1. Kuwaiti Dinar (KWD)
Currency peg: KWD 1 = USD 3.27
The Kuwaiti dinar was first introduced in the 1960s and has had a long-standing history of being one of the strongest and most stable currencies worldwide, having an exchange rate higher than most countries. The abundance of energy reserves in the country is a major reason for the success of the Kuwaiti dinar.
2. Bahraini Dinar (BHD)
Currency peg: BHD 1 = USD 2.65
Bahrain introduced the dinar in 1965. It replaced the Gulf Rupee, a currency used in the Arab states earlier. Similar to Kuwait, energy reserves give the Bahraini dinar a significant boost. The small sizes of the two countries also have an effect on their economic activity. Before , many UAE emirates used various different currencies, like the brief use of the Bahraini dinar by Abu Dhabi.
5. British Pound (GBP)
Currency peg: GBP 1 = USD 1.36
The British pound sterling is the oldest currency still in circulation today. Dating back to the 17th century, the pound is used in the United Kingdom, as well as in some of the present-day British territories. London’s presence as a prominent global financial center also plays a role in boosting the pound sterling.
6. Gibraltar Pound (GIP)
Currency peg: GIP 1 = USD 1.35
Gibraltar is a small overseas British territory in the Mediterranean at the southern border of Spain. Despite being a territory the country utilizes its own unique currency, the Gibraltar pound. This was created in the 1920s. The currency was largely created to give Gibraltar some autonomy over its economy, while still holding a strong connection the powerful British pound sterling. The currency is only accepted for use within Gibraltar.
7. Cayman Islands Dollar (KYD)
Currency peg: KYD 1 = USD 1.20
The Cayman Islands, another British territory, have also established their own currency in 1972. Although the official currency is the Cayman Islands dollar, the U.S. dollar is also widely used. This can be attributed to the large tourism sector of the Cayman Islands, which often gets many visitors from the United States. However, the Cayman Island dollar is only used in the territory.
8. Swiss Franc (CHF)
Currency peg: CHF 1 = USD 1.22
The Swiss Franc is the official currency of Switzerland and Liechtenstein, a small European nation on Switzerland’s eastern border. It was first adopted in the 1850s by Switzerland, and in 1920 by Liechtenstein. This was made possible as the two countries are in a currency union.
