Forbes recently updated the top 5 most strongest currencies in the world for 2024 and the US dollar did not make it to the list. Even the local currencies of BRICS countries failed to enter the top 10 list and are below the US dollar. However, oil-rich Middle Eastern currencies dominate the list taking the top 5 spots in the strongest currency list.
Also Read: BRICS: Brazil To Incorporate Government Bonds in CBDC Digital Currency
Below is the recent list of the top 5 strongest currencies in the world as of September 2024.
- Kuwaiti Dinar (KWD)
- Bahraini Dinar (BHD)
- Omani Rial (OMR)
- Jordanian Dinar (JOD)
- Gibraltar Pound (GIP)
Also, the British Pound (GBP) comes close to the fifth spot and is currently sitting in sixth place today. None of the BRICS nations’ currencies nor the US dollar has made it to the top 5 strongest currency list. Therefore, currencies from the Middle East which caters to oil production and exports are the strongest currently. The Kuwaiti dinar has maintained its top spot consistently and expats in the Middle East use it the most for remittance.
Also Read: Donald Trump Warns of Consequences If BRICS Ditches the US Dollar
BRICS: The US Dollar Falls To the 10th Spot in the Currency List
The US dollar is now the 10th strongest currency in the world, according to Forbes. Despite being the most used currency in global trade, the USD is the 10th most strongest currency. It sits safely in the top 10 currency list even after the BRICS alliance is looking to topple the US dollar.
Also Read: BRICS: China Exporters Stockpile $500 Billion, Chinese Yuan Could Rise
BRICS kick-started the de-dollarization agenda and aims to make local currencies the main tender for cross-border transactions. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. The de-dollarization agenda of BRICS, if successful, could push the US dollar out of the top 10 strongest currency list.