When we think about Currency strength, the first Currency that comes to mind is the United States dollar. The popularity of the currency coupled with America's dominance in the world of commerce has made many people around the world think that the United States dollar is the strongest currency in the world.
That is far from true. In fact, according to rankings of the world's greatest Currencies, the United States dollar comes in 10th place. Are you surprised? Well, let's take a look at the top three Currencies in the world.
3. Omani rial
The Omani rial or OMR is the legal currency of Oman. The Oman Rial is split into 1000 tiny division known as baisa. The currency rose quickly in value following the success of Oman's Oil export.
A single US dollar will go for 0.38 Omani Rial, which is nearly double the currency strength of the Pound sterling. As at the time I wrote this article, 1 Oman rial was equivalent to Gh¢15.18.
2. Bahrain dinar
The second strongest currency in the world is the Bahrain dinar or BHD. Similar to most Arabic currencies on this list, it is also divided into 1000 smaller currency units, known as "fils". The Bahraini dinar is only used in Bahrain and is paired with the US dollar on the forex market. If you are trading with 1 US dollar you will receive 0.38 Bahraini dinar. If you exchange 1 Bahrain dinar, you get Gh¢15.80.
1. Kuwaiti dinar
Kuwaiti dinar is by far the strongest currency in the world. the Kuwaiti dinar or KWD came into existence in 1960 and was initially equivalent to one pound sterling. Kuwait is a small country that is found between Iraq and Saudi Arabia. Its wealth is largely dependent on global exports of oil.
You will receive just 0.30 Kuwait dinar after exchanging 1 US dollar, making the Kuwaiti dinar the world’s highest-valued currency unit per face value, or simply "the world’s strongest currency".
If you exchange 1 Kuwaiti dinar for Ghana cedi, you will receive Gh¢19.13. It is however surprising to know that all the three strongest Currencies belong to Arab countries.
Do you think Ghanaian currency will ever be able to compete with these Currencies?
Let's know your thoughts in the comments section. Remember to like share and follow for more trending stories.
Thanks for reading.
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