According to World Atlas, there are 180 currencies in circulation that are recognized by the United Nations across the wide world and these are spread across 195 countries. These officially recognized currencies, therefore, constitute the global forex system – a potpourri of a wide range of stored values or purchasing power. In a more technical sense, the value of a currency may otherwise be referred to as its strength. So, among all the officially recognized currencies in circulation, one might wonder which ones are the strongest. Thus, in this post, we bring to you the 20 strongest currencies in the world today.
The Highest-Valued and Most Expensive Currencies Around the World
Since the US Dollar is the most widely used currency in the world, we used it as the yardstick against which the value of these currencies are measured to determine their strength and rank on this list. Here we go!
20. Fijian Dollar (1 FJD = 0.44 USD)
The Fijian Dollar is the official currency of the Republic of Fiji, an island country located in the South Pacific Ocean. This legal tender is represented with the $ symbol and alternatively with the sign FJ$ while its banking code is FJD. At the time of writing this, 1 FJD equaled 0.44 USD, making it rank 20th on this list of the strongest currencies in the world. Like the US Dollar, the Fijian Dollar is subdivided into 100 cents and it issued by The Reserve Bank of Fiji. Currently, the bank-note denominations of the Fijian Dollar include $5, $7, $10, $20, $50, $100, and $2000 while the coins include 5c, 10c, 20c, 50c, $1, and $2.
19. Bosnia-Herzegovina Convertible Mark (1 BAM = 0.55 USD)
With its symbol as KM and its banking code as BAM, the Bosnia-Herzegovina Convertible Mark is the official currency of Bosnia and Herzegovina, a country located in the Southern and Southeastern Europe. The Bosnia-Herzegovina Convertible Mark is subdivided into 100 pfenigs as the US Dollar is into 100 cents. It currently exchanges at 1 BAM for 0.55 USD making it the 19th of the strongest currencies in the world.
Before the Dayton Accords of 1995, the official currencies used within the geographical space of Bosnia and Herzegovina were Bosnia and Herzegovina Dinar, Croatian Kunar, and Republika Srpska Dinar. After the Bosnia-Herzegovina Convertible Mark was established as a part of the Dayton Accords, it gradually replaced the other currencies over the next three years until 1998 when it became the only official legal tender accepted in the country. At the time, it was pegged to the German Mark which explains its name. Right now, however, the Bosnia-Herzegovina Convertible Mark is pegged to the Euro (and it is now stronger than the German Mark any way). It is sometimes also referred to as the Bosnia-Herzegovina Marka.
18. Bulgarian Lev (1 BGN = 0.55 USD)
This is the official currency of the Republic of Bulgaria, a country in Southeast Europe. It is issued by the Bulgarian National Bank. With its banking code as BGN, the Bulgaria Lev (plural; Leva) is subdivided into 100 stotinki (singular: stotinka) just as the US Dollar is subdivided into 100 cents. One unique feature of the Bulgarian Lev is that, unlike most other currencies, it has both a sub-unit (that is, the stotinka) and a super-unit known as ‘bon’ where 1000 Leva equals 1 bon. Currently, the banknote denominations of the Bulgarian Lev include 5 leva, 10 leva, 20 leva, 50 leva, and 100 leva while the coin denominations include 1 stotinka, 2 stotinki, 5 stotinki, 10 stotinki, 20 stotinki, 50 stotinki, 1 leva, and 2 leva.
17. Aruban Florin (1 AWG = 0.56 USD)
This is the official currency of Aruba, an island country located in the South Caribbean Sea. The symbol for the Aruban Florin is Afl while its banking code is AWG. Issued by the Central Bank of Aruba, the Florin is subdivided into cents just like the US Dollar. The Florin currently has its banknote denominations as 10 Florin, 25 Florin, 50 Florin, 100 Florin, and 200 Florin. Then, its coin denominations include 5c, 10c, 25c, 50c, as well as 1 Florin, and 5 Florin.
16. New Zealand Dollar (1 NZD = 0.60 USD)
Represented with the $ sign (and sometimes as NZ$) and the banking code NZD, the New Zealand Dollar is the official currency of New Zealand, an island country located in the Southwestern Pacific Ocean. It is also used in other sovereign adjoining islands as Tokelau, Cook Island, Niue, Pitcaim, and Ross Dependency. At the time of writing this, 1 NZD equals 0.60 USD.
