The Kuwaiti dinar topped the Forbes magazine’s list as the most powerful currencies in the world for 2023. The magazine said, “We have analyzed the most powerful currencies based on the number of foreign currency units that must be paid in exchange for one US dollar.”
Exchange rates are obtained from our currency conversion section based on data issued by Open Exchange at the time of writing this report. Below is the “Forbes” list of the 10 most powerful currencies in the world for the year 2023, reports Al-Anba daily.
The Kuwaiti dinar is the strongest currency in the world where the unit buys 3.26 US dollars (or in other words, the US dollar equals 0.31 Kuwaiti dinars), and Kuwait earns much of its wealth from being a leading global exporter of oil.
2. The Bahraini dinar is the second strongest currency in the world, as one Bahraini dinar buys 2.65 US dollars (in return, one dollar equals 0.38 Bahraini dinars). Trading in the Bahraini dinar began in 1965 and is pegged to the US dollar and like Kuwait Manama earns much of its wealth from oil and gas exports.
3. The Omani riyal is the third strongest currency in the world, as the Omani riyal buys 2.60 US dollars (in return, one dollar equals 0.38 Omani riyals). Oman lies between the United Arab Emirates and Yemen on the tip of the Arabian Peninsula.
4. The Jordanian dinar is the fourth strongest currency in the world, as the Jordanian dinar buys 1.41 US dollars (or one dollar equals 0.71 Jordanian dinars). Jordan is a largely landlocked country in the Middle East, which is less dependent on oil and gas exports than its neighbors and suffers from slow economic growth and growing debt. The Jordanian dinar was put into circulation in 1950 and is pegged to the US dollar.
5. The British pound is the fifth strongest currency in the world, as the British pound buys 1.20 US dollars (or the US dollar equals 0.83 pounds sterling).
6. The Cayman Islands dollar is the sixth strongest common currency in the world, with one dollar buying 1.20 US dollars (or one US dollar equals 0.83 Cayman Islands dollars). It should be noted that the Cayman Islands is a British territory in the Caribbean and is an offshore financial centre.
7. Together with the Cayman Islands pound and in parity with it, the Gibraltar pound is considered the sixth strongest common currency in the world, as the unit buys 1.20 US dollars (or in other words, the US dollar equals 0.83 Gibraltar pounds), and Gibraltar is located in the southern tip of Spain and is officially a British territory.
8. The Swiss franc is the eighth most powerful common currency in the world, as one Swiss franc buys 1.07 US dollars (or one US dollar equals 0.93 Swiss francs).
9. The Euro — the official currency of the Eurozone used in 20 of the 27 countries that are part of the European Union and entered in circulation in 2002 and is floating freely — is the eighth most powerful common currency in the world, with one Euro buys 1.07 US dollars (or one US dollar equals 0.94 Euros).
10. The US dollar is the tenth strongest currency in the world, and it is considered the basic unit for measuring the value of other currencies against it. It can be said that all other global currencies circulating around the world are worth less than the US dollar.
