By Ojomah Austin.
Currencies are one of the most important factors in the global economy and play a large role in determining trade agreements, as well as representing the strength and stability of varying nations.
There are over 180 currencies recognised worldwide by the United Nations as legal tender, all with varying strengths. The strongest currency globally doesn’t owe its value to its popularity or usage, but rather to its purchasing power.
Express.co.uk has looked into the strongest currencies of 2024 – and found that neither the British pound nor the US dollar top the list.
British Pound Currency Note (GBP)
5. British pound
The British pound comes in at fifth on the strongest currency list. First introduced in the 1400s and decimalised in 1971, the independent, free-floating currency is very strong.
The Gibraltar pound, which is ‘pegged’ to the British pound, also comes in at number 5, with the British territory introducing its currency in the 1920s.
Jordanian dinar Currency Note
4. Jordanian dinar
The Jordanian dinar is the fourth strongest currency in the world, with one dinar being valued at 1.07 Pound sterling, and £1 being worth 0.94 Jordanian Dinar.
The dinar entered circulation in Jordan in the 1950s. The land-locked country in the Middle East has an economy largely dependent on oil and gas exports, but also tourism, banking and pharmaceutical sectors.
Omani Rial Currency Note
3. Omani rial
Largely dependent on oil reserves, Oman’s prosperous economy has led to the nation having one of the world’s strongest currencies. The rial was introduced in Oman, which lies on the southeastern coast of the Arabian peninsula, in the 1970s.
One rial is worth 1.97 Pound sterling, and £1 is worth 0.51 Omani Rial.
Bahraini Dinar Currency Note
2. Bahraini Dinar
Another Middle-Eastern currency tops the charts, with the Bahraini Dinar being the second strongest currency in the world. The diversified economy of Bahrain contributes to its currency’s success, with strong oil, gas, finance and tourism industries.
The dinar was introduced in 1965, with 1 dinar being worth 2.01 Pound sterling, and £1 being worth 0.50 Bahraini Dinar.
Kuwaiti Dinar Currency Note
1. Kuwaiti Dinar
The strongest currency in the world is the Kuwaiti dinar. One dinar is equal to 2.48 Pound sterling, and £1 is equal to 0.40 Kuwaiti Dinar.
Kuwait, which is a country in the Middle East, introduced the dinar in 1961. The nation’s lucrative oil reserves can attest to its currency’s considerable economic strength, which lies in the Persian Gulf.