If you have to wonder why citizens and residents of the Sultanate of Oman feel less pinch on their pockets while travelling abroad or doing online shopping, it is because the Omani rial has a few competitors to match when it comes to purchasing power. It is the third strongest in the world.
The advantage of having a strong currency is that when travellers from the Sultanate of Oman go abroad, they have to spend less for transactions made in foreign currency, including the purchase of tickets made not in rials.
While goods imported to the country with purchases made in foreign currencies will be inexpensive, on the flip side products exported from the country will be expensive in foreign markets and less competitive.
The Forbes Adviser has listed the 10 strongest currencies in the world, based on their relative value against the US dollar.
What are the top 10 strongest currencies? Forbes has determined the strongest currencies, based on the number of dollars needed to buy one unit of each currency. The exchange rates are sourced from our currency converter, based on data from Open Exchange at the time of writing.
Here are the top 10 strongest currencies:
The Omani rial is the third-strongest currency in the world, with 1 rial buying 2.60 dollars (or $1 equals 0.38 Omani rial). The Omani rial was introduced in the 1970s and is pegged to the dollar.
The Kuwaiti dinar is the strongest currency in the world, with 1 dinar buying 3.26 dollars (or, put another way, $1 equals 0.31 Kuwaiti dinar). The Kuwaiti dinar was introduced in the 1960s and was initially pegged to the British pound before being re-pegged to an undisclosed basket of currencies.
The Bahraini dinar is the second-strongest currency in the world, with 1 dinar buying 2.65 dollars (or $1 equals 0.38 Bahraini dinar). The Bahraini Dinar entered circulation in 1965 and is pegged to the dollar. 3.
The Jordanian dinar is the fourth-strongest currency in the world, with 1 dinar buying 1.41 dollars (or $1 equals 0.71 Jordanian dinars). The Jordanian dinar entered circulation in 1950 and is pegged to the dollar.
British pound (GBP) The British pound is the fifth-strongest currency in the world, with 1 pound buying 1.22 dollars (or $1 equals 0.82 British pounds).
The pound was first introduced in the 1400s before being decimalised in 1971. It is free-floating, not pegged to other currencies.
The Swiss franc is tied for eighth among the strongest currencies in the world, with 1 franc buying 1.08 dollars (or $1 equals 0.92 Swiss francs). The Swiss franc was introduced in 1850 and was later briefly pegged to the euro before moving to a free float.
Euro (EUR) The euro shares the No. 8 spot among the world’s strongest currencies, with 1 euro buying 1.08 dollars (or $1 equals 0.93 euro). Euro coins and banknotes entered circulation in 2002, and the currency is free-floating.
US dollar (USD) The US dollar is the 10th-strongest currency in the world, with 1 dollar buying 1 dollar. (Obviously.) All other units of currency across the globe are worth less than a buck.