The highest currencies in the world in 2024 are highly valued currencies that have high exchange rates to US dollars. Meaning that some currencies on this list have more value compared to the US dollar.
In macroeconomics, these currencies are also referred to as strong currencies, hard currencies, and safe-haven currencies. In essence, a strong currency means a strong economy.
A country with a strong currency experience little to no inflation, because it helps to hold down domestic inflation. The exchange rate value of 1 US dollar to other countries' currency mentioned below is gotten from Xe.com at the time of writing this article.
These are the top 15 world's highest currencies 2024 (Strongest Currencies), they are,
- Kuwaiti Dinar
- Bahraini Dinar
- Omani Rial
- Jordanian Dinar
- Caymanian Dollar
- British Pound Sterling
- Gibraltar Pound
- Swiss Franc
- US Dollar
- Bermudian Dollar
- Bahamian Dollar
- Panamanian Balboa
- European Euro
- Canadian Dollar
- Bruneian Dollar
- Singapore Dollar
Check them out, their symbol, code, reasons they are strong, and lots more.
Keep reading!
15. Singapore Dollar
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| Image credit: Bank Note News |
Currency code: SDG
Currency symbol: S$
1US Dollar = 1.42 SGD
1 SGD = 0.707 USD
Date of creation: 12 June 1967
Country: Singapore
The Singapore dollar is one of the most traded currencies on the foreign exchange market. It is among the most stable currencies and undoubtedly one out of the highest currencies in the world in 2024.
SGD is high in value due to the country's economic fundamentals. The central bank of Singapore has an efficient policy for fighting inflation. This maintained the nominal effective exchange rate and strengthened the currency's resistance to the US dollar.
The FocusEconomics Consensus Forecast says there is a possibility that this currency will gain more value through the year 2023 and the end.
Paper notes are printed in S$2, S$5, S$10, S$20, S$25, S$50, S$100, S$1,000, and S$10,000 denominations. While 1, 5, 10, 20, and 50 cents as well as S$1 and S$5 denominations are minted in coins.
15. Bruneian Dollar
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| Image credit: BankNoteNews |
Currency code: BND
Currency symbol: B$
1US Dollar = 1.42 BND
1 BND = 0.707 USD
Date of creation: 1967
Country: The Sultanate of Brunei
Brunei is a small wealthy nation. The country is just experiencing a small level of inflation estimated at 1.2%. Its currency has the same value as that of the Singapore dollar in the exchange rate to the US dollar.
Possibly because the Brunei dollar is managed by the Monetary Authority of Singapore. Like the US dollars, 1 BND equals 100 cents denomination.
The nation is an industrialized based country that contributes to 74 percent of the nation's total GDP. The top industries located here are petroleum refining, natural gas, and construction companies.
The country is hoping to diversify its economy by engaging more in agriculture and fish farming. Banknotes are in $1, $5, $10, $50, $100, $20, $25, $500, $1,000, and $10,000 denominations. And minted coins are in denominations of 1, 5, 10, 20, and 50 cents.
14. Canadian Dollar
Currency code: CAD
Currency symbol: $, CA$, Can$, C$
1 US Dollar = 1.36 CAD
1 CAD = 0.733 USD
Date of creation: 1858
Country: Canada
This strong currency is also nicknamed loonies and in general, it is as well used in referring to the monetary unit. The Canadian dollar is strong due to rises in oil prices. Canada earns chiefly from crude oil.
Canada's economy largely constitutes from crude oil sales, where it earns most of its US dollars. About three years ago, this country is the 5th largest exporter and producer of crude oil.
Meaning about a 61percent of crude oil use in the USA is from Canada. For instance, if the prices of oil are more costly, Canada will earn more U.S dollars from the exportation of oil that is high in price.
However, when the price of oil goes lower, it will result in a decrease in Canadian dollar value. This is because the US dollar supply will be low in exchange for the Canadian dollar.
For this, at the moment, the Canadian dollar value reduces due to the war between Russia and Ukraine because of supply chain constraints for Canadian exports.
This currency, CAD is still one of the top strongest currencies in the world in 2024. Canadian dollar banknotes are in 5, 10, 20, 50, and 100 dollar denominations.
See also:
13. European Euro
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| Image credit: Belgrade_City / Pixabay |
Currency code: EUR
Currency symbol: €
1 US Dollar = 1.01 EUR
1 EUR = 0.987 USD
Date of creation: January 1, 1999
Countries: 19 European Union Countries such as France, Germany, and the Netherlands.
More than 340 million EU citizens use this currency. The 19 EU countries are, Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain, they are all called eurozone.
Euro is one out of the highest currencies in the world in 2024 and it is the second most important currency after US dollars. It is a strong currency due to the wise management of the economy, which leads to an increase in trade.
