BRICS and a handful of developing countries are looking to dethrone the U.S. dollar from the global reserve currency status. The attempts to bring the U.S. dollar down picked up pace after BRICS started the de-dollarization initiative. BRICS members China and Russia spearheaded the initiative and are convincing other developing nations to ditch the U.S. dollar. Read here to know how many sectors in the U.S. will be affected if BRICS stops using the dollar for trade.
BRICS: U.S. Dollar Comes Last in The Top 10 Strongest Currency List
Forbes released a new list of the top 10 strongest currencies in the world in 2024. In no surprise, not a single currency from the existing BRICS countries made it to the list. The local currencies of BRICS countries are not strong enough and stand no chance in the global currency market. However, the U.S. dollar has ranked last in the Forbes list of 10 strongest global currencies in 2024.
Below is the list of the top 10 strongest currencies in the world in 2024, according to Forbes.
The Kuwaiti Dinar takes first place while the Bahraini Dinar comes second. Omani Rial, Jordanian Dinar, and the Gibraltar Pound take the third, fourth, and fifth spots, respectively. In addition, the British Pound stands in sixth place while the Cayman Island Dollar comes seventh. The Swiss Franc, Euro, and the U.S. dollar rank eighth, ninth, and 10th respectively.
The U.S. dollar ranking last comes at a time when the BRICS alliance is aiming to uproot the greenback. However, despite coming 10th, the U.S. dollar is still the de facto global currency for trade and commerce.
Reserve Banks around the world have the U.S. dollar in treasuries and cannot transact or initiate business without the greenback. Therefore, the U.S. dollar is supreme and remains to be an undisputed king in the global currency markets.