Perhaps many think that the British pound is the world’s strongest currency. However, due to dynamic world economic conditions, there are currencies that are more expensive than the pound.
Quoting from FXSSI, Friday (13/11/2020), here are the 10 strongest currencies in the world as of September 2020.
1. Kuwaiti Dinar
The Kuwaiti Dinar is the strongest currency. Kuwait itself is a small country with abundant wealth. The high value of its currency is due to significant petroleum exports on the global market.
Kuwait is the richest country in the world. This is because the oil-based economy is stable and their oil production and exports are very advanced. Apart from its very stable economy, Kuwait is a tax-free country with a very low unemployment rat.
2. Bahraini Dinar
Bahraini is an island nation in the Persian Gulf with a population of over 1 million people. The country’s biggest income is oil exports. The Bahraini dinar is pegged to the US dollar exchange rate, and its value has remained stable since 2005.
3. Oman Rial
The Oman rial has amazing purchasing power. This currency was so high that the government had to issue 1/4 and 1/2 Rial banknotes. Oman is a country on the Arabian Peninsula with a strategic location. Therefore, this country has a developed economy and an excellent quality of life.
4. Jordan Dinar
Jordan is not very developed economically and does not have many resources, such as oil. Despite this, the value of one Jordanian dinar is equal to the value of 1.41 US dollars, which makes it one of the 10 strongest currencies in the world.
5. British pound sterling
This currency is the world’s most expensive against the US dollar. However, it turns out that this currency is the fifth most expensive currency.
6. Cayman Island Dollar
The Cayman Islands is one of the world’s best tax havens. The archipelago provides licenses for hundreds of banks, hedge funds, and insurance companies. Thanks to his leadership among tax havens, the Cayman Islands dollar is worth 1.22 US dollars.
Euro has strengthened in recent years, it is likely to be the driving force for this currency to enter the world’s most powerful currency. This currency is the official currency of European countries. In addition, the euro is the world’s second reserve currency, which accounts for 22.2% of all world saving.
8. Swiss Franc
Swiss is not only one of the richest countries in the world, but also one of the most stable. Its banking system has long been known for its strict ‘bank secrecy’ nature. In addition, its high-tech systems are well-known worldwide.
9. US Dollar
United States dollar (US) is the world’s reserve currency, so all countries can use this money as a transaction. This is because the world economic leadership is controlled by the US.
10. Canadian Dollar
This currency is the fifth largest reserve in the world. The Canadian dollar, or ‘loonie’, is described as a tribute to the type of bird depicted on the $ 1 coin.
That is the list of the strongest currency in the world.