The size of inflation and interest rates, the scale of unemployment, GDP, fluctuations in stock prices, political tensions, changes in government, social unrest, or the type of foreign policy being pursued. All these elements affect the quotes of the currencies of individual countries and the determination of which of them are the strongest.

Previously, the strongest currency in the world was set by the ratio to gold. Under the terms of the Bretton Woods Conference, only the dollar was convertible into gold. However, in 1971, the gold standard was abolished. Since then, exchange rates have fluctuated. Today, the most expensive currency is due to the strength of the issuing country, and in fact, its economy. There are several significant factors:

1
assessment of the country's economy (including GDP, inflation, import and export issues);
2
monetary policy pursued by the country's central bank (issues related to the supply of this currency are mainly important);
3
reserves, which are the collateral of the monetary system of the state.
Corresponding changes in these parameters can lead to the strengthening or weakening of the currency in relation to others. Consequently, in this way, there are fluctuations in the exchange rate in the market.

In this article, we will look at the strongest currencies of 2024, taking into account the nuances of price formation and the key facts of their countries. We will also pay attention to popular tradable pairs and talk about liquid cryptocurrencies. At the end of the review, we will name the three most reliable brokers for buying/selling or investing operations.

op 8 Strongest Currencies in the World
In 2024, the top strongest currencies do not necessarily include those that are well-known. The highest exchange rates are achieved by the currencies of the Arabian Peninsula. The fact is that Arab countries are strong economically, but their currencies are not the most important. To some extent, the price of a currency is influenced by the popularity of its use in transactions. It is this demand that makes the currencies of Arab countries not the most quoted, although more expensive than many others.

Taking into account all the above facts, we have compiled the top of the strongest currencies in the world and further we will tell you more about each position in our rating.

US Dollar (USD)
It is part of a limited group of reserve currencies that perform transactional functions, and is also part of the permanent reserves held by central banks around the world. The International Monetary Fund (IMF) reports that the share of the American currency in world reserves is almost 60%. For comparison, reserves in euros exceed just over 20%.

The dollar is subject to slight fluctuations in value, so long-term investments in it can be a good decision.

Singapore Dollar (SGD)
A dynamic and competitive economy undoubtedly affects the value of this currency. A high level of economic freedom in the state is also important. These mechanisms work in the case of the Singapore dollar. The economic growth in the country, which has been going on since 2010, further stabilizes the currency. It is considered one of the strongest currencies in the world, highly valued and exchanged in the Asia-Pacific region. Since 2020, SGD has been ranked 13th in terms of convertibility on the global stage.

The Singapore dollar is closely linked to the Brunei dollar at a 1:1 ratio. Consequently, both currencies are equally important in Brunei and Singapore, often being used interchangeably thanks to a currency exchange agreement between the two countries. In practice, this principle is forgotten in everyday life in Singapore, but in Brunei, some citizens save money from Singapore.

The most common banknotes in circulation are $2, $5, $10, $50, $100, and $1000. The current series was first released in 1999 and is made on a paper basis.

Swiss Franc (CHF)
What are the top strongest currencies in the world without the Swiss franc? The beginning of its history dates back to the period of French domination and Napoleonic invasions. Since then, Switzerland has not experienced a single major war. However, it was not until the 20th century that the Swiss Confederation decided on a single banknote valid throughout the country.

For many years, the CHF has been considered a safe haven for investment. In general, Swiss francs usually appreciate during economic crises and turmoil in the financial markets. For this reason, it can be seen more as a way to store the value of money over time.

Since the introduction of the euro, the Swiss franc has lost its importance as a diversification currency, largely due to the rise in quality of the new Western European economy, based on strong and stable economies. Only after the outbreak of the crisis in the Eurozone did the Swiss franc again become in demand by foreign investors. More expensive fuels, gas and oil, as well as significant growth in the energy market, mean that the franc has tempting growth prospects.

Euro (EUR)
The financial crisis has significantly reduced the level of confidence of the foreign exchange market in the euro and the European Central Bank as an institution managing a single monetary policy. Although the state of the European currency is improving year after year, the effects of the economic downturn are still visible.

However, the currency introduced in the EU area still enjoys huge confidence from the markets. This is due to the fact that the EUR is a means of payment not only in the 19 countries that make up the European Union. The euro is also involved in the currency of the other six countries that have voluntarily adopted the currency, including Kosovo, Andorra and Montenegro.

The exchange rate of the European currency largely depends on the US dollar, so when the USD begins to strengthen on Forex, the euro weakens. Here the dependence is directly proportional. The EUR exchange rate is influenced by the economic and political situation in European countries. Unfortunately, the situation in Ukraine has a negative impact on this currency in the international arena, as well as inflation in the EU countries that use the euro as legal tender. However, in 2024, it is undoubtedly the strongest currency in Europe.

Jordanian Dinar (JOD)
The currency is quoted at about $0.70 for 1 Jordanian dinar at the current exchange rate. It, like the previously mentioned currencies, is pegged to the US dollar, thanks to which it can help to benefit from a stable monetary system. Jordan is a small country that does not have large natural or oil resources. Therefore, its energy needs depend on external sources.

