Currency is nothing but money, that is, a means of exchange used by all nations in various transactions between individuals or businesses. Today, there are a large number of national currencies in the world, but the degree of trust in them varies. Therefore, ratings of the most reliable and safe currencies are regularly compiled. Covid-19 pandemic briefly “turned off” the existing economic order, thus restarting some previously predictable processes. These include the currency market and the central role of the US dollar. Given the unprecedented suspension of globalization processes, the dollar is threatened with a real fall in 2020.
We tried to make our top trustworthy currencies.
Kuwaiti Dinar – KWD
It is characterized by both the exchange rate, which is currently the highest to the US dollar, and the thriving economy. The large-scale oil production has made the currency of Kuwait the most important in the world of money. Despite the fact that this currency is highly stable, reliable, and so expensive, it is far from the popularity of the US dollar in the financial trading market.
Bahrain is one of the most financially secure countries, so it is not surprising that Dinar is one of the most secure payment means in the world. This is the reason why many foreign employees prefer to work in Bahrain. According to the economic freedom index, Bahrain is the highest in the Middle East and North Africa. Moreover, this country ranks tenth among the world’s free economies.
United States dollar – USD
Approximately 85% of transactions on the Forex market and financial exchanges around the world are conducted with the US dollar. It is also used as the national currency by some other states, such as El Salvador. It is used in many countries as a reserve currency. In some countries, it is used with national money or as a means of daily household payments among the population, and it completely replaced them. Official US policy promotes the wide distribution of dollars in the world and declares its reliability.
In addition to Australia and its external territories, which are part of the Australian Union, it is used in Kiribati, Nauru, and Tuvalu’s independent island States. The Australian dollar has long been one of the most traded currencies in the world. This is due to the fact that Australia is a large state with a developed economy, which, due to its isolation, is significantly less susceptible to crisis phenomena in the world economy than other countries.
The British pound is widely known as the official currency of the United Kingdom of Great Britain and Northern Ireland, as well as all its overseas territories (former colonies). The pound sterling is indeed a very significant currency. It is almost the safest currency to invest in and the main leader in the financial markets in terms of investments.
Japanese money is currently ranked as the 6th most stable currency in the world. Every day, 20 percent of transactions on the international currency market is linked to Yen. It is one of the most stable currencies in the world.
This year, the Canadian dollar has an average share of 5.3% in daily currency transactions in the world. Before the formation of Confederation, most of the country was organized as small rural settlements spread over a large area; therefore, banking was more convenient to carry out not as a single unit but divided geographically. Gradually, the unified national unit of account gained more and more respect. Canada is now the world’s 11th largest economy.
Hong Kong dollar-HKD
This currency is in circulation in Hong Kong. It became the eighth most traded currency in 2014, and the same level can be assigned to it for reliability. The Hong Kong dollar, like all others, consists of 100 cents.
Cayman Islands Dollar-KYD
Currently, it is the official currency of this small state. The Cayman Islands do not have direct taxation, and the Islands thrive as an offshore financial center. This is really one of the most valuable currencies. In addition, it is the most expensive currency among all dollars.
This is the currency of Switzerland, as well as Liechtenstein. Unofficially, it is also the currency of the Italian enclave of Campione d’Italia and the German exclave of Busingen. This is the last type of franc still circulating in Europe. Its stability and resilience have become a byword.
To be or not to be?
So, the last and most important question is: “Is it worth keeping your savings in a currency?”. According to experts, it is worth it. Moreover, in the near future, the investments in the currency will pay off with interest. It is a matter of taste which currency to choose. Let’s not forget that one of the best ways to invest, which certainly will never fail, is to buy gold. However, it is not very convenient to store ingots. Therefore, experts advise to keep money in several stable currencies, it is quite justified to buy liquid shares.