The US Dollar, otherwise called the ‘Green Back’ is the world’s famous currency but is highest (strongest) currency in the world?
We are going to find out in a short while, though we all agree that getting payed in US dollars is something all look forward especially if you are not an American Citizen. Moreover, most business transact their businesses in US dollars. This has made the green back very famous.
We all have the Euro (€) (the currency of the European Union) and British Pound (£) as some of the strongest currencies in the world.
However, what determines the strength of a currency? Though this is a complicated subject, here are some of the factors that determine strength a currency.
- Demand and Supply
- Foreign Direct Investments.
- Exports and Imports
- Trade Deficit
- Skilled manpower with a Country
So, which is the strongest currency in the world in 2019? Is it the US dollar, the Euro, the British Pound or are we going to see some unknown currency taking the crown?
Which currency is highest in the world in 2019?
It is the Kuwait Dinar. Currently, 1 Kuwait Dinah equals 3.29 US dollars. Backed by a strong economy that relies of oil exports, it is the strongest currency in the world.
Let us dive deep into this.
Highest Currency in the World in 2019
Briefly, look at this table and to reveal the highest currencies in the world.
|Position||Currency||Currency Symbol||Exchange rate to US$ 1|
|17||New Zealand Dollar||NZD||1.59|
|07||Cayman Island Dollar||KYD||0.83|
I have decided to compare each of the currencies to the US Dollar because it is the most common currency used in the international markets.
Of course, now you know that the highest (strongest) currency in the world in 2019 is the Kuwait Dinar.
Let us dig deeper and look at each of these currencies.
At Position 20 is the Turkish Lira, the currency of Turkey a country that joins Asia and Europe. Boosted by a strong economy, this currency is among the strongest in Europe. Besides, Turkey is a top destination for tourists in the world, receiving the much-needed foreign currency to boost its economy.
This is the currency of Brazil; a country we all know is home to the world’s largest lung. Endowed with natural resources of timber, minerals and a culture second to none, the Brazilian Real stands at position 19 among the highest (strongest) currencies in the world.
This is the currency of Fiji, a country in the south pacific made up off more than 300 islands. The country is endowed with natural resources such a fish, minerals and fast amount of forests. Minerals such as gold, copper and off shore oil make the economy strong.
New Zealand Dollar
New Zealand is a country in the southwestern Pacific Ocean and the New Zealand Dollar (formally called the Kiwi Dollar) is its currency. The economy of the country is powered by natural resources such as minerals and timber.
Australia is a country that is home to the famous Kangaroos. Isolated and sitting alone near the South Pole, it is a wealthy country.
The country last year, emerged with the highest median wealth of any country, powered by a powerful economy that is fueled by rich mineral resources.
Its currency the Australian Dollar is also used by other nations such as the Christmas Island, Cocos Island, Norfolk Islands, Kiribati, Nauru and Tuvalu.
Libyan Dinar is the currency of Libya a country in North Africa. The country has the 10th largest proven oil reserves of any country in the world. Huge deposits of crude oil primarily fuel its economy and according to the World Bank, it is one of the upper middle-income economy, and one of the richest countries in Africa.
With huge deposits of oil, and use advanced technology in agriculture, Israel is a country that curved its envied economy out of the deserts of the Middle East to become a strong economy that it is today.
The Israel Shekel is not only one of the strongest currencies in the Middle East but also in the world.
Singapore is an Island city-state off southern Malaysia and world known as a global financial center. It Currency is the Singapore Dollar with is also used by Brunei. The country has a highly developed market economy and is one of the Four Asian Tigers along with South Korea, Hong Kong and Taiwan, though it has surpassed its peers by far.
Just like Singapore, it is a tiny island nation on the Island Borneo. The Brunei Dollar is its official currency. The currency is powered by an economy that relies on furniture, textiles, handcrafts and timber.
Canadian dollar is makes up North America together with the United States of America. The country is blessed with unimaginable natural resources such as Zinc, uranium, Gold, Nickel, Aluminium, Iron, coal, and Lead.
Besides these, the country has a well-developed timber industry. This make its currency the Canadian Dollar among the highest currency in the world.
At position 10 is the US Dollar, the most known of all the world’s currencies. Though not the strongest, the currency is always on high demand. Why? Because most of the world trade is in US Dollars.
It is also important that the currency is also used as a legal tender in Ecuador, El Salvador, the Marshall Islands, East Timor, Zimbabwe, Micronesia, and Palau.
The Swiss Franc is the official currency of Switzerland and Liechtenstein. It is also used in the Italian exclave Campione d’Italiaa.
Known for being the sixth most traded currency in the world, the Swiss Franc has earned a reputation as a stable value back by a strong and stable economy.
The Euro is the official currency of the 19 of the 28 member of the Eurozone and accounts for a population of about 345 million citizens.
The Euro is the second largest and the second most traded currency in the foreign exchange after the US dollar.
Cayman Island Dollar
The Cayman Island is a British oversees territory whose main economy revolves around tourism. The Cayman Island dollar introduced in mid-1972 as a replacement for Jamaican Dollars and today boasts as one of the highest (strongest) currencies in the world.
The Sterling Pound is the oldest independent currency in the world. It is the official currency of the United Kingdom, Jersey, Guernsey, the Isle of Man, South Georgia and the South Sandwich Islands, the British Antarctic Territory, and Tristan da Cunha.
Being one of the strongest currencies in the world, it is sought by so many people.
Gibraltar is a tiny country in Europe and an overseas territory of Britain. The territory depends exclusively on financial services, shipping, tourism and gambling to run it economy.
As tiny as it is, its currency the Gibraltar currency is the 5th strongest in the world.
Jordanian Dinar is the official currency of Jordan and one of the strongest in the world. Largely supported by a strong economy backed by huge oil exports.
At position 3 is the Oman Rial the official currency of Oman. It is the very strong currency exchanging at 0.39 to the dollar.
Bahraini Dinar is the official currency of Bahrain. Introduced in 1965, the Bahraini Dinar has now become one of the highest (strongest) currencies in the world.
The strength of this currency is as a result of oil exports.
Kuwait Dinar- The Highest Currency In the World!
Final we have a winner. The Kuwait Dinar the official currency Kuwait. Exchanging at 0.30 to the dollar it is the highest (strongest) currency in the world.
At current rates, 1Kuwait Dinar equals 3.29 US dollar.
This is our winner!
Whereas the US, United Kingdom and Japan are some of the strongest economies in the world, there currencies do not appear among the top five currencies.
The strongest currencies (top 4) are from economies in the Middle East the huge deposits of known crude oil in the world.