Omani Riyal (OMR)
OMR is currently worth just over $0.39, so it is on the podium of the most expensive currencies in the world. The Omani rial was introduced in the 1970s and is pegged to the US dollar. Accordingly, a tight exchange rate maintains the stability of Oman's currency and protects it from volatility.

The country's economy depends on oil, and its price has an impact on the situation in the country. However, the Omani authorities are constantly trying to become independent of the cost of raw materials, so they are increasingly focusing on the development of tourism, production and logistics.

Bahraini Dinar (BHD)
Although the official currency of Bahrain means little in the world, its exchange rate is still high. Currently, the Bahraini dinar is pegged to the US dollar. The country's economy ranks 10th in the world in terms of freedom and is heavily dependent on oil and gas. In general, Bahrain has the fastest growing economy on the Arab continent, which is reflected in the strength of the currency.

Kuwaiti Dinar (KWD)
It is the most expensive currency in the world in 2024. It was introduced in 1961, replacing the Gulf rupee. However, at the time of Iraq's attack on Kuwait in 1990, Iraqi dinars were quoted for a time. After the liberation, the Kuwaiti dinar returned with a new series of banknotes, marking economic growth. It is driven by the extraction of products such as oil and petrochemicals, so more than 80% of government revenues come from the oil industry. It can be said that Kuwait is a tax-free country – the government does not collect income tax from citizens, and the unemployment rate is low.
What is the strongest currency in the world in 2024?
Undoubtedly, the strongest currency of 2024 is the Swiss franc. The fact is that it, along with the Japanese yen and the US dollar, belongs to the group of so-called "safe-haven currencies" – that is, those that attract capital during periods of financial and political instability.

Theoretically, the Russian ruble could become the next "guarantor of the preservation of value" this year by artificially curbing the growth of the dollar. But in fact, this is fiction. It seems that the collapse of the existing, albeit artificial, state of affairs can occur only in the event of a significant drop in prices for goods. However, until the Arab countries significantly increase oil production, and Europe does not find new suppliers, the ruble will only get stronger.
The strongest (actively traded) currency pairs in the world
A currency pair is a set of values of two different monetary units. One is evaluated through the prism of the other. As the name suggests, a currency pair is made up of two currencies. At the same time, it is necessary to pay attention to their order.

1
the first is the basic one, for which one unit will be measured;
2
The second is the quote currency - one unit of the base currency is evaluated in it.
The price of the pair reflects how much of the quote currency it will take to buy the base currency.

According to a recent study by Traders Union, the most traded currency pairs were those that belong to the group of major ones. However, long-term traders pay attention not only to major pairs, but also to exotic ones, as well as crosses.

The most traded Forex currency pairs are a combination of popular and strong currencies. These include currencies:

 
EU and US (EUR/USD);
 
Great Britain and the United States (GBP/USD);
 
USA and Switzerland (USD/CHF);
 
USA and Canada (USD/CAD);
 
New Zealand and the United States (NZD/USD);
 
Australia and the United States (AUD/USD).
These are called major currency pairs, but are also known as "majors". We do not advise novice traders to choose the most expensive currencies for trading. We believe that beginners should pay attention to reserve ones – with the US dollar at the helm, and the so-called "safe" ones, such as the Swiss franc. The dollar is a currency that is trusted, just like gold. The franc, in turn, has a stable value.

Experienced speculators may be more interested in adding exotic currencies to their investment portfolio, which, according to analysts, have a chance to strengthen their value in the near future. We are talking about the monetary units of Arab countries.
The Strongest and Most Traded Digital Currencies
A few years ago, few believed that cryptocurrency had a chance for the future. Most people who have nothing to do with investing have not heard of it at all. Recently, the popularity of cryptocurrency has been gaining momentum, with an increasing number of global companies and platforms starting to use it. Digital coins are stored in electronic wallets and can be transferred between them. The most interesting thing is that cryptocurrency does not have an emission center and each digital wallet is a kind of bank.

Today, there are various types of cryptocurrencies - from the most expensive to little-known. The strongest currencies in the world marked "crypto" are: Bitcoin, Ethereum, Litecoin, Ripple.

Best Brokers for Investing and Trading Currencies
Knowing what the most expensive currency in the world is, you will not automatically become a successful trader. Of course, profitable trading primarily depends on skills and experience, but choosing a reliable brokerage company is no less important. We recommend choosing licensed intermediaries who have been working for a long time and have all the necessary permits to provide services. A broker's trading platform should be comfortable to use and easy to learn, as well as provide access to a large number of financial market instruments.

The three such brokers, whose conditions are optimal for beginners and professionals, will be discussed below. Their key advantages are:

 
positive customer reviews, high ratings;
 
coverage of the entire world market;
 
availability of convenient mobile applications and trading terminals (in browser, desktop versions);
 
security provided by international auditors;
 
low commissions and no hidden fees;
 
small initial deposits, which is especially beneficial for beginners;
 
credibility due to long time in the industry;
 
availability of additional services — analytics, signals, educational programs and materials.