This helps in making the euro an appealing reserve currency for non-EU nations and provides the eurozone a stronger voice in the global economy. However, recently euro is not doing well against the USD, and this is a result of the Russia-Ukraine war.
For example, Italy and Germany depend heavily on Russia for gas, as a result, traders in foreign exchange are preparing for the worst despite efforts to store energy and locate other supplies.
Also, investors are using the US currency more because of uncertainty like inflation, war, and the pandemic.
12. Panamanian Balboa
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| Image credit: Famous Wonders |
Currency code: PAB
Currency symbol: B/.
1 US Dollar = 1.00 PAD
1 PAB = 1.00 USD
Date of creation: 1904
Country: Republic of Panama
It replaces the Colombian Peso, after the nation's independence in 1904. The PAB is one of the highest currencies in the world because, in Central America, the country using this currency has the highest GDP per Capita.
It has equal value to the US dollar. If you visit this country, you can use regular US dollars to pay bills and do other things.
USD is generally acceptable owing to the fact that this country has a relationship with the US, which contribute to the freedom they have, colonization, and other historical events.
11. Bahamian Dollar
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| Image credit: LA Currency |
Currency code: BSD
Currency symbol: B$
1 US Dollar = 1.00 BSD
1 BSD = 1.00 USD
Date of creation: 1966
Country: The Bahamas
Its worth is the same as that of the value of USD, which is 1 BSD equal to 1 US dollar. This is because it has been tied to the US dollar with a fixed rate, meaning it is pegged to the US dollar on a one-to-one basis.
That also means it rises and falls with the USD. The B$1 can be broken into 100 cents just like the US dollar. Before BSD was issued, USD was deeply used in the country.
The major reason for the peg is that this country's chief trading partner is the USA. Tourism is one of the major sources of revenue, the majority of this country's visitors are from the United States.
Most of the international trade is made in the US dollar, this is due to the fact that the United States is their major trading partner.
With this, the cost of transaction is much easier and this also assists in making the BSD stable. The 1:1 ratio rate of USD and the BSD continues to be maintained by the Central bank through the means of Exchange Control.
It is crucial for the country to maintain the USD peg for economic growth, as this will help in the stability of the exchange rate. If The Bahamas lose the peg, it would affect the BSD strength as it will also become less valuable in the global market.
10. Bermudian Dollar
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| Image credit: Famous Wonders |
Currency code: BMD
Currency symbol: BD$
1 US Dollar = 1.00 BMD
Date of creation: 6 February 1970
Country: The British Overseas Territory of Bermuda
Bermuda is an archipelago consisting of seven main islands in the western North Atlantic Ocean. It is famous for its pink sand beaches. Its currency is strong because it is pegged with the US dollar at 1:1.
Exactly like the US dollars, 1 BMD equals 100 cents. BMD is often used interchangeably with the US dollars in Bermuda. It replaces the Bermudian pound when it was introduced.
At that time, the Bermudian pound was equivalent to the British Pound Sterling. Initially, BMD was pegged with pound sterling at a ratio of 2.40 BMD to one pound sterling.
It was in 1972 that was officially pegged with USD. If you have the opportunity of visiting Bermuda and you withdraw from an ATM, it will only dispense BMD. So before leaving the Island, it is important that you exchange it, as it will not be useful after leaving the Island.
9. US Dollar
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| Image credit: Engin akyurt / Unsplash |
Currency code: USD
Currency symbol: $
1 US Dollar = 1 US Dollar
Date of creation: April 2, 1792
Countries: United States, five U.S. territories, and 11 foreign countries
The USD is also known as the greenback. In the foreign exchange market, it is the leading traded currency. The United States economy is strong and this also contributed to the currency used as the primary reserve currency.
The US dollar depicts the strength of America's economy and it is the dominant currency in the world. It is the most common use currency and it is the world's reserve currency.
That means around the world, many central banks held large quantities of this currency. Many countries around the world accept it in addition to their own local currency. Over 65 countries peg their currency to the USD to strengthen their own local currency.
The US five territories and the eleven countries using the US dollar as the official currency include Puerto Rico, Ecuador, the Republic of El Salvador, the Republic of Zimbabwe, Guam, The Virgin Islands of the United States.
In addition to that is the British Virgin Islands, the Democratic Republic of Timor-Leste, Bonaire, American Samoa, Commonwealth of the Northern Mariana Islands, Federated States of Micronesia, Republic of Palau, Marshall Islands, Panama and Turks, and Caicos.
Of recent, the US dollar is gaining strength, soaring in value. This is because the Federal Reserve keeps raising interest rates.
