Kuwaiti dinar first and US dollar tenth: the 10 most powerful currencies in the world
Shafaq News / The American “Forbes” magazine stated that the US dollar is not the strongest currency in the world, but rather the Kuwaiti dinar, and with a big difference between them.
The American magazine stated that the US dollar is generally seen as the most powerful currency in the world, adding that it is the most traded currency on the world stage, but it is surprising that the “dollar” is not the most powerful paper currency, among the world’s 180 legally recognized currencies. all over the world.
He reviewed the report, which was translated by Shafak News Agency. The 10 most powerful currencies in the world, based on their relative value against the US dollar, noting that most currencies are “floating”, which means that their value fluctuates according to supply and demand, while some currencies are “correlated”, which means that their value is relative to another currency (such as USD) fixed at an agreed rate.
The report pointed out that exchange rates affect the cost of goods and services in a foreign currency, but exchange rate fluctuations also create an opportunity for investors looking to make profits through foreign currency trading.
Here are the 10 most powerful currencies:
1. The Kuwaiti dinar
The Kuwaiti dinar is the strongest currency in the world, as a Kuwaiti dinar buys 3.26 US dollars (or in other words, 1 US dollar is equivalent to 0.31 Kuwaiti dinars, meaning that every Kuwaiti dinar is equivalent to about 3 dollars).
The report indicated that Kuwait earns much of its wealth from being a leading global exporter of oil, and the Kuwaiti dinar was introduced in the sixties of the last century and was initially pegged to the pound sterling before it was re-linked to a basket of currencies.
2. The Bahraini dinar
The Bahraini dinar is the second strongest currency in the world with one Bahraini dinar buying 2.65 US dollars (or one dollar equals 0.38 Bahraini dinars).
Bahrain earns much of its wealth from oil and gas exports. The Bahraini dinar was put into circulation in 1965 and is pegged to the US dollar.
3. The Omani Rial
The Omani Rial is the third strongest currency in the world with one Rial Omani buying US$2.60 (or one dollar equals 0.38 Omani Rial). As with its other wealthy neighbors, Oman is a major exporter of oil and gas, and the Omani rial was introduced in the 1970s and is pegged to the US dollar.
4. The Jordanian dinar
The Jordanian dinar is the fourth strongest currency in the world, with a Jordanian dinar buying 1.41 US dollars (or one dollar equals 0.71 Jordanian dinars).
Jordan is less dependent on oil and gas exports than its neighbours, and is suffering from sluggish economic growth and mounting debt. The Jordanian dinar was put into circulation in the year 1950 and is linked to the US dollar.
The British pound is the fifth strongest currency in the world with a British pound buying 1.20 US dollars (or 1 US dollar equals 0.83 British pounds).
Britain is the sixth largest country in terms of gross domestic product, according to the World Bank, and the pound was introduced for the first time in the 14th century before its decimal value was broken in 1971. It is a free currency and is not linked to other currencies.
6. The Cayman Islands dollar
The Cayman Islands dollar is the sixth strongest common currency in the world, with 1 Cayman Islands dollar buying 1.20 US dollars (or 1 US dollar equals 0.83 Cayman Islands dollars).
The Cayman Islands is a British territory in the Caribbean and is an offshore financial centre. The Cayman Islands dollar was first introduced in the 1970s and is pegged to the US dollar.
7. Gibraltar pound
The Gibraltar pound is the sixth strongest common currency in the world, with 1 Gibraltar pound buying 1.20 US dollars (or 1 US dollar equals 0.83 Gibraltar pounds).
Gibraltar is located in the southern part of Spain and is officially a British territory. The Gibraltar pound was first introduced in the 1920s and is pegged to the British pound (and the Gibraltar pound is equal to one British pound).
8. Swiss francs
The Swiss franc is the eighth strongest currency in the world, with one Swiss franc buying 1.07 US dollars (or 1 US dollar equals 0.93 Swiss francs).
The Swiss franc is the official legal currency of Switzerland and Liechtenstein and is viewed as a safe haven due to the political stability in Switzerland. The Swiss franc was introduced in the year 1850 and was briefly pegged to the euro before moving into a free float.
The euro is the ninth strongest currency in the world, with 1 euro buying 1.07 US dollars (or 1 US dollar equals 0.94 euros).
The euro is the official currency of the eurozone, which consists of 19 countries out of the 27 countries that are part of the European Union. The physical currency entered circulation in the year 2002 and is floating and free.
10. US dollars
The US dollar is the 10th most powerful currency in the world, at exactly 1 to itself. All other currency units around the world are worth less than the US dollar.
The conclusion of the report; The US dollar was introduced in the 18th century, and is legal tender in the United States, other American territories, and sovereign nations including Puerto Rico, Ecuador, and Zimbabwe.
The United States is the largest economy in the world in terms of gross domestic product. The US dollar is the most traded currency in the world. The US dollar is the largest reserve currency in the world (the currency most often held by central banks) and is the currency used to price many commodities, including Oil, gold and copper.