a ‘safe-haven’ currency.
Currency Code = CHF
Value vs USD: 1 CHF = 1 USD
7 – Euro
The Euro is the official currency of the European Union, and is the world’s second biggest reserve currency. It is used by 19 of the 28 EU countries, this is known as the Eurozone.
Currency Code: EUR
Value vs USD: 1 EUR = 1.12 USD
6 – Cayman Islands Dollar
Cayman Islands has a strong currency, as they are one of the world’s best tax havens. These islands provide licences for hundreds of banks, hedge funds and insurance companies.
Currency Code: KYD
Value vs USD: 1 KYD = 1.20 USD
5 – Pound Sterling
The British Pound (Pound Sterling) is the official currency of the United Kingdom and its territories.
In recent years, its value has been affected by Brexit and the UK’s decision to leave the EU.
Currency Code: GBP
Value vs USD: 1 GBP = 1.26 USD
4 – Jordanian Dinar
Jordan is not economically developed, and lacks essential resources such as oil. So why is its currency so strong? Because it has been pegged to the US Dollar for the last 20 years.
Currency Code = JOD
Value vs USD: 1 JOD = 1.41 USD
3 – Omani Rial
The country of Oman has a developed economy and a high quality of life, mainly thanks to its strategic location on the Arabian Peninsula. It has also been pegged to the US Dollar for decades.
Currency Code: OMR
Value vs USD: 1 OMR = 2.60 USD
2 – Bahraini Dinar
Bahrain is an island state in the Persian Gulf. Home to the world’s second strongest currency, the country’s largest source of income is the export of petroleum products.
Currency Code: BHD
Value vs USD: 1 BHD = 2.65 USD
1 – Kuwaiti Dinar
Despite its small size, Kuwait has huge wealth thanks to significant oil exports into the global market. As a result, the Kuwaiti Dinar is the world’s highest-valued currency against the US Dollar.
Currency Code: KWD
Value vs USD: 1 KWD = 3.29 USD
Note: currency rates given in this article are approximate rates only as of writing on 1st June 2019. They are provided as a reference only and are not intended to indicate the current prevailing rates as of the time of reading.
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