Compared to the European Union, which has a GDP per capita at $33,927, this makes African wealth output 22X lower. Seychelles is an Indian Ocean country with one of Africas most valuable currencies, the Seychellois Rupee. Zambian Kwacha (1 USD = ZK 13.4) Zambia is the leading copper. Angola - $217.97 billion. List of Highest Currencies in Africa 2022. The Cedi is one of Africa's most powerful currencies, tied to the US dollar at 1 GHC = 0.20 USD or 1$ = 4.55 GHC. Decidedly, we use the US dollar because it is the most traded currency in the world right now. Egypt has one of the oldest economies globally, and the banking sector in Egypt is one of the largest banks in Africa. The countrys stable exchange rate is the key reason behind Eritreas high currency value. The smallest banknote in the series has an exchange rate of just over one euro. This has seen its currency steady over time. Africa. Read about the top 10 strongest currency in africa 2023. The word metical is derived from the Arabic word mithqal. It is subdivided into 100ngwee. We shall keep you posted on the same page on the off chance that the value of the currencies changes. However, its Dinar resembles the currencies of many countries in the Middle East. You get that time is flying by, and if you don't want to work until the day you die, you need to plan for your Hey, are you looking for logbook loans in Kenya? A look at the price chart reveals that the Kwacha has generally been losing ground against the dollar; although there was a slight trend reversal from August 2021 to October 2022. Being close to Europe gives Morocco an advantage in doing business with the European Union. Tourism, the production of agro-based products, oil, phosphates, and the manufacture of car parts drive Tunisias vibrant economy. The highest currencies in Africa are mostly the currencies of the countries in northern and southern Africa. Knowing which currencies are most valued in the world is not just simple curiosity but the knowledge that can be taken to your strategic decisions when you are dealing with different types of transactions from abroad. The currency was introduced in 1960, to replace the Franc as the countrys currency. You can see which country has the highest currency. Revenues of $4.46 billion in the U.S., Canada, South Africa, Australia and New Zealand. Your email address will not be published. Lastly, if you missed it, here is a list of the weakest currencies in the world today. This directly dictates the demand for a currency on the global market. Kuwait Dinar 1 Kuwaiti Dinar = 3.31 United States Dollar (USD) The Middle East is a land famous for its luxury and oil wealth, and here we see everything from astonishing palaces to private jets like the incredible private jet with the gold taps of the Sultan of Brunei. Kenya - $269.29 billion. What are the top 10 strongest currencies in Africa? Eritrea has little international trade going; it is often referred to as the North Korea of Africa. Nevertheless, agriculture, tourism, mining, and so on, are important economic activities. An overview of cryptocurrency growth in Africa Photo: @Getty Images Source: Getty Images Even though Ghana is one of those countries affected by the foreign exchange crisis in 2008, along with Tunisia, Morocco, and South Africa, its currency was not hit as hard as the others. Some legal tenders have more value than others. Algeria - $532.57 billion. In 1834, EGP replaced the Egyptian piastre, and today 1USD exchanges for about 15.74 EGP. South Africas GDP can support this is growing at a rate of 4.6% annually. Converting GHS1000 would give you $161.75. Although the Gibraltar pound notes are denominated in pound sterling, but they are not legal tenderanywhere in the United Kingdom. In reality, this is because the income there is not taxed. The Tunisian Dinar is the most valuable currency in Africa. The Libyan Dinar is number two on our list of the highest currency in Africa. All banknotes, regardless of their value, are the same size: 154 x 74 mm. Let's get started. The Egyptian pound has a noticeably high value, thanks to the economic and industrial hub in the nations capital, Cairo. Europe . The British Pound Sterling is the highest-valued currency not based in the Middle East. So Tom & Prncipe was colonised by the Portuguese between 1470 and 1975. The two currencies the Rhodesia and Nyasaland pound and the Zambian pound, were allowed to circulate in parallel until December 15, 1965, when the South Rhodesian pound bills and coins were withdrawn from circulation, except for the 3 pence coin which was allowed to circulate alongside its Zambian alternative for a brief period. The Mozambique metical (MZM) is the national legal tender of the Republic