By GDP (PPP) per capita, Brunei ranks 9th in the world. The Brunei dollar is interchangeable with the Singapore dollar, and both can be used in either country.īrunei is a small but wealthy country, and makes up half of its GDP from revenues from the petroleum sector.
The Brunei dollar replaced the Malaya and British Borneo dollar in 1967 after Singapore’s separation from Malaysia. The Australian dollar is also legal tender in the Christmas Island, Cocos (Keeling) Islands, and Norfolk Island and is also the official currency in Kiribati, Nauru, and Tuvalu. Introduced in 1966 to replace the Australian pound, the Australian dollar was initially pegged to the British sterling (which was common at the time) until fluctuations in the sterling meant that the Australian dollar detached in 1967. Introduced in 1967, it replaced the New Zealand pound which had been used since 1933. The New Zealand dollar is the official currency of New Zealand, as well as all its island territories and the Ross Dependency. Since joining the EU in 2007, Bulgaria has declared that they will be adopting the Euro as their official currency in 2024. The Bulgarian lev was introduced as Bulgaria’s currency in 1881 with a value equal to the French franc. When the dollar was introduced, the name ‘dollar’ was picked over pound as it more closely represented the value of the US dollar. The Fijian dollar has been in circulation since 1967, and was also briefly the currency for the country from 1867 to 1873, until it was replaced by the Fijian pound. In 1993, the inflation rate hit almost 2,500%, and the real was introduced to stabilise the economy. The Brazilian real has been the central currency since 1994, which it finally settled on after changing currency eight times since 1942. This doesn’t necessarily make one country richer than another, but the strength of a currency does often correlate with a country’s GDP and stability.Ī difference in exchange rates can have a large impact on international businesses, so if you are trading abroad, it’s important to check the value of the country’s currency, as well as their economic stability.Īs of 2023, here is a list of the top 20 strongest currencies in the world.
Certain currencies are more valuable than others – some significantly more so. According to the UN, there are 180 currencies in circulation in the world.
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