KUWAIT CITY, June 22: The United Nations acknowledges the legality of around 180 currencies, reports Al-Qabas daily. According to the ‘Good Returns’ website, the value of currencies around the world fluctuates regularly. Some currencies are thought to be more powerful than others. There are certain countries where the highest currency is not more than $20, while others have currencies whose value ranges from $10,000 to $100,000. Many individuals feel that the US dollar and the British pound are the world’s strongest currencies, with significant influence over other currencies. This is not the case, as there are several currencies with much higher conversion rates than the Dollar and the Pound.
Position 1: Kuwaiti Dinar (KWD) The Kuwaiti Dinar (KWD) is Kuwait’s official currency. The name dinar comes from the Roman denarius. KWD is divided into 1,000 fils — a coin that is used in many Arab countries. The Kuwaiti Dinar is widely regarded as the world’s most powerful currency. Kuwaiti Dinar, abbreviated as KWD, is widely used in oil-related transactions in the Middle East. The Kuwaiti dinar is the strongest circulating currency as of May 2021, with one Kuwaiti dinar equaling 3.32 US Dollars (USD). Kuwait has no taxes and it has a relatively low unemployment rate. The Kuwaiti Dinar was introduced in 1961 as a replacement for the Gulf rupee. The Gulf rupee was a currency tied to the Indian rupee. The Gulf rupee, issued by the Indian government in 1959, was intended for use outside India, primarily in the Arab Gulf region. The Gulf rupee, like the Indian rupee, was pegged to the British sterling pound (GBP).
Position 2: Bahraini Dinar As of May 2021, the Bahraini Dinar is the second most valuable circulating currency, with one Bahraini dinar equaling USD2.65, slightly behind the Kuwaiti dinar. Bahrain is an island nation in the Arabian Gulf with a population of slightly over one million. Its primary source of revenue, like Kuwait’s, is global gas and petroleum export. Surprisingly, the Saudi Riyal, along with the Bahraini Dinar, is officially recognised as legal money in Bahrain. Their exchange rate is also set with 1 Bahraini Dinar equaling 10 Saudi Riyals.
Position 3: Omani Rial The Oman Rial is the national currency of Oman, which is located on the Arabian Peninsula. It is currently ranked third among the world’s most valuable currencies. Before 1940, Oman’s local currency was the Indian rupee (INR), which was quickly replaced by a more powerful currency. Oman’s economy is based mostly on its oil reserves, which are located on the southeastern coast of the Arabian Peninsula. The Omani rial is tied to the US dollar.
Position 4: Jordanian Dinar Jordan’s official currency is the Jordanian Dinar (JOD). It is an Arabic country on the Jordan River. Jordan’s government maintains stable exchange rates, which is one of the main reasons behind the currency’s high value. Jordan, unlike its neighbors, is not overly reliant on oil exports, which is a positive thing because its economy is diverse across several sectors. The Jordanian Dinar, which was introduced in 1949 to replace the Palestinian pound, has been tied to the US Dollar for the past two decades.
Position 5: British Sterling Pound The United Kingdom’s national currency, the British Sterling Pound, is ranked fifth among the world’s most valuable currencies. The Sterling Pound is frequently regarded as the world’s strongest currency; yet, it is behind four Arabian currencies in terms of strength
Position 6: Gibraltar Pound Gibraltar’s currency is the Gibraltar Pound. It is tied to the British Sterling Pound at par value and can be exchanged for it. The government of Gibraltar mints and prints Gibraltar Pound coins and banknotes.
Position 7: Cayman Islands Dollar The Cayman Islands are a British territory in the Caribbean that is wellknown as one of the best tax havens in the world. A number of the world’s largest banks, hedge funds, and insurance firms rely on them for banking licenses. The Cayman Islands are a group of islands in the Caribbean. The Cayman Islands’ currency is the dollar. The most popular Cayman Islands Dollar exchange rate is the USD to KYD rate. Many people are unaware that the Cayman Island Dollar is one of the most powerful Caribbean currencies. The Cayman Island Dollar, which has been in circulation since 1972, is also one of the world’s newest currencies.
Position 8: European Euro The Euro was approved as the European Union’s principal currency on Jan 1, 1999. It is the world’s second most valuable currency and the official currency of 19 of the European Union’s 28 member countries. In addition, this currency has the highest currency exchange rate in the globe. This currency has been strengthening over the last few years, so it has such a foothold in the world market. As a lot of countries are members of this union, it is functional throughout the vast majority of European countries. Also, it is included in the list of the highest currency in the world in 2018 and 2019.
Position 9: Swiss Franc Switzerland is one of the world’s wealthiest countries with a long history in banking and finance. With some of the world’s toughest monetary policies and lowest debt levels, many investors regard the Swiss Franc as a ‘Safe Bet’, opting to put some of their capital in the country’s official currency. Swiss Franc is often utilised in bank deposits where money is sent to offshore accounts, as it is one of the world’s strongest currencies. This is the world’s only currency that is not impacted by inflation.
Position 10: US Dollar The US Dollar is the world’s most important reserve currency. No currency will ever be able to replace the US Dollar as the most traded currencies. It is a worldwide currency backed by the United States’ global political and economic power. Despite being in high demand when it comes to conversion, the US Dollar is far below the list of the world’s strongest currencies. The US Dollar is one of the most widely used currencies in the world, although it is ranked tenth among the world’s most valuable currencies.