of Mozambique. It is subdivided into 100cents(sign: c). The currency was introduced in 1960, to replace the Franc as the country's currency. Check your inbox to be the first to know the hottest news. It is the official medium of exchange in Libya and also the Libyan Dinar is known as LYD in the stock exchange. List of African Currencies By Countries (Updated List 2023) Zambia is the largest producer of copper in Africa. The Moroccan economy is quite well diversified; agriculture, phosphate minerals, tourism, industry, manufacturing, and food processing are all important industries. US Dollar. Top 20 strongest currencies in Africa in 2022 (infographic) The country primarily imports and exports goods, and thus, its economy is mainly driven by the import-export sector, making it a stable currency in Africa. The South African Rand is one of the most popular currencies on the continent; it has been known for many years for its strength. Despite this data, exposed on the European Central Banks website, money has a significantly lower share in terms of value. Based on ISO 4217, a standard created by the International Organization for Standardization to designate the coins in circulation, this currencys code is EUR. One of the reasons it is one of the strongest currencies in Africa is that Zambia is the largest copper producer in Africa. The Pula means rain or blessing, and rain is somewhat scarce and valuable in this arid country. The countrys monetary policy, which makes it unlawful to export, import, or converts dinars to other currencies, has allowed the dinar to become one of the most valuable in Africa. Along with a valuable currency, Morocco has the 5th largest economy in Africa. It presently exchanges for around Rands18.42 to one dollar. Tunisia shares many social and economic ties with Europe- especially the countries of France and Spain. This Is What They Did Instead, How African Families Can Create Generational Wealth In 2021, 12 Surprising African Countries That Allow Dual Citizenship By Marriage, Can Foreigners Buy Land In Ghana? Other southern African countries like Malawi even peg their economies to the Rand. The strongest currency in Africa is the Tunisian Dinar with a current exchange rate of a dollar to 2.98 TND as of the time of writing. This provides Zambia with a significant rise in foreign currency earnings from the sale of metals to other countries. Issued by the Schweizerisches National Bank (SNB), the Swiss Franc is Switzerland and Liechtensteins official currency. The national currency with whose unit more than one unit of any international currency can be acquired. In short, we shall enlighten you on the top 10 strongest African currencies list and rate against the US dollar. Notify me of follow-up comments by email. It has enjoyed stability over the years because the countrys government does not float the currency. The Namibian Dollar has had a similar price history with the South African Rand against the US Dollar, although it has generally lost weight against the Dollar in recent years. Egypt is a populous African country in the northeast corner of the continent. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply. Also, the EGP has gained in value after the government reduced interest rates to attract domestic and foreign investments. 1 USD is currently worth 15.13 NAD. For a long time, the Libyan Dinar has been the strongest currency in Africa because of the strict monetary policy set out by Libyas central bank. The stability of the economy also comes to play. TND Dollar Exchange Rate: 1 USD = 3.13 TND. Tunisia, located in northern Africa, is a very well organized country with a diverse economy; industry, agriculture, mining, petroleum and tourism are all important sectors of the economy. Some countries have more valuable currencies than others, and the strongest ones are explored below. Presently, 1USD trades for about 11.54 BWP. The Libyan dinar (LYD) was introduced in 1971 and ranks second on the list of the top 10 strongest currencies in Africa. The Middle East has a strong tipping culture that is part of everyday life, usually known as baksheesh. It replaced the franc at a rate of 1000 francs = 1 dinar. West African Protesters Demand Their Countries Abandon the French Colonial CFA Currency, Belgium captain Eden Hazard retires from international football, Central Bank Of Nigeria Did Not Ban Textile Imports. Today, 1USD trades for about 9.48 MAD. Also, the huge crude oil deposit plays a major part in this success. 