Top 10 National Currencies (04/28)

2020 was the year where the tables turned, especially in economics. The currencies mostly dipped in value due to the immense spending and loss in budget for many nations.

Without more words, here we present the Top 10 Strongest Currencies in the World, (as of April 20, 2021). The scale used is the currency to the American Dollar (USD)

10. Canadian Dollar (CAD) = $0.80 USD

The official currency of Canada is the world's sixth most exchanged currency. The value of Canada's natural resources is ranked third in the world, owing to the country's vast crude oil reserves and second-largest uranium production. Since much of Canada's trade is with the United States, the Canadian dollar is highly susceptible to shifts in the value of the US dollar.

9. United States Dollar (USD) $

The US dollar is the most widely traded currency in the world, as well as the main reserve currency. Since there are so many customers, it is consistently strong. The US dollar is held by central and commercial banks all over the world for foreign transactions.

8. Swiss Franc (CHF) = $1.09 USD

Switzerland's currency, the Swiss Franc, is one of the world's most strong and stable currencies. It's the only currency that hasn't been impacted by inflation, and therefore is a "safe-haven" currency. The nation follows a strict monetary policy and has a low level of debt.

7. European Euro (EUR) = $1.20 USD

The euro is the European Union's official currency and the world's second largest reserve currency. It's no wonder that the Euro is so powerful, given that the EU is home to some of the world's most economically developed countries.

6. Cayman Islands Dollar (KYD) = $1.20 USD

This is the only Caribbean currency on this list. The Cayman Islands' currency is solid because the nation is a tax haven and one of the world's top five offshore financial centers. Hundreds of banks, hedge funds, and insurance companies have offshore banking licenses from this island nation.

5. Pound Sterling (GBP) = $1.39 USD

The Pound Sterling is the world's oldest currency and one of the most widely traded. It's the official currency of the United Kingdom and many of its crown dependencies and overseas territories. Many of these territories (such as Guernsey and Gibraltar) have their own versions of the same currency, but they are all priced at the same value. 

4. Jordanian Dinar (JOD) = $1.41 USD

Jordan does not export petroleum products or crude. The Jordanian Dinar's strength comes from the fact that it has been pegged to the US dollar for the past 20 years and shows no signs of shifting anytime soon.

3. Omani Rial (OMR) = $2.60 USD

Since 1973, this currency has been pegged to the US Dollar. Since the Dinar has such high purchasing power, the government had to print 1/4 and 1/2 Rial banknotes. Thanks to oil production, Oman has a developed economy and a high quality of life. However, as oil reserves dwindle, the Omani government chose to diversify its revenue streams by focusing on gas production, metallurgy, and tourism.

2. Bahraini Dinar (BHD) = $2.65 USD

The Bahraini Dinar has been pegged to the US Dollar since 1987, and its exchange rate has remained steady. The sale of global gas and petroleum is Bahrain's main source of revenue.

1. Kuwaiti Dinar (KWD) = $3.32 USD

Kuwait's stable economy and large oil exports to the global market explain the high value. In fact, the oil industry accounts for more than 80% of this extremely wealthy country's revenue. Kuwait is also a tax-free nation with a low unemployment rate. The Kuwaiti Dinar had been pegged to the US Dollar since 2003, but in 2007 the government decided to peg it to the weighted currency basket.

These are the Top 10 Strongest national currencies in the world. These currencies are the highest in value. But a new champion has come and battled these prices to nothing: Bitcoin.

Bitcoin = Ranging from $50k to $70k USD

Bitcoin's value has risen dramatically in recent months, reaching a high of $63,588 per BTC on April 13th. The price is unstable not because it is controversial, but because it has become so popular that some countries, such as Turkey, have banned Bitcoin. This currency is used as a substitute for those who have been barred from using payment systems such as Paypal or who reside in countries with devalued currencies, such as Venezuela.

That being said, this COVID-19 pandemic has paved the way for cryptocurrencies to the point that 1 BTC can now be used to purchase a very nice vehicle. Soon, cryptocurrency can be used to replace paper money, and it may even become the official currency of any country. 

Resources

https://remitr.com/blog/top-10-strongest-currencies-2020/

https://xe.com/

https://fxssi.com/top-10-of-the-strongest-world-currencies-in-current-year

https://studentmatrix.ca/blog/the-top-50-highest-currencies-in-the-world/