Kuwaiti Dinar :The strongest currency in the world

The Kuwaiti dinar topped the list of 10 strongest currencies in the world, according to a report published by ScoopWhoop. In its classification of the strongest currencies around the world, the report relied on the exchange rate of each currency against the US dollar and the British pound.

The report pointed out that the rating of the strength of the local currency against the US dollar and the British pound does not necessarily reflect the economic strength of the country or the trade balance and budget status of the country.

Kuwait also has a low unemployment rate and is also one of the tax-free countries in the world.

The major reason for this is oil exports, 80% of its global revenue comes from the oil industry. The Kuwaiti dinar is the strongest circulating currency as of May 2021, with one Kuwaiti dinar equaling 3.32 US dollars. 

The report pointed out that Kuwait is an oil country par excellence, as it owns 9% of the world’s oil reserves, and oil revenues represent about 80% of the state’s total revenues. According to the report, exchange rate in May 2021 was about $3.32 to the dinar.

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