KUWAITI DINAR IS THE MOST VALUABLE CURRENCY

  • 04/08/2022

Kuwait City: According to the US Detail Zero website, the Kuwaiti dinar was the most valuable currency globally, followed by the Bahraini dinar, Omani riyal, and Jordanian dinar, with the US dollar coming in ninth. According to the website's citation of CNN's Spanish-language news channel, all currencies are under pressure due to global inflation, which is continuing to rise, and they all reflect the unpredictability of economies as a result of the effects of the Corona pandemic, the Russian-Ukrainian war, which affected oil prices, as well as the slowdown in the economies of some nations, including China. 


The channel made the point that it is important to consider the question, "What are the top ten currencies in the world?" Despite the US dollar being the most widely utilised currency in international trade, the Kuwaiti dinar came in first. The Kuwaiti Dinar has been linked to an unreported basket of foreign currencies of Kuwait's main trading and financial partners since 2007, according to the Central Bank of Kuwait, according to a statement made to the channel. This exchange rate policy aims to maintain and strengthen the relative stability of the Kuwaiti Dinar against other currencies as well as shield the local economy from the effects of imported inflation. 

This is due to the fact that the currency was tied to the US Dollar from 2003 to 2007. However, Kuwait altered its policy after trying everything to mitigate the consequences of the US Dollar's long-term decline versus major currencies. The station enquired as to the causes behind Kuwait's possession of the world's strongest currency. The country's large crude oil reserves, which account for around 102 billion barrels or 6% of global reserves, are the reason for its prosperous economy. According to official data, over 92 percent of Kuwait's export revenues and 90

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