Have you ever wondered what are the top 10 strongest currencies in the world 2024? The US Dollar, the British Pound or the Euro come to mind when considering the highest currencies in the world. However, none of the above currencies is the most expensive.
The most traded currency in the world is the US Dollar but the strongest currency is the Kuwaiti Dinar. The United Nations recognizes around 180 currencies as legal tender but which has the most value?
Here the strongest currency is defined as the most expensive currency against the US dollar. Let us see which are the top 10 strongest currencies in the world in 2024.
The Canadian Dollar (CAD) is the currency of Canada. It is abbreviated with dollar sign $ or sometimes CA$, Can$ or C$ to distinguish it from other dollar-denominated currencies. It is divided into 100 cents.
Accounting for about 2% of all global reserves, the Canadian dollar is the fifth-highest reserve currency in the world, behind the US dollar, euro, yen and pound sterling.
The Canadian dollar is popular with central banks due to Canada’s relative economic soundness, the strong sovereign position of the Canadian government, and the stability of the country’s legal and political systems. The Canadian Dollar is the 10th strongest currency in the world in 2024.
The United States Dollar (USD) is the official currency of the United States and its territories according to the Coinage Act of 1792. A dollar is divided into 100 cents, or 1000 mills for accounting and taxation purposes.
The Coinage Act of 1792 created a decimal currency by producing Dame, Nickel, and Penny coins, as well as dollar, half-dollar, and quarter-dollar coins, all of which are still mined in 2021. The United States Dollar is the 9th strongest currency in the world in 2024.
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The Euro (EUR) is the official currency of 19 of the 27 member states of the European Union. This group of states is known as the eurozone or euro zone and includes around 343 million citizens by 2019.
The euro, which is divided into 100 cents, is the second largest and most traded currency in the foreign exchange market, after the United States dollar.
Outside of Europe, many specialized regions of EU members also use the euro as their currency. Additionally, more than 200 million people worldwide use the currency for the euro. The Euro is the eight Strongest Currency in the world in 2024.
The Franc (CHF) is the currency and legal tender of Switzerland and Liechtenstein. It is also a legal tender in the Italian Exclave of Campione d’Italia. Swiss National Bank (SNB) issues banknotes and federal mint Swiss Mint coins.
The small denomination, one hundredth of Franc, is a Rappen (Rp.) in German, centime (c.) In French, centesimo (ct.) in Italian and rap (rp.) in Romansh.
The ISO 4217 code of currency used by banks and financial institutions is CHF. The Swiss franc is the 7th among the top 10 Strongest Currencies in the world in 2024.
The Cayman Islands Dollar (KYD) is the currency of the Cayman Islands. It is abbreviated with dollar sign $, or alternatively CI $, to distinguish it from other dollar-denominated currencies. It is divided into 100 cents.
The Cayman Islands Dollar was introduced in 1972, in exchange for the Jamaican Dollar. Both Jamaican currency and Cayman Islands dollar remained legal tender until 1 August 1972, when Jamaican currency ceased to be a legal tender.
The Cayman Islands Dollar is the 6th among the top 10 strongest currencies in the world.
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Pound sterling (GBP), referred to as pound or sterling in some contexts. The official currency of the United Kingdom, Jersey, Guernsey, Isle of Man, Gibraltar, South Georgia and the South Sandwich Islands, the British Antarctic Territory and Tristan. It is divided into 100 pence.
“Pound sterling” is the oldest currency in constant use. Some nations that do not use sterling also have currencies called pounds. Pound Sterling is the fifth among the top 10 Strongest Currencies in the world in 2024.
The dinar of Jordan (JOD) has been the currency of Jordan since 1950. The dinar is divided into 10 dirhams, 100 kirshas (also called piastres) or more than 1000. It is pegged to the US dollar.
The Central Bank of Jordan began operations in 1964 and became the sole issuer of the Jordan currency in place of the Jordan Currency Board.
Jordanian dinars are also widely used in the West Bank along with Israeli shekels. The Jordanian Dinar is the fourth strongest currency in the world by 2024.
The Omani Rial (OMR) is the currency of Oman. It is divided into 1000 baisa. By 1940, the Indian rupee and Maria Theresa Theler (locally known as the riyal – adopted from the Portuguese “real”) were the major currencies circulating in Muscat and Oman, as the state was then known, on the Indian rupee coast.
Maria Theresa Thaler was valued at 230 paise, with 64 paise = 1 rupee. The Omani Rial is the third among the top 10 Strongest Currencies in the world in 2024.
BHD dinar is the currency of Bahrain. It is divided into 1000 files (فلس). Bahrain dinar is abbreviated to د.ب (Arabic) or BD (Latin). It is usually represented with three decimal places denoting fils.
The dinar of Bahrain was introduced in 1965, replacing the Gulf rupee at the rate of 10 rupees = 1 dinar. shillings sterling had 15 values when Dinar was introduced.
The coins and notes of Bahrain were introduced at that time. Bahraini dinar is the second Strongest Currency in the world by 2024.
For the past several years, the Kuwaiti Dinar has been the highest currency in the world. Kuwaiti dinar (KWD) is the currency of Kuwait. It is subdivided into 1,000 files. As of Jan 2024, the Kuwaiti dinar is the world’s most valued currency unit per denomination.
The dinar was introduced in 1960 to replace the Gulf rupee equivalent to the Indian rupee. This was initially equivalent to one pound sterling.
As the rupee was fixed at 1 shilling 6 pence, the dinar resulted in a conversion rate of Rupees 13+1⁄3. The Kuwaiti dinar is the Strongest Currency in the world in 2024.