2020. The Cayman Islands dollar, identified in the world quotations as KY and is approximately worth 1.20 USD. To follow, South Africa's GDP was worth 418 billion U.S. dollars and ranked as the second-highest . The country has rich mineral resources, and with Copper being the most dominant metal, mining of Copper is done on a large scale. Canadas global commodity prices heavily influence Canadas monetary policy and the value of the Canadian dollar. Is Egypt the richest country in Africa? The currency code is OMR. Its appreciation is associated with the Cayman Islands attractiveness for investors, banks, insurance companies, and investment funds as it is one of the best-known tax havens in the world. The African currency ranking shows that the legal tenders of various countries differ in terms of value. The north African country has a fixed exchange rate that protects its currency from devaluation. The pound? The economy is reliant on several industries, including mining, tourism, and financial services. Nevertheless, the South African nation has a good spot due to its massive copper export earnings. The Seychellois Rupee, the official currency of Seychelles, falls among the most traded currencies in Africa. Tunisian Dinar (1 USD = DT 2.89). Libya is also among those African countries whose economies heavily depend on oil export, making LYD valuable. It is divided into 100 . A Tunisian Dinar exchanges at 140 Nigerian naira. Let us start our countdown of Countries with the highest currency in Africa. Top 5 Most Valuable Currencies in Africa 2020 The country is growing relatively fast, and its currency is gaining more value. Botswana Pula (1 USD = P 10.93).6. Compare prices for this wine, at 17,000+ online wine stores. Please allow a few minutes for this process to complete. Also, other factors, such as, for example, the appreciation (or decrease) of commodities and low or high-interest rates and inflation, stimulate the currency exchange rate. The most important of this portfolio of currencies was the Gulf Rupee, widely accepted until creating the Bahrain dinar in 1965. Tunisian Dinar is the currency ofTunisia. Eritrean Nakfa (1 USD = Nfk 15.03). Top Rated seller. The Kwacha has been with Zambia for more than 54 years since gaining independence from Great Britain and replacing the Zambian Pound. SZL was introduced in 1974 and is pegged to the South African rand. Also see: Best countries in the world to work as a doctor. South African Rand ($1 = 14.89 ZAR): South Africa has one of the most powerful economies in Africa, with a GNP of $351.4 billion, according to the World Bank. Highest Currency in Africa 2023 Top 10 Strongest - ECOCNN Your email address will not be published. The list above contains the top 20 strongest currencies in Africa in 2022. Tunisian Dinar (1 USD = DT 2.89) County: Tunisia The second highest currency in Africa is Tunisia's Tunisian Dinar. The Dirham is the official monetarycurrencyofMorocco. Recommended: Best business schools in Canada for international students. Strongest currency in the world 2023 Top 10 Highest right now You are already subscribed to our newsletter! Libya is also rich in resources like oil, gold, and silver. In this section, you will find all the latest technology and engineering information and insight into the world of today. Now, then, its time to focus on your financial strategy, and we have content that can help in that regard. The British pound is managed by the Bank of England, which directs its policy with an explicit goal of keeping inflation around 2%. Morocco is also known as Al Maghreb, meaning the place where the sun sets. Long-term supply-side policies encourage a combination of economic principles. The value of a currency is important because it determines a nations economic health. The value of currencies in Africa listed in this article was determined by its equivalence to the united states dollar. Today 1USD exchanges for about 15.27 ZAR. The answer is simple. Its design revolves around the representation of the main distinctive elements of the countrys culture and tradition. The traditional subsistence sector of Namibias economy is divided from the contemporary market sector, which generates the majority of the nations wealth. A combination of factors puts the currency in a high position. The new currency was not introduced as the third cedi but is instead officially called the Ghanaian Cedi, in contrast to the second cedi that was officially known as the New Cedi. In 2000, the Kwacha became 40 percent less valuable to the U.S. dollar due to imports to refurbish its mines. The Ghanaian cedi is one of the highest currencies in Africa. Agricultural products include cinnamon, sweet potatoes, cassava (tapioca), bananas, poultry and tuna. Ghana has the largest Gross Domestic Product (GDP) in West Africa, making the Cedi one of the most valued currencies in Africa. However, the Egyptian pound (EGP) ranks 13th on the list of the strongest African