Among forex traders, you might hear the New Zealand Dollar nicknamed ‘the Kiwi’ – a tribute to the indigenous bird that the country is associated with and which is depicted on the $1 coin of the legal tender. Issued by the Reserve Bank of New Zealand, the New Zealand Dollar is subdivided into 100 cents just like the US Dollar. Currently, its banknote denominations include $5, $10, $20, $50, and $100 while its coin denominations include 10c, 20c, 50c, $1, and $2.
15. The Australian Dollar (1 AUD = 0.64 USD)
The Australian dollar is the currency of the Commonwealth of Australia which includes the mainland of the Australian Continent as well as the adjoining islands such as Tasmania. It was introduced in February 1966 to replace the Australian Pound. Also used by Australia’s external territories such as Norfolk Island and Christmas Island, and the Pacific Island States, the Australian dollar is represented with the currency symbol of the US Dollar (that is, $) while its banking code is AUD. You can also find it represented as AU$ or A$.
Currently the 15th strongest currency in the global forex system, the Australian Dollar exchanges at 1 AUD to 0.64 USD at the time of writing this. Apart from being one of the strongest currencies in the world, the AUD is also one of the most traded. The banknote denominations of the Australian Dollar include $5, $10, $20, $50, and $100 while the coin denominations are 1c, 2c, 5c, 10c, 20c, 50c, $1, and $2.
14. Brunei Dollar (1 BND = 0.70 USD)
Represented with the $ symbol (and sometimes as B$) and with the banking code BND, the Brunei dollar is the official currency of the Sultanate of Brunei, a Southeast Asian country. The strength of their currency is usually attributed to their crude oil deposits and the stability of their country that is nicknamed “the Abode of Peace”. Exchanging at 1 BND for 0.70 USD, the Brunei Dollar ranks 14th of the strongest and most powerful currencies in the world.
Issued by the Monetary Authority of Brunei Darussalam, the Brunei Dollar is subdivided into 100 sen just like the US Dollar is subdivided into 100 cents. Presently, the banknote denominations of the Brunei Dollar are $1, $5, $10, $20, $25, $50, $100, $500, $1000, and $10,000 while the coin denominations are 1 sen, 5 sen, 10 sen, 20 sen, and 50 sen. It is pegged to the Singapore Dollar at par.
13. Singapore Dollar (1 SGD = 0.70 USD)
The Singapore Dollar is the official currency of the Republic of Singapore, another Southeast Asian country. The legal tender is represented as $ or as S$ while its banking code is SGD. It is exchanged at par with the Brunei Dollar as earlier hinted on. In fact, the two countries have a Currency Interchangeability Agreement which enables you to use the currency of one country in the other.
Issued by the Monetary Authority of Singapore (MAS), the Singapore Dollar is subdivided into 100 cents just like the US Dollar. There are the following banknote denominations of the Singapore Dollar presently: $1, $2, $5, $10, $20, $25, $50, $100, $500, $1000, and $10,000. The coin denominations include 1c, 5c, 10c, 20c, 50c, $1, and $10.
12. The Canadian Dollar (1 CAD = 0.71 USD)
The Canadian Dollar has been the currency of Canada since 1958. Before then, it used to be the Canadian Pound. Its symbol is the same as the USD, that is, $. But it is often written as CA$, Can$ or C$ in order to distinguish it from the US Dollar. And just like the US Dollar, the Canadian Dollar is subdivided into 100 cents. Its banking code is CAD. As the 12th strongest currency on earth, the Canadian Dollar exchanges at 1 CAD to 0.71 USD at the time of writing this.
Issued by the Bank of Canada, the Canadian Dollar is subdivided into 100 cents just like the US Dollar. Presently, its banknotes are denominated into $5, $10, $20, $50, and $100 while the coin denominations are 1 cent, 5 cents, 10 cents, 25 cents, 50 cents, $1, and $2.
11. The Libyan Dinar (1 LYD = 0.71 USD)
The Libyan Dinar is the only currency that has made this list from the African Continent. It is the official currency of the State of Libya, a country in North Africa that has enormous deposits of crude oil. The strength of this currency is often attributed to years of efficient management of Libya’s oil economy by her former leader Muammar Gaddaffi. The banking code for the Libyan Dinar is LYD. At the time of writing this, the Libyan Dinar exchanged at 1 to 0.71 USD.
Issued by the Central Bank of Libya, the Libyan Dinar is subdivided into 1000 dirhams as the US Dollar is subdivided into 100 cents. The banknote denominations of the Libyan Dollar include 1 dinar, 5 dinars, 10 dinars, 20 dinars, and 50 dinars while the coin denominations include 50 dirhams, 100 dirhams, quarter dinar, and half dinar.
