The 10 strongest currencies in the world in 2024... and the first is not the dollar

In the list of international currencies, the dollar ranks first as the most influential. However, in terms of strength, the story changes completely.

The first thing to understand is that the strength of a currency is measured by the amount of goods and services that can be purchased with it, as well as by the amount of other currencies that can be received in exchange for one unit of the national currency. .

The above does not imply that the stronger a currency isso is the economy of that country, since other factors such as supply, demand, inflation and price changes must be analyzed during a given period.

With that clear, below we present a list of the strongest currencies in the world as of 2024. Keep in mind that The classification considers the number of units of foreign currency received in exchange for one US dollar, as this is the world’s reference currency.

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1. Kuwaiti Dinar (KWD)

According to a report by ‘Forbes’ magazine, a single Kuwaiti dinar is equivalent to 3.25 US dollarsmaking it the strongest currency.

It should be emphasized that the dinar is not widely available for currency trading and even if it were, its stability makes trading it a low-return investment.

Kuwaiti dinar

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2. Bahraini Dinar (BHD)

Bahrain is located in the Persian Gulf and is characterized by the fact that most of its income comes from oil and gas exports. In the case of its local currency, it entered circulation in 1965 and continues to this day. One Bahraini dinar is equivalent to 2.65 US dollars.

Bahraini dinar

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3. Omani Rial (OMR)

Like its two predecessors on the list, the Omani rial owes part of its strength to extensive oil and gas production.

The OMR was introduced in the 1970s and pegged to the US dollar in 1986. Currently, For every Omani rial you can buy $2.60.

Omani rial

4. Jordanian Dinar (JOD)

Jordan managed to peg its currency to the US dollar more than 20 years ago, which has given its currency some stability. To date, one Jordanian dinar is equivalent to 1.41 US dollars.

Jordanian dinar

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5. British Pound (GBP)

The pound sterling is the official currency of the United Kingdom and many of the British territories. Being a floating currency, it is not linked to other currencies.

To this day, One pound sterling is equivalent to 1.26 US dollars.

Pound sterling

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6. Gibraltar Pound (GIP)

The Gibraltar pound was introduced in the 1920s and is pegged to the pound sterling as a pair, meaning one Gibraltar pound is equivalent to one pound sterling.

If the dollar is taken as a reference, when making the conversion, One Gibraltar pound is equivalent to $1.26.

Gibraltarian pound

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7. Cayman Islands Dollar (KYD)

The Cayman Islands dollar has been pegged to the US dollar since 1974. Currently, one Cayman Islands dollar is equal to 1.20 US dollars.

Cayman Islands dollar

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8. Swiss franc (CHF)

The Swiss franc is the official legal tender of Switzerland and Liechtenstein. It is also part of the group of international currencies that are considered a safe haven asset, thanks to the political and economic stability that Switzerland is characterized by.

The franc was briefly pegged to the euro between 2011 and 2015 and has been free floating since. Today, one of these coins is equivalent to 1.11 US dollars.

Swiss franc

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9. Euro (EUR)

The euro is not only the official currency of the European Union, but it is also the second most important reserve currency worldwide. Despite the near parity that exists between the US dollar and the euro, This is equivalent to 1.08 dollars.

Euro

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10. US Dollar (USD)

The United States is the world’s largest economy in terms of Gross Domestic Product (GDP) and the US dollar is by far the most traded currency globally. Due to its global dominance, the dollar is used to fix the price of many raw materials, such as oil and precious metals, such as gold and silver.