legal tenders. Top Rated seller. Several currencies including the Namibian dollar, the Swaziland lilangeni, and the Lesotho loti are maintained with the same currency value as it. Since its introduction in 2002, the value and number of euro banknotes in circulation have grown considerably. The rand is an important reference currency. The Seychelles Rupee was valued at 6.0397 per the $1 as of November 2000. Despite the recent Covid-19 demonstrations and a struggling economy, Tunisia has shown quite some resistance to the US dollar. Top 20 Highest Currencies In Africa and Their Countries 2023 Increased employment rates and positive government actions are perhaps the biggest reasons for Ghanas strong economy. A new design to depict the newly independent countrys history and struggle was adopted. In terms of currency, the South African rand (ZAR) is the 10th strongest legal tender in Africa. It has been the official currency of the nation, replacing the Zambian pound for more than 54 years. Moroccan dirham: Morocco has the fourth strongest currency in Africa, for now. Their nominal values are as follows: The dinar bill is orange. 2021 Canada 50 Cent from MINT ROLL ( 1 Coin from roll ) | eBay In other words, a strong economy that is capable of placing its own among the most valued currencies in the world. Highest Currencies In Africa 2023 Check Your Country's - Glusea.com A currency analysis is crucial for anyone planning to visit a foreign country. For this, it is crucial to understand the factors that interfere with the quotation of a currency. The original currency in Tunisia was the French Franc after their French colonization. Libyan Dinar (1 USD = LD 4.52). Additionally, we also have other African countries with the highest currencies right now. Also see: Major Reasons why people fail in life. Another North African currency, in the form of the Moroccan earns the spotlight due to its strength. It's the national currency of England, Scotland, Wales and Northern Island. Zambia is Africas largest copper producer, which is one of the reasons it has one of the strongest currencies on the continent. Asia-Pacific. 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Amount of currency available on the market, trade balance, economy, commodities that the issuing country trades, etc. Therefore, it is not surprising that the worlds most valuable currency is located in a Middle Eastern country: the Kuwaiti Dinar. Pulaliterally means rain inSetswana, becauserainis very scarce in Botswana home to much of theKalahari Desert and therefore valuable and a blessing. The Mauritanian ouguiya (MRO) is the official legal tender of the African Republic of Mauritania. Countries with the highest currency in Africa. Canada is the tenth-largest economy globally and has an independent monetary policy for those who still dont know. Richest countries in Africa by private wealth 2021 | Statista 6. The Swiss Franc is represented by the CHF code and is Switzerlands official currency, one of the worlds wealthiest countries with desirable economic development. The country needs to work on its diplomacy, and on its international relations. This bank manages the value of the birr via the dirty float system. The Libyan Dinar is subdivided into 1000 dirham. The Covid-19 pandemic is slowly becoming history but many countries in the world are still neck-deep in their struggle to revive economic activities. Employed 579,000 associates. The export-dependent nature of the economy also considerably adds to its GDP. Its quotation is approximately 1.12 USD, and, interestingly, its banknotes are vertically oriented. And finally, Cambodian Riel (4,102.79 KHR/USD). The currency is also stable with the exchange rate reported as 10.051 Dirhams to US$1 in January 2000. Namibian Dollar (1 USD = 15.13 NAD): The Namibian Dollar is the sole official national currency of Namibia. 9. Free shipping for many products! The Gambian dalasi (GMD) is the legal tender used in the nation of Gambia, a nation located along the coast of Western Africa. Morocco - $302.77 billion. Cryptocurrency flows in Africa - Brookings However, because it is tied to the rest of the world, it is subject to some volatility. Cryptocurrencies: Why Nigeria is a global leader in Bitcoin trade Despite the ongoing conflict after the toppling of the longtime ruler Muammar Gaddafi, the North African country has maintained a low turnover of its currency to the US dollar. Well then, its time to learn about the most valued currencies and their influences on your daily life. I will update the countrys listwith the highest currency with new data since the exchange rate changes frequently. Nigeria's GDP amounted to 441.5 billion U.S. dollars in 2021, the highest in Africa.