Today, about 164 countries out of 197 independent states have their official currencies. The rest rely on foreign currencies as they do not have their own medium. The European Euro and the US dollar are the most traded currencies of the world. The value of a currency indicates the economic condition of the country. A strong currency is a sign of a strong economy. The importance of a currency can never be denied whether you trade stocks, trade cryptos, or deal with any type of business.
After the Corona Virus outbreak, the currencies of the world weakened, and some even collapsed. Surprisingly, the top 10 currencies stayed unwavering as in 2019. The world’s top 10 currencies are listed below:
The world’s strongest currency in the global market, the KWD or Kuwaiti Dinar was introduced in 1960. Although Kuwait is a small country located between Saudi Arabia and Iran, it has a stable economy driven by its extraordinary oil supply in the international market.
The value of Kuwaiti Dinar is estimated at $3.30 per KWD, whilst its initial value was estimated equal to one pound sterling. It is one of the wealthiest tax-free countries in the world with a very low employment rate. The currency is pegged against the US Dollar.
The second most valued currency is the Bahrain Dinar or the BHD. Bahrain is a small country with a population above 1 million people. Its currency is divided into 1000 smaller units of currency called ‘fils’. Bahrain’s chief source of income is its oil. The currency has maintained a stable rise since 2005 as it is pegged against the US Dollar. Its value is estimated at $2.56 for every single BHD.
Oman riyal or OMR is the 3rd most valued currency of the world. The purchasing power of the country is so high that the State Bank has issued half and quarter Riyal notes. The thousandth unit of OMR is called baisa. The main wealth of the country comes from its oil exports. The currency is also pegged against the US Dollar. It is valued at $2.4 for each OMR which is nearly double compared to the Pound Sterling.
Although Jordon doesn’t have an oil reserve, the Jordanian Dinar or JOD is estimated at a value of $1.4 each JOD. Jordanian Dinar earned the title of the official currency of Jordon in 1950. It was reinstated by the Palestinian Pound
Misunderstood frequently as the world’s leading currency, the Great British Pound Sterling or GBP is ranked 5th in the world’s strongest currencies. It is valued at $1.34 for each Pound Sterling. It is one of the oldest currencies of the world still in circulation. It also ranks 4th most traded currency. It was issued by the British Colonies who differed their notes in appearance from the Bank of England.
The Cayman Island Dollar or the KYD ranks 7th in the world’s most expensive economies. KYD is the national currency of Cayman Islands. It is one of the tax-free countries of the world. Its value is estimated at $1.22 per KYD. Moreover, it is one of the strongest Caribbean currencies in the world.
The Euro or EUR is one of the newest currencies in the world. It is the official currency of more than 18 European states. It is also the second reserve currency after the US Dollar, covering 22.2% world savings and the second most traded currency in the foreign exchange market. It is valued at $1.22 per EUR.
The Swiss Franc or CHF is one of the most stable currencies in the world. It is the national currency of Liechtenstein and Switzerland which are one of the richest countries of the world. It is valued at $1.12 per CHF. The Swiss Franc banknote has a unique vertical view.
The US Dollar is titled ‘World Reserve Currency’ as it is held by commercial and central banks worldwide. US Dollar payments can be made in all countries of the world as the US has the leadership of the world’s economies. It holds the highest position as the most traded currency in the world. All currencies in this record are compared to the US Dollar.
The Canadian Dollar or CAD is the world’s most popular currency to hold as foreign exchange reserve by central banks worldwide. Besides, it is the fifth-largest reserve currency. It is valued at $0.79 per CAD, making it the 10th most expensive currency in the world. The CAD accounts for 5% trade in the international foreign exchange market daily.