Money matters

 

There are 180 currencies in the world recognised as legal tender. If you don’t think the humble PNG Kina is up among the best, you are right. But it is also not the worst, by a long shot.

The U.S. dollar is the most powerful currency in the world and it is certainly the most traded currency. As such, it is the benchmark against which all other currencies are judged.

In the past, there has been talk of China trying to create a currency to rival the US dollar, but given the RMB is weaker than the PGK and any attempt to destabilise the US dollar would be met with sanctions, it seems to be wishful and fanciful thinking.

As an indication, the RMB is currently worth about US 0.14; the PGK is worth about US 0.26.

The mighty US dollar is here to stay, but you may be surprised to learn that there are nine stronger currencies.

The world’s top 10 strongest currencies

1. The Kuwaiti dinar (KWD) is the strongest currency in the world with 1 Kuwaiti dinar buying 3.27 U.S. dollars.

2. The Bahraini dinar (BHD) is the second strongest with 1 Bahraini dinar buying 2.66 U.S. dollars.

3. The Omani rial (OMR) is the third strongest with 1 Omani rial buying 2.59 U.S. dollars.

4. The Jordanian dinar (JOD) is the fourth strongest with 1 Jordanian dinar buying 1.41 U.S. dollars.

5. The British pound (GBP) is the fifth strongest with 1 British pound buying 1.28 U.S. dollars.

6. The Gibraltar pound (GIP) is the joint fifth strongest with 1 Gibraltar pound buying 1.28 U.S. dollars.

7. The Cayman Islands dollar (KYD) is the seventh strongest with 1 Cayman Islands dollar buying 1.22 U.S. dollars.

8. The Swiss franc (CHF) is the eighth strongest with 1 Swiss franc buying 1.12 U.S. dollars.

9. The Euro (EUR) is the joint ninth strongest with 1 euro buying 1.08 U.S. dollars.

10. The U.S. dollar (USD) is the 10th strongest, on par, worth exactly 1 against itself.

All other units of currency across the globe are worth less than a U.S. dollar.

(All figures rounded. Source XE Currency Converter, July 2024)

The world’s top 10 weakest currencies

1. The Lebanese pound (LBP) is the weakest currency in the world, with 1 Lebanese pound buying 0.000011 dollar.

2. The Iranian rial (IRR) is the second-weakest, with 1 Iranian rial buying 0.000024 dollar.

3. The Vietnamese dong (VND) is the third-weakest, with 1 Vietnamese dong buying 0.000039 dollar.

4. The Sierra Leonean leone (SLL) is the fourth-weakest, with 1 Sierra Leonean leone buying 0.000044 dollar.

5. The Laotian or Lao kip (LAK) is the fourth-weakest, with 1 Laotian kip buying 0.000045 dollar.

6. The Indonesian rupiah (IDR) is the sixth weakest, with 1 Indonesian rupiah buying 0.000062 dollar.

7. The Syrian pound (SYP) is the seventh weakest, with 1 Syrian pound buying 0.000077 dollar.

8. The Uzbekistani som (UZS) is the eighth-weakest, with 1 Uzbekistani som buying 0.000079 dollar.

9. The Guinean franc (GNF) is the ninth weakest, with 1 Guinean franc buying 0.000116 dollar.

10. The Paraguayan guarani (PYG) is the tenth-weakest, with 1 Paraguayan guarani buying 0.000133 dollar.

(All figures rounded. Source XE Currency Converter, July 2024)

Currency conversion

Need a good, handy, quick currency converter? Go to XE.com or download the app. https://www.xe.com/currencyconverter/

Check with your bank or financial institution before exchanging foreign currency.

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