Kuwaiti Dinar Remains World's Strongest Currency Despite Inflation

On the US Detail Zero website, Kuwait's dinar topped the list of global currencies despite inflation, followed by Bahrain's dinar, Omani riyal, then Jordan's dinar, and the US dollar ninth.

CNN news report in Spanish said that due to the strong inflation around the world, all currencies have suffered from pressure and reflect uncertainty about economies after suffering for two years from the repercussions of Corona epidemic, followed by the Russian-Ukrainian war, which affected oil prices, not to mention the slowdown in some countries such as China.

CNN asked what are the 10 most powerful currencies in the world, and before we get there, we tell you in advance that it is not the US dollar, despite it being the most widely used currency in international transactions, but rather the Kuwaiti dinar.

Since 2007, the dinar has been linked to an undeclared basket of international currencies related to Kuwait's major trading and financial partners to maintain and strengthen the relative stability of the Kuwaiti dinar against other currencies and protect the local economy from the effects of foreign inflation, according to the station.

Kuwait changed its currency policy after exhausting all efforts to absorb the negative effects of the US dollar's depreciation against major currencies over the course of a long period of time, as the currency was pegged to the dollar between 2003 and 2007.

In response to the station's query, the answer lies in oil, as Kuwait has a rich economy, because of its crude oil reserves, which amount to 102 billion barrels, or 6% of the world's reserves, and oil contributes to 92% of Kuwait's export revenues and 90% of its government revenues.

According to the station, the British Encyclopedia, which clarifies Kuwaiti economy, most of Kuwait's wealth comes from foreign investment provided by oil production and processing.

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