Thursday 9 July, 2020

Cayman dollar is the 6th strongest currency in the world for 2020

Many believe that the American Dollar and the British Pound hold the highest monetary value among world currencies. While these are very strong and popular currencies, neither is the strongest in the world. The Kuwaiti Dinar is in fact the strongest currency, among a number of other Middle Eastern currencies, and our little Cayman boasts the sixth strongest world currency-- the strongest currency in the Americas for 2020.

Here is the list of the top ten.

1. Kuwaiti Dinar 
1 KWD = 3.29 USD (Kuwaiti dinar to US dollar).

Kuwait is a small country. Given its significant oil exports into the global market, its currency is very strong. More than 80% of Kuwait's revenue comes from the oil industry. It is a tax-free country with a very low unemployment rate.

2. Bahrain Dinar 
1 BHD = 2.66 USD (Bahrain Dinar to US Dollar).

Bahrain's wealth is from the export of petroleum products, which is the main source of revenue. The Bahrain Dinar is pegged to the US Dollar, although its rate of exchange against the US dollar has been stable since 2005.

3. Oman Rial 
1 OMR = 2.60 USD (Oman Rial to US Dollar).

Oman has vast oil reserves which boost its diverse economy. Just like Bahrain Dinar, the Oman Rial is pegged to the US Dollar. 

4. Jordan Dinar
1 JOD = 1.41 USD (Jordan Dinar to US Dollar).

Jordan does not have resources such as oil and is not economically developed. That said, its currency has been pegged to the US Dollar for the last couple of decades.

5. British Pound Sterling 
1 GBP = 1.32 USD (British Pound Sterling to US Dollar).

Most people consider that British Pound is the strongest world currency despite the fact that it is only at number 5.

6. Cayman Islands Dollar 
1 KYD = 1.22 USD (Cayman Islands Dollar to US Dollar).

Cayman's currency was introduced in 1972 and the country's strong financial services sector and economy have earned it a spot among the top 10 world currencies.

7. European Euro 
1 EUR = 1.11 USD (European Euro to US Dollar).

The Euro is the official currency in European countries and is the second reserve world currency, at 22.2% of all world savings (US Dollar has 62.3%).

8. Swiss Franc 
1 CHF = 1.01 USD (Swiss Franc to US Dollar).

Switzerland is one of the wealthiest and most stable countries in the world.

9. US Dollar
1 USD = 0.90 EUR (US Dollar to Euro).

Given the USA's world economic leadership, its currency is the "World Reserve Currency" which means that consumers can make dollar payments everywhere (in any country). The US Dollar is also the most used and traded currency in the world.

10. Canadian dollar 
1 CAD = 0.75 USD (Canadian dollar to US Dollar).

Canada is one of the safest countries in the world, due to the country's economic stability. The market value and stability of the Canadian Dollar has attracted a lot of investors.

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