Bahraini dinar ‘world’s second most powerful currency’
Four Arab currencies ranked among the 10 most powerful currencies in the world in 2023, according to a classification by Forbes magazine.
The Bahraini dinar is the second-strongest currency in the world, with one dinar buying $2.65 (or $1 equals 0.38 Bahraini dinar). The Bahraini dinar entered circulation in 1965 and is pegged to the dollar.
The Kuwaiti dinar is the strongest currency in the world, with one dinar buying $3.26 (or, put another way, $1 equals 0.31 Kuwaiti dinar). It was introduced in the 1960s and was initially pegged to the British pound before being re-pegged to an undisclosed basket of currencies.
The Omani rial is the third-strongest currency in the world, with one rial buying $2.60 (or $1 equals 0.38 Omani rial). It was introduced in the 1970s and is pegged to the dollar.
The Jordanian dinar is the fourth-strongest currency in the world, with one dinar buying $1.41 (or $1 equals 0.71 Jordanian dinar).
The British pound ranked fifth, the Cayman Islands sixth, the Gibraltar pound seventh, and the Swiss franc, the euro, and the US dollar ranked eighth, ninth, and 10th, respectively.
According to Forbes, there are 180 legal and official currencies in the world, the bulk of which are floating and their exchange rates are subject to fluctuations and supply and demand factors in global markets, while a limited number of them remain at fixed prices being pegged to major currencies, the most important of which is the US dollar.
