Well, lads, I have often wondered what the strongest currencies in the world are. I mean, I didn’t give it much thought. Do you presume it is the Euro or USD? Or at least what we think is the strongest.
So today, we’re setting off on a journey, not over the rolling green hills of Ireland, but through the thrilling world of global finance(not so thrilling, let’s be honest), to uncover the strongest currencies in the world!
Back in the day, goods were traded for livestock or sacks of grain. Fast forward to today, and we’re dealing in paper, cryptocurrencies and digital figures. It’s a world where currencies are the quiet rulers, each with a story as rich as any ancient legend.
Criteria having the strongest currency in the world
Now, you might ask, what makes a currency strong? It’s not just about having a high value against the dollar, though that’s part of it. It’s also about stability – being as sturdy as an oak in a storm. A strong currency comes from a country with a robust economy, political stability, and high global confidence.
- Now, yes, it is easy for me to compare the strongest currencies in the world to the USD, but for a fresh approach, I am going to compare them to the Euro.
For the comparisons, I used Wise’s calculator. I use Wise now as my primary bank, and their exchange rates are always very accurate. So, while I tried to keep this as precise as I could for 2024, it may change depending on when or where you are looking in the future. Currently, this is based on data from 24th January 2024. And I did not include Bitcoin in this list, or it would be number 1! For the record, on this day, it is €36,656 to 1 Bitcoin.
The Top 10 Strongest Currencies in the World Compared to the Euro 🧐(as of my last update)
- Kuwaiti Dinar (KWD)
- The Kuwaiti Dinar is the strongest currency in the world when compared to the Euro.
- Value Against Euro: Approximately 2.98 EUR per 1 KWD
- Main Strength: Kuwait’s significant oil wealth bolsters its currency.
- Bahraini Dinar (BHD)
- Ranking as the second strongest currency in the world against the Euro
- Value Against Euro: Around 2.43 EUR per 1 BHD
- Main Strength: Bahrain’s strong financial sector and stable economy.
- Omani Rial (OMR)
- The Omani Rial, holding the title of the third strongest currency globally against the Euro
- Value Against Euro: Roughly 2.38 EUR per 1 OMR
- Main Strength: Oman’s oil-based economy and controlled exchange rates.
- Jordanian Dinar (JOD)
- As the fourth strongest currency in the world against the Euro
- Value Against Euro: About 1.29 EUR per 1 JOD
- Main Strength: Jordan’s currency stability and strong banking sector.
- British Pound Sterling (GBP)
- The British Pound Sterling placed fifth in strength against the Euro
- Value Against Euro: Approximately 1.17 EUR per 1 GBP
- Main Strength: The UK’s large and diversified economy.
- Swiss Franc (CHF)
- Ranked as the sixth strongest currency worldwide against the Euro
- Value Against Euro: About 1.05 EUR per 1 CHF
- Main Strength: Switzerland’s stable and prosperous economy.
- Cayman Islands Dollar (KYD)
- The Cayman Islands Dollar, the seventh strongest currency globally against the Euro
- Value Against Euro: Around 1.00 EUR per 1 KYD
- Main Strength: Its status as a financial hub and tax haven.
- US Dollar (USD)
- The US Dollar, positioned as the eighth strongest currency in the world against the Euro
- Value Against Euro: Approximately 0.91 EUR per 1 USD
- Main Strength: Global confidence and widespread use.
- Canadian Dollar (CAD)
- The ninth strongest currency globally against the Euro
- Value Against Euro: Roughly 0.68 EUR per 1 CAD
- Main Strength: Canada’s vast natural resources and political stability.
- Australian Dollar (AUD)
- The Australian Dollar, ranking tenth, is among the world’s strongest currencies against the Euro
- Value Against Euro: About 0.60 EUR per 1 AUD
- Main Strength: Australia’s strong trade ties and natural resource exports.
Okay, so you are probably wondering just what the weakest currencies in the world are?
Now, identifying the “weakest” currencies can be a bit tricky, as a variety of factors, like economic instability, high inflation rates, and political turmoil, can influence their value. But let’s give it a go based on the data on 24th January 2024.
For the most precise and current exchange rates, especially for currencies experiencing high inflation or economic instability, it’s best to refer to real-time financial data sources or currency conversion tools. They will provide the latest exchange rates against the Euro, giving you an accurate picture of their current standing.
- Iranian Rial (IRR): Approximately 45’868 IRR to 1 EUR
- Vietnamese Dong (VND): Approximately 26’857 VND to 1 EUR
- Laotian Kip (LAK): Approximately 22’578 LAK to 1 EUR
- Indonesian Rupiah (IDR): Approximately 17’110 IDR to 1 EUR
- Uzbekistani Som (UZS): Approximately 13,588 UZS to 1 EUR
- Guinean Franc (GNF): Approximately 9,378 GNF to 1 EUR
- Paraguayan Guarani (PYG): Approximately 7,970 PYG to 1 EUR
- Colombian Peso (BYN): Approximately 5,471 COP to 1 EUR
- Cambodian Riel (KHR): Approximately 4,449 KHR to 1 EUR
- Burundian Franc (BIF): Approximately 3,112 BIF to 1 EUR
Please note that the strength or weakness of a currency can change over time due to economic and geopolitical factors.
As always, if there are any corrections to be made, contact me or comment below. And be sure to share. And if you love all things Irish, join my weekly dose of Irish newsletter. Send it out every Friday straight to your inbox. Join here; it is FREE!
Cheers,
Stephen