Kuwait, Bahrain, Oman Among Top 10 Strongest Currencies in 2023
According to the Forbes list classification for 2023, the top 10 strongest currencies have been identified based on the exchange rates, calculated by the amount of dollars required to purchase one unit of each currency. The data is sourced from the currency converter, which utilizes information from Open Exchange and was accurate at the time of writing.
Here are the Top 10 Strongest Currencies
Kuwaiti dinar (KWD)
The Kuwaiti dinar has been recognized as the world's strongest currency, with a value of 1 dinar purchasing 3.26 US dollars, or equivalently, $1 equaling 0.31 Kuwaiti dinar. Kuwait is situated in the Persian Gulf and is a significant exporter of oil, contributing to its economic prosperity. The Kuwaiti dinar was first introduced in the 1960s and was initially tied to the British pound before being re-pegged to an unspecified basket of currencies.
Bahraini dinar (BHD)
The Bahraini dinar has been ranked as the second-strongest currency globally, with 1 dinar equivalent to 2.65 US dollars, or $1 equaling 0.38 Bahraini dinar. Bahrain is an island country situated in the Persian Gulf and is renowned for its oil and gas exports, similar to Kuwait. The Bahraini dinar was introduced in 1965 and is tied to the US dollar.
Omani rial (OMR)
Ranking third on the list of the world's strongest currencies is the Omani rial, with a value of 1 rial purchasing 2.60 US dollars, or $1 equaling 0.38 Omani rial. Oman is situated at the eastern edge of the Arabian Peninsula, between Yemen and the United Arab Emirates, and is recognized for its oil and gas exports, similar to its affluent neighboring countries. The Omani rial was introduced in the 1970s and is tied to the US dollar.
Jordanian dinar (JOD)
The Jordanian dinar is ranked fourth among the world's strongest currencies, with a value of 1 dinar equaling 1.41 US dollars, or $1 buying 0.71 Jordanian dinar. Jordan is a predominantly landlocked country located in the Middle East and is not as reliant on oil and gas exports as other countries in the region. The country has encountered challenges related to slow economic growth and increasing debt. The Jordanian dinar has been in circulation since 1950 and is tied to the US dollar.
British pound (GBP)
The British pound is the fifth-strongest currency in the world, with 1 pound buying 1.22 dollars (or $1 equals 0.82 British pound).
Cayman Islands Dollar (KYD)
The Cayman Islands dollar is in a tie for sixth among the strongest currencies in the world, with 1 Cayman dollar buying 1.20 dollars (or $1 equals 0.83 Cayman Islands dollar).
Gibraltar Pound (GIP)
The Gibraltar pound shares the No. 6 spot among the world’s strongest currencies, with 1 pound buying 1.22 dollars (or $1 equals 0.82 Gibraltar pound).
Gibraltar occupies just 2.6 square miles at the southern tip of Spain and is officially a British territory. The Gibraltar pound was first introduced in the 1920s and is pegged to the British pound (at par, meaning one GIP equals one GBP).
Swiss Franc (CHF)
The Swiss franc is ranked eighth among the strongest currencies in the world, sharing the eighth spot with a value of 1 franc equal to 1.08 US dollars, or $1 buying 0.92 Swiss franc. It serves as the official currency in Switzerland and Liechtenstein, and is widely regarded as a safe-haven currency due to Switzerland's political stability.
Euro (EUR)
The euro shares the No. 8 spot among the world’s strongest currencies, with 1 euro buying 1.08 dollars (or $1 equals 0.93 euro).
US dollar (USD)
The U.S. dollar ranks as the 10th strongest currency in the world, with 1 dollar having a value of 1 dollar, which is unsurprising given that it is the currency of the United States. In fact, all other currencies are worth less than the dollar, making it one of the most powerful and widely used currencies globally.