Tips • April 6, 2022
Exploring the Top 10 Strongest Currencies in the World as of January 31, 2022
Since the beginning of 2020, virtually every economy in the world has had to shift and adapt to the changes brought on by the COVID-19 global pandemic. Somewhat surprisingly, despite all the struggles faced by countries around the world, not a whole lot changed in regards to the positioning of the highest currencies in the world.
At this time, there are around 180 currencies that are recognized by the United Nations, and we’re going to take a look at the top 10 strongest currencies in the world on the foreign exchange market, as they stand against the exchange rate of the most highly traded currency in the world – the U.S. Dollar (USD).
*All currency exchange rates were collected using Google Finance’s archived currency data.
Curious about the other end of the spectrum? Take a look at our blog on the lowest currencies in the world in 2022.
The Top 10 List of Highest Currencies in the World:
#1: Kuwaiti Dinar (KWD): [$3.30 USD = 1 KWD]
Though it may not be the biggest country, Kuwait’s contribution to the global oil industry has made it one of the richest countries in the world with an estimated wealth of $71.58 billion. This continues to make the Kuwaiti dinar the top strongest currency in the world.
#2: Bahraini Dinar (BHD): [$2.65 USD = 1 BHD]
Another country that is known for its exports more than its size, Bahrain has also made its wealth from exporting petroleum products – over $69 billion so far. This has contributed substantially to the continued strength of the Bahraini dinar as it remains the second most expensive currency in the world.
#3: Omani Rial (OMR): [$2.60 USD = 1 OMR]
Oman is yet another strong economy that’s made its wealth from exporting oil reserves. It’s noteworthy that although Oman has the least oil reserves in this region of the world, its location in the Persian Gulf actually gives it control over a larger volume of oil because of the size of its reserves. This has definitely contributed to its national currency remaining one of the strongest currencies in the world.
#4: Jordanian Dinar (JOD): [$1.41 USD - 1 JOD]
Rather than petroleum-based exports like the top 3 countries, Jordan’s economy is small and well-diversified. Ranging from trade and finance to manufacturing and mining, there are plenty of reasons why the Jordanian Dinar is one of the strongest currencies in the world.
#5: Pound Sterling (GBP): [$1.34 USD = 1 GBP]
Recognized as the official currency of the UK, as well as many of the United Kingdom’s overseas territories and crown dependencies, the Pound Sterling comes in many forms. Though some territories issue their own unique versions of the Pound Sterling, like the recognizable British Pound Sterling or Gibraltar Pound, they’re valued equally with all other forms of the currency.
#6: Cayman Islands Dollar (KYD): [$1.20 USD = 1 KYD]
It’s no surprise that the Cayman Islands Dollar is one of the strongest currencies in the world, especially since the region is a popular tax haven. In fact, the Cayman Islands offer offshore banking services for thousands of hedge funds, insurance companies, and financial institutions, rather than the largest source of their currency rate being based on exporting natural resources like some other popular currencies.
#7: Euro (EUR): [$1.12 USD = 1 EUR]
The Euro is the official currency of the group of states known as the Euro Area (or Eurozone), which accounts for 19 of the 27 European countries in the European Union. Since this includes some of the world’s wealthiest countries, the Euro continues to remain strong year after year.
#8: Swiss Franc (CHF): [$1.08 USD = 1 CHF]
Since Switzerland is such a wealthy, stable economy, the Swiss franc is considered a ‘safe-haven’ currency due to its stability. After all, who wouldn’t want to trade in a currency that’s so consistently reliable?
#9: US Dollar (USD)
What can we say that you won’t already know about the USD? It’s the official national currency of the United States of America, and it’s also the most widely traded currency on the planet, which is why we use it as the base against which we measure the strength of other currencies. As long as the USD remains such a widely used currency, we believe it will continue to remain on the list of the highest-valued currencies in the world for years to come.
#10: Canadian Dollar (CAD): [$0.79 USD = 1 CAD]
Most people don’t think about uranium when they think about Canada, but the truth of the matter is that Canada holds the world’s second-largest supply of uranium, in addition to huge crude oil reserves. Unlike many other countries, because of its heavy connection to the U.S. through trade, the Canadian dollar fluctuates substantially based on the ongoing value of the USD.
#11: Singapore Dollar (SGD): [$0.74 USD = 1 SGD]
#12: Brunei Dollar (BND): [$0.74 USD = 1 BND]
#13: Australian Dollar (AUD): [$0.71 USD = 1 AUD]
#14: New Zealand Dollar (NZD): [$0.66 USD = 1 NZD]
#15: Libyan Dinar (LYD): [$0.22 USD = 1 LYD]
Truly Financial is Designed to Help Keep Small Businesses Strong
Are you an entrepreneur who’s tired of fighting with old-school banks to get even the simplest things done? We can help! Truly Financial is the small business owner’s choice for everyday banking – whether it’s local or international transactions.
Not only do we provide intuitive spend management solutions for your team, but we also offer fast, reliable vendor payment solutions worldwide.
Plus you can receive and hold balances in 33 currencies to make international spending simple and painless. Ready to join the better business banking revolution?