According to Forbes’ recent update on the strongest currencies in the world for 2024, the US dollar has surprisingly failed to make it into the top 5 list. Similarly, the local currencies of BRICS countries have also not been able to secure a spot within the top 10 list and are positioned below the US dollar. However, oil-rich Middle Eastern currencies dominate the top 5 spots in the strongest currency list.
Below is the recent ranking of the top 5 strongest currencies in the world as of September 2024:
1. Kuwaiti Dinar (KWD)
2. Bahraini Dinar (BHD)
3. Omani Rial (OMR)
4. Jordanian Dinar (JOD)
5. Gibraltar Pound (GIP)
The British Pound (GBP) is closely following in sixth place today, indicating that the top spots are firmly held by Middle Eastern currencies related to oil production and exports. Notably, the Kuwaiti dinar has consistently maintained its position at the top spot and is widely used by expats in the region for remittance.
In contrast, BRICS nations’ currencies, along with the US dollar, have not made it into the top 5 strongest currency list. The de-dollarization agenda of BRICS aims to promote local currencies as the primary tender for cross-border transactions, potentially pushing the US dollar out of the top 10 strongest currency list if successful.
As part of this agenda, BRICS is looking to reduce its reliance on the US dollar and instead use local currencies in trade. If this initiative gains momentum, it could have significant implications for various sectors in the US that rely heavily on international transactions using the US dollar. To stay updated on these developments, read our previous article to learn how many sectors in the US will be affected if BRICS ditches the dollar for trade.
Source: Watcher Guru
