A report by Bankrate, reviewed by Al Arabiya Business, ranks the world’s strongest currencies by their value against the U.S. dollar. The top 10 currencies include four from Arab countries, reflecting the region’s economic significance.
- Kuwaiti Dinar (KWD): The strongest currency globally, trading at 0.31 KWD per dollar, supported by Kuwait’s vast oil reserves, accounting for 7% of the world’s total.
- Bahraini Dinar (BHD): In second place, trading at 0.38 BHD per dollar, driven by Bahrain’s oil wealth and attractive investment climate.
- Omani Rial (OMR): Third, valued at 0.39 OMR per dollar, bolstered by Oman’s consistent oil production of over a million barrels daily since the 1960s.
- Jordanian Dinar (JOD): Fourth, trading at 0.71 JOD per dollar, supported by Jordan’s diverse resources, including minerals.
- British Pound (GBP): Fifth, trading at 0.82 GBP per dollar, benefiting from the UK’s economic stability and London’s status as a global financial hub.
- Gibraltar Pound (GIP): Equal in value to the British pound at 0.82 GIP per dollar, strengthened by Gibraltar’s thriving tourism and financial sectors.
- Cayman Islands Dollar (KYD): Seventh, trading at 0.83 KYD per dollar, supported by the Cayman Islands’ tax-free economy and strong financial services industry.
- Swiss Franc (CHF): Eighth, valued at 0.92 CHF per dollar, regarded as a safe haven during global crises, thanks to Switzerland’s political neutrality and conservative monetary policies.
- Euro (EUR): Ninth, trading at 0.98 EUR per dollar, supported by its use in 20 European Union countries, including economic powerhouses like Germany and Spain.
- U.S. Dollar (USD): Tenth, despite its global dominance, supported by its status as the primary reserve currency since World War II.