See also:
8. Swiss Franc
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| Image credit: Claudio Schwarz / Unsplash |
Currency code: CHF
Currency symbol: CHf, Fr. and SFr
1 US Dollar = 1.002 CHF
1 CHF = 1.00038 USD
Date of creation: May 1850
Countries: Switzerland and Liechtenstein ( it is also legal tender in the Italian exclave of Campione d’Italia too)
As we can see from the exchange rate, the Swiss Franc is as strong as the US dollar. With this, the swiss franc is becoming a good alternative, even though the USD has been the most trusted and primary currency.
This currency is recognized as one of the safest and one of the most stable assets as well. And of course, one of the top 10 highest currencies in the world in 2024 right now.
Switzerland is one of the countries with the biggest gold reserves. For this, in some countries around the world, large organizations and individuals for investing in gold and in its currency for security. This is actually strengthening the swiss franc.
The currency is the only franc remaining in Europe. It has only six banknotes, 20, 50, 100, 200, and the largest 1000-franc note. These banknotes are really secure, it is one of the most secure, due to their impressive high production standards.
The 5, 10, 20, and 50-centime as well as 1, 2, and 3-franc denominations are coins that are in circulation. Even though the use of credit cards is increasing, the swiss are still very much in love with the use of cash.
7. Gibraltar Pound
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| Image credit: Cash4coins |
Currency code: GIP
Currency symbol: £
1 US Dollar = 0.87 GIP
1 GIP = 1.146 USD
Date of creation: 1927
Country: Gibraltar
This currency uses British names, both the coins and the notes, but different designs. Its use is only permitted in Gibraltar. Although it can be converted into British pound sterling notes at 1:1, the GIP is not accepted in the UK.
Gibraltar accepts Bank of England-issued British coins and notes as legal money. Unofficially, the majority of Gibraltar's shops also take the euro (the Royal Gibraltar Post Office does not).
Banknotes are in 5, 10, 20, and 50 denominations while 100 banknotes were released later and are rarely used. In 2021, the sizes of the banknotes are reduced, looking similar to the banknotes of the Bank of England.
Coins are in 1, 2, 5, 10, 20, and 50 pence denominations. Each has its own distinct design and bears Gibraltar. They look very similar to British coins.
6. British Pound Sterling
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| Image credit: SteveBulley / Pixabay |
Currency code: GBP
Currency symbol: £
1 US Dollar = 0.87 GBP
1 GBP = 1.154 USD
Date of creation: 1489
Country: United Kingdom and its territories
It is the oldest currency presently in use. It is one of the highest trading volumes and certainly, one of the highest currencies in the world in 2024.
Sometimes it is only referred to as the pound while sterling is used in the financial market. Also, the term sterling is used in naming the currency because some silver coins were minted from a pond of silver, hence the name.
The UK territories using this currency include Jersey, the Isle of Man, Tristan da Cunha, the British Antarctic Territory, Gibraltar, Guernsey, South Georgia, and the South Sandwich Islands.
For the past few decades, the pound sterling has always been stronger than the USD. The main reason the pound sterling is stronger is because of its interest rates.
The higher the interest rates the more valuable the currency will be, this bolsters the currency and makes foreign investments to be attracted to these countries.
Also, the UK's inflation is lower compared to other countries, thereby the purchasing power is higher, as more people want to buy more pounds. Banknotes are in denominations of £5, £10, £20, and £50. Even though the £100 note is currently the highest, it is rarely used and £1 too.
5. Caymanian Dollar
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| Image credit: WorldNote |
Currency code: KYD
Currency symbol: $ and CI$
1 US Dollar = 0.82 KYD
1 KYD = 1.220 USD
Date of creation: August 1, 1972
Country: Cayman Islands
Cayman Islands' territory is made up of 3 Islands, Little Cayman, Cayman Brac, and Grand Cayman. These islands belong to the United Kingdom.
There are lots of turtles in the country compared to somewhere else, for this, it is formerly known as the island chain Las Tortugas. This Island is one of the world's leading offshore financial centers.
It is as well one of the great tax havens as corporate income tax is not imposed there. That means it is a good location for international corporations, no wonder businesses are choosing this area.
This currency replaces the Jamaican Dollar at par at the time it was introduced. Currently, the Caymanian dollar is pegged at 1 USD to 1.2 KYD.
Its coins are in 1, 5, 10, and 25-cent coin denominations and are made from copper and nickel-plated steel. While its banknotes are in 1, 5, 10, 25, 40, 50, and 100 dollar denominations. Based on the per capita basis, it is a super wealthy nation.
Owing to the strong financial services and economy in the country, it is one of the top highest currencies in the world. Its economy majorly depends on tourism, financial transactions, import duties, and work permit fees.
