Which currency is the strongest?

Ever wonder which country has the strongest currency and is it worth it to work and live there? Now is the time to know more about it.

Kuwaiti dinar, the currency of Kuwait, is currently the strongest currency in the world. According to the popular exchanging rate website www.xe.com, KWD 1 is equal to USD 3.29 as of 1.21 pm on 10/06/2017.

In 1960, the dinar was introduced to replace the Gulf rupee. This was done during the Gulf War. It was then pegged to a weighted currency basket from March 1975 to January 2003. A currency basket is a portfolio of selected currencies with different weightings which is usually used to lower the currency fluctuations risk. From January 2003 to May 2007, the pegging was changed to 1 U.S. dollar equals to 0.29963 dinar. The Kuwaiti dinar was then re-pegged to a currency basket since June 2007.

Working or building a startup in a country with the strongest currency in the world serves several advantages. Some of the advantages are that the import goods and travelling to another countries could be cheaper.

For those of you who are now thinking of starting a life in Kuwait, there are several things that you need to take into consideration.

First off, Kuwait is situated near the Persian gulf. So whenever you feel like swimming in the sea or tanning on the beach, you can just pack up your bags and hit the road.

Second, the weather. According to www.metoffice.gov.uk, August is the hottest month whereby the average daily maximum temperatures reach 40°C. Another unpleasant feature of Kuwait’s weather is the occasional sandstorm. Heat exhaustion or heat stroke are the two possible threats during the hottest weather. Visitors and residents should take sensible precautions to avoid dehydration. according to www.met.gov.kw, the temperature can reach 13°C or less during the cold period.

Third, it shares its borders with Iran, Iraq, and Saudi Arabia. Kuwait has quite good political stability. However, there has been one bombing attack in 2015 during Ramadan which had taken at least 25 lives and injured 227 people. The bombing took place at a Kuwait mosque. The prior bombing attacks were in 1983 and 1985.

Fourth, the cost of living. According to Kuwait Times, “it is more expensive to live in Kuwait than in France, Canada, the United Kingdom, the United Arab Emirates, Germany, and many other countries – according to an international online index.” According to Numbeo, Kuwait was ranked 21st, 9th, 44th, 46th for cost of living index, groceries index, restaurants index, and local purchasing power index respectively. This is considerably high for an Arab country. Numbeo obtains the data through crowdsourcing from individuals and organisations through the internet.

These are some of the information that you need to weigh in if you are thinking of living in Kuwait. It can be tempting to work in a country with the strongest currency in the world and later retire in a country of your choice.

Photo was taken by Maryhope1989