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Not the dollar, but this is the highest currency in the world
Published on 26 Sep 2023
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Not the dollar, but this is the highest currency in the world
Currency is a reflection of a country's economy and an important indicator in assessing the stability and strength of the global economy. The United Nations (UN) officially recognizes 180 currencies around the world as legal tender.
It should be noted that the strength of a currency lies in its purchasing power when compared to other goods, services, or currencies. Currency exchange rates can vary greatly, depending on several factors such as; Inflation, Interest Rates, Economic Conditions, Trade Balance, Monetary Policy, Political and Social Stability, Geopolitical Conditions, Market Sentiment, Foreign Exchange Reserves, and Global Uncertainty.
Due to some of the above factors, a country's currency can be lower or higher between one country and another. Then, which country has the strongest currency in the world? Here is a list of the top 10 currencies in the world as of September 2023:
1. Kuwaiti Dinar (KWD)
Exchange Rate to USD: 1 KWD ≈ 3.24 USD
Exchange Rate to IDR: 1 KWD ≈ IDR 49,888.30
Fun Facts: Since its introduction in 1960, the Kuwaiti Dinar has consistently been the strongest currency in the world. Its economic stability stems from being the world's largest oil producer and its economy is heavily dependent on this natural resource. However, the country is also looking to diversify its economy.
2. Bahrain Dinar (BHD)
Exchange Rate to USD: 1 BHD ≈ 2.65 USD
Exchange Rate to IDR: 1 BHD ≈ IDR 41,078.14
Fun Facts: Bahrain is a financial and business center in the Middle East, making it the second strongest currency in the world. In addition to oil, the country relies on a strong financial services sector, including banking and financial services.
3. Omani Rial (OMR)
Exchange Rate: 1 OMR ≈ 2.60 USD
Exchange Rate to IDR: 1 OMR ≈ IDR 40,122.11
Fun Facts: Oman has a diverse economy, with a strong oil and gas sector. Tourism is also growing here thanks to its stunning natural scenery.
4. Jordanian Dinar (JOD)
Exchange Rate to USD: 1 JOD ≈ 1.41 USD
Exchange Rate to IDR: 1 JOD ≈ IDR 21,778.73
Fun Facts: Jordan has a thriving tourism sector, with historical sites such as Petra being the main attraction. In addition, the country relies on exports of clothing, chemicals, and chemical products, as well as potash and phosphates.
5. British Pound (GBP)
Exchange Rate to USD: 1 GBP ≈ 1.24 USD
Exchange Rate to IDR: 1 GBP ≈ IDR 19,153.36
Fun Facts: The British Pound (GBP) or pound sterling is used by the United Kingdom, which is also widely used in various countries and union territories. It ranks as the fifth strongest currency in the world and has a significant presence in the global financial sphere. It is the oldest currency in the world, dating back to 1707.
6. Gibraltar Pound (GIP)
Exchange Rate to USD: 1 GIP ≈ 1.22 USD
Exchange Rate to IDR: 1 GIP ≈ IDR 18,844.40
Fun Facts: The currency used in Gibraltar is known as the Gibraltar Pound (GIP), and is almost equivalent in value to Pounds Sterling (GBP). As a British overseas territory, Gibraltar relies on sectors such as financial services, tourism, and online gaming for its economy.
7. Cayman Island Dollar (KYD)
Exchange Rate to USD: 1 KYD ≈ 1.21 USD
Exchange Rate to IDR: 1 KYD ≈ IDR 18,797.79
Fun Facts: Financial services and tourism are sources of revenue for the Cayman Islands. Originally using the Jamaican Dollar, the Cayman Islands adopted their currency in 1972.
8. Swiss Franc (CHF)
Exchange Rate to USD: 1 CHF ≈ 1.10 USD
Exchange Rate to IDR: 1 CHF ≈ IDR 16,935.03
Fun Facts: The Swiss Franc previously had a fixed exchange rate against the Euro (EUR) in what was known as the "Floor Exchange Rate," where the Swiss Central Bank (Swiss National Bank or SNB) committed to keeping its exchange rate no lower than 1.20 CHF per 1 EUR. However, the SNB removed this limit on 15 January 2015, leading to a dramatic appreciation of the CHF of up to 20%.
9. Euro (EUR)
Exchange Rate to USD: 1 EUR ≈ 1.06 USD
Exchange Rate to IDR: 1 EUR ≈ IDR 16,365.53
Fun Facts: The Euro (EUR) is the official currency of the Eurozone, which consists of the 19 member states of the European Union. It is the second-largest reserve currency and the most traded currency worldwide.
10. United States Dollar (USD)
Exchange Rate to IDR: 1 USD ≈ IDR 15,455.40
Fun Facts: The U.S. dollar (USD) is the most traded currency globally and holds the position as the primary reserve currency. Many aspects of the global economy and international trade are affected by the value and stability of the USD.
The exchange rates of these countries' currencies may fluctuate over time, depending on external and internal factors affecting their economies. However, through these currencies, we can understand more about how natural resources, the financial sector, tourism, and other industries play a role in the economic strength of these countries.
Reference:
Forbesindia.com
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