4. Jordanian Dinar
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| Image credit: Onlinecheapbest |
Currency code: JOD
Currency symbol: د.ا
1 US Dollar = 0.709 JOD
1 JOD = 1.410 USD
Date of creation: July 1950
Country: Jordan
JOD currency is truthfully among the top 10 strongest currencies in the world and it even higher than the USD because it is pegged to the US dollar since 1995.
This brings about its stability and its fixed exchange rate, which makes the Jordanian currency so strong. This attracts more deposits of the currency and higher interactions with foreign direct investment (FDI) in Jordan.
This also implies that the Central Bank of Jordan cannot influence its value no matter how booming the economy is or no matter the recession it may face.
The Jordanian government has a tight monetary policy that strictly helps the currency value. The currency has subunits or smaller denominations.
For instance, 1,000 fils, 100 qirshes, and 10 dirhams equal one dinar. Banknotes are in 1, 5, 10, 20, and 50 dinars denominations. The currency replaces the Palestinian pound at the time it was introduced.
See also:
3. Omani Rial
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| Image credit: Manor Fx |
Currency code: OMR
Currency symbol: ر.ع.
1 US Dollar = 0.385 OMR
1 OMR = 2.600 USD
Date of creation: 7 May 1970
Country: The Sultanate of Oman
This strong currency is third on the list of the highest currencies in the world. Unlike some currencies that are only being pegged with the USD, this currency has more high value because it is one of the world's major producers of oil.
For this, this country receives a lot of US dollars as income and this helps the currency value to be strong. The value is so high that it can be divided into 1000 baisa.
While other banknotes are in 100 units banknotes denominations. The currency is pegged at one Omani rial to $2.6008 (USD) in 1986. The pegging assists the currency from floating, helping its stability which keeps the value high as well.
The currency is available in both coins and paper notes. The denominations of 5, 10, 25, 50, and 100 baisas, and 1/4 and 1/2 rials are in coins. While 100 and 200 baisas, and 1/2, 1, 5, 10, 20, and 50 rials are denominations in paper notes.
2. Bahraini Dinar
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| Image credit: Roberts World Money |
Currency code: BHD
Currency symbol: .د.ب
1 US Dollar = 0.376 BHD
1 BHD = 2.660 USD
Date of creation: 7th October 1965
Country: Bahrain
Bahrain is a wealthy country. This country is in the Persian Gulf, very close to Saudi Arabia. It is wealthy because their major source of income is petroleum, which is its largest export.
It has high oil revenues and the country is small in size and population. This high revenue means a lot plus the fact that they have low maintenance costs. All this makes the currency soar in its value.
It is the second among the highest currencies in the world today. BHD replaces the Gulf rupee when it was introduced. Banknotes are available in coins and paper notes.
Denominations of 1, 5, 10, 25, 50, and 100 fils are in coins. On the other hand, 0.5, 1, 5, 10, and 20 dinar denominations are in paper form. A total of 1,000 fils equals one Bahraini dinar.
The currency is pegged at the rate of 1BHD to 2.659 USD. As it has been discussed earlier, this brings about its stability plus the fact that they have a high income from petroleum.
The word dinar is from the Roman ancient monetary unit called Roman denarius used around the year 211BC. The denarius was an original standard silver coin then.
1. Kuwaiti Dinar - The Highest Currency in the World
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| Image credit: Mohamed0189 |
Currency code: KWD
Currency symbol: د.ك or KD
1 US Dollar = 0.309 KWD
1 KWD = 3.230 USD
Date of creation: 1961
Country: The State of Kuwait
Kuwait is a small rich country situated on the Persian Gulf, between Saudi Arabia and Iraq. This country has a high GDP per capita, which makes it one of the richest countries.
It has the strongest currency in the world, that is it is the number one highest currency, it is by far higher than the US dollar. It is the most stable currency.
This FAQ needs to be answered here, why is KWD so valuable? This is because there is an extremely high demand for the currency. The second reason is that this country has a high revenue from petroleum.
Thirdly, the income received is managed effectively. Their economy majorly depends on oil and gas and they are among the largest exporter of oil.
Just like other dinar currencies, its name is coined from an ancient Roman currency, the denarius. Like other Arab countries' currencies, the KWD can be divided into 1000 fils, that is 1,000 fils equals 1 KWD.
The currency does experience minor flautation, which does not harm the value and it is a currency pegged to an unknown basket of currencies.
Since the year the monetary unit was introduced, there have been 6 different versions of it. Paper notes are in ¼ dinar, ½ dinar, 1 dinar, 5 dinars, 10 dinar, and 20 dinar denominations. Whereas denominations of 5, 10, 20, 50, and 100 fils are coins.
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Nice compilation
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