10. The US Dollar (1 USD = 0.90 Eur/0.76 GBP)
Surprised? Yes, the much popular US dollar is just the 10th of the strongest currencies in the world. The US dollar, however, remains the world’s Reserve Currency, taking up over 60% of the entire globe’s savings.
Issued by the Federal Reserve System, the US Dollar is subdivided into 100 cents, 4 quarters, 10 dimes, 20 nickel or half dime, or 1000 mill. Unknown to many people also, apart from the sub-units mentioned just now, the US Dollar also has it super-units which are as follows:
Stella = 4 dollars
Eagle = 10 dollars
Union = 100 dollars (This is not official but has become a part of the culture)
Gran or Rack = 1000 dollars (This too is not official)
9. Swiss Franc (1 CHF = 1.03 USD)
Switzerland is notable for its economic stability over the years which includes a strong banking system. The same is applicable to the country’s legal tender, the Swiss Franc which at the moment is a little more valuable than the US dollar.
Issued by the Swiss National Bank, the Swiss Franc has its banking code as CHF and subdivided into 100 centimes (in French), Rappen (in German), centesimo (in Italian), or rap (in Romanish language). As a result, its symbol depends also on which language you are using. So, the symbols include Fr., Rp (German), Fr., c. (French), Fr. ct. (Italian), or Fr. rp (Romanish). But, you don’t have to go to the trouble of trying to figure out which language to use as it is generally symbolized with its banking code which is CHF.
8. The Euro (1 EUR = 1.08 USD)
The Euro is another world-famous currency, however, it only landed at #8 on the list of the most valuable currencies on earth. After the US Dollar, the Euro holds the highest reserves all over the world. Officially, however, it is the legal tender in 19 out of the 27 member states of the European Union – known as the Eurozone. Issued by the European Central Bank, the Euro has its symbol as € while its banking code is EUR. It is subdivided into 100 cents although the actual use of the word differs according to the language of each member state.
7. Cayman Islands Dollar (1 KYD = 1.20 USD)
The Cayman Islands are three islands located in the western Caribbean sea. The country’s ability to create a conducive atmosphere for banks and other financial institutions contributes a lot to the strength and stability of its currency, the Cayman Islands Dollar.
6. British Pounds (1 GBP = 1.24 USD)
Against the expectations of many, the British Pounds Sterling placed #6 on this list of the 20 strongest currencies in the world. Great Britain is one of the most economically developed countries of the world and so it’s not surprising to have their medium of exchange count among the most powerful.
5. The Gibraltar Pound (1 GIP = 1.248)
The Gibraltar Pound is the currency of Gibraltar, a United Kingdom Overseas Territory (UKOT) that has Spain as her Northern neighbor. The currency sign for the Gibraltar Pound is the same as the British Pound, that is, £. Then, the banking code is GIP. It is currently the fifth among the strongest currencies in the world, exchanging at 1 GIP to 1.24834 USD.
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4. Jordanian Dinar (1 JOD = 1.41 USD)
It is quite surprising how Jordan’s legal tender made it to the list of the world’s strong currencies. This is because the country does not count among the economically developed or natural resource-rich countries. The Jordan Dinar is presently greater in value than the US Dollar.
3. Omani Rial (1 OMR = 2.60 USD)
The Omani Rial is so valuable that its denominations include a quarter (1/4) and a half (1/2) banknotes. Oman, an Arabian Peninsular country and the issuer of the Omani Rial, maintains a very stable economy and a quality standard of living.
2. Bahrain Dinar (1 BHD = 2.65 USD)
Located on the Persian Gulf, Bahrain’s primary source of income is her exportation of black gold. According to FX, the country’s currency, the Bahrain dinar (BHD) has been steadily greater in value than the US Dollar since 2005.
1. Kuwaiti Dinar (1 KWD = 3.22 USD)
The Kuwaiti Dinar (KWD) is the most powerful currency in the world right now. Just like so many other countries of the world, Kuwait, a Middle Eastern country is rich in oil. However, the country’s good governance and proper management of the oil sector helps them to make the most out of the treasured natural resource; thus, strengthening and stabilizing her currency. The Kuwaiti dinar was at par with the US Dollar a few years ago, but over time, the country’s economic improvements caused the currency to exceed the dollar in value.