Strongest Currencies as of January 2022

By Remitbee - Feb 3, 2022

Supply, demand, inflation, and other economic factors may affect the strength of a currency. When it comes to exchanging currencies, one currency’s strength is relative to another currency in a given pair. Often, currencies are paired against the US Dollar and the Euro because they have the largest reserves around the world. True, these two may be among the influential currencies in the world throughout the years, but they are not strong nor valuable as the others.

In this list, you will find the strongest currencies as of January 2022. This information is ideal for those interested in investing in currency trading, those looking for places to travel abroad, and those who are generally interested in currencies.

Number 5: British Pound Sterling (GBP)

1 GBP = 1.36 USD 1 GBP = 1.72 CAD

The GBP or pound sterling (or pound or sterling) is the official currency of the United Kingdom and other countries, including Jersey, Guernsey, and Gibraltar, to name a few. This currency is the oldest currency in continuous use. Aside from landing on the fifth spot of the strongest currencies for January 2022, the GBP is also among the most-traded currency in the foreign exchange market alongside the US dollar, Euro, and Japanese Yen.

Number 4: Jordanian Dinar (JOD)

1 JOD = 1.41 USD 1 JOD = 1.79 CAD

The JOD or Jordanian dinar became Jordan’s official currency in 1950, replacing the Palestinian pound after it regained its independence. Jordan pegged its local currency to the US dollar at 1 USD equal to 0.7090 JODs to create stability in its financial system. Because of this move, Jordan has a more stable currency, they attract deposits, and the country may experience an increase in foreign direct investments.

Number 3: Omani Rial (OMR)

1 OMR = 2.60 USD 1 OMR = 3.29 CAD

The OMR or Omani Rial is the national currency of the Sultanate of Oman as the replacement to Indian Ruppe, Maria Theresa Thaler, and Saudi Riyal. Initially, the 1 OMR was pegged at 2.895 USD until 1986, when it was changed to 1 OMR equal to 2.6008 USD. One reason why OMR is one of the strongest currencies in the world is that they are one of the leading oil producers, and its economy is pegged on oil prices. Because oil is important in USD, OMR receives a lot of USD revenues and is able to maintain its high-value currency.

Number 2: Bahraini Dinar (BHD)

1 BHD = 2.65 USD
1 BHD = 3.36 CAD

The BHD or Bahraini dinar is the official currency of Bahrain, replacing the Gulf rupee in 1965. BHD is one of the most expensive currencies because it also has a fixed exchange rate against USD, which is 1 USD is equal to 0.37608 BHD. Unlike other countries who prefer flexible exchange rates for their currencies depending on the interaction of supply and demand, Bahrain’s is fixed with the USD.

Aside from its rich petroleum products, Bahrain’s economy is also supported by its tourism sector and other raw products besides gas and petroleum, such as aluminum.

Also, Read - Strongest Currencies as of December 2021

Number 1: Kuwaiti Dinar (KWD)

1 KWD = 3.31 USD
1 KWD = 4.19 CAD

KWD, or the Kuwaiti Dinar, is the official currency of Kuwait. For three decades, this currency has secured the top spot in the strongest currencies in the world. The secret? It’s oil reserves and tax-free advantages to their income-earning citizens. Since Kuwait owns about 9% of the global oil reserves, KWD is an in-demand currency because it is widely used in the Middle East for oil-based transactions. And as a prosperous economy, Kuwait’s government only takes taxes from corporations and businesses, making the currency maintain its rank.

A summary of the world’s strongest currencies as of January 2022:

  • Kuwaiti Dinar
  • Bahraini Dinar
  • Omani Rial
  • Jordanian Dinar
  • Pound Sterling

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