Top 20 Strongest Currencies In Europe (2023)

The strength of a currency is a direct reflection of the economy of the country using it. The currencies in Europe are therefore used by the most economically sound countries on the continent.

It is quite difficult not to include commentary about the Euro; the single currency for the continent. While some are making efforts to join this currency zone, others are making efforts to leave it.

So long as there remains an imbalance in the state of economies, and quality of life between countries, there will be differences in their currency strength.

Top 20 Strongest Currencies In Europe

1. Great British Pound GBP

The Great British Pound is the currency of Britain; it is the oldest currency still in use, and was once the most widely used currency in the world- back when the British Empire was at its height.

It is called Cable among currency traders, and remains one of the most important currencies in the world. It was perhaps to preserve the importance of this currency that Britain left the Eurozone, and the European Union.

The Great British Pound is supported by the British economy which depends on industry, financial services, tourism, agriculture as well as various investments across the world.

2. The Euro

The Euro is the official currency of about 20 countries in the Eurozone. It is the second most important currency in the world, despite being so young.

It was launched on 1 January 1999, and for three years was only used for accounting purposes between governments and public institutions. However, the currency was introduced to the public via coins and banknotes in 2002, starting with 12 EU countries. That number has now gone up to 20; showing that the ideologies that led to its establishment are still valid, and that despite the challenges it faces, there is still a lot of potential for the Euro.

The Euro is the second most traded currency in the world, and after the Dollar it is the most important reserve currency.

3. The Swiss Franc

The Swiss Franc is the currency of Switzerland, and Liechtenstein. It is also legal tender in Campione d’Italia which is a small enclave in Italy. The Swiss Franc is one of the strongest currencies in Europe; and that is a direct reflection of the economy of that country.

Switzerland is a country at the confluence of Western, Central and Southern Europe. It is a landlocked country with much of its land being mountainous. Despite this, Switzerland is a very developed country; agriculture, finance and manufacturing being at the core of its economy.

4. Bulgarian Lev

The Bulgarian lev may be somewhat unexpected at this position, but it is without doubt a heavyweight among European currencies. It is the official currency of Bulgaria, even though it’s days are numbered.

That is because Bulgaria is in the process of joining the European Union; which means it will also adopt the Euro as its legal tender, therefore phasing out the Lev. Nevertheless, it has to be stated that its right to join the EU has been boosted by its strong economy- and the Lev has played a major role in attaining that position.

5. Bosnia And Herzegovina Convertible Mark (BAM)

Bosnia and Herzegovina convertible mark (BAM) is the currency of Bosnia and Herzegovina. This currency is another surprisingly solid currency; exchanging quite solidly against both the US Dollar and the British Pound.

This country does not compare to any of the countries above in terms of population or economy, but it is gaining popularity for its financial services sector, especially as a tax haven.

This has led to an influx of money from all over the world; and it is certainly among the reasons why the country’s currency is so strong.

6. Maltese Lira

The Maltese Lira is the currency of Malta. This currency exchanges quite reasonably against the US Dollar and British Pound; it is one of the top currencies in Europe.

Malta is an island country in Europe; it is quite a small country, with a small population and a small economy. Nevertheless, it is one of the continent’s top destinations for tourism. The country is full of beautiful beaches and hotels.

7. Lithuania Lita

The Lithuanian Lita is the currency of Lithuania. This is one of the currencies that exchanges rather well against the major currencies of the world. This currency has been growing from strength to strength over the last couple of years, and if the trend is sustained, this currency will be one of the best in the world.

The Country is located in the Baltic Region, near Eastern Europe, but has quite a developed economy which is boosted by the production of refined petroleum, cars, tobacco, wheat, and other products.

8. Romanian Leu

Romanian Leu is the currency of Romania; it is an important currency in the region for many reasons. The Romanian Leu has an impressive exchange rate despite not being very popular outside its region.

The popularity comes from its geographic location, and also from the fact that it is a very developed country in terms of human development, as well as its products. The country is strategically located in the Baltic Region, and some of its products include wheat, corn, cars, vehicle parts, and electrical appliances.

9. Georgian Lari

The Georgian Lari is the currency of Georgia. Lari means horde or stash of something valuable. The currency holds true to its name; it is one of Europe’s most valuable currencies, a rather surprising thing considering the facts of the country.

The country is at the intersection of Eastern Europe and West Asia. It has a population of 3.7 million people, and a land area of 69,700 square kilometers. This may not seem particularly impressive, but it is rather well organized. Cars, copper, iron, wine and agricultural products top its exports.

10. Danish Krone

The Danish Krone is the currency of Denmark, as well as the Faroe Islands and Greenland. This currency exchanges quite well against the major currencies of Europe and the world in general, and it is something of a reserve currency because it is used in multiple countries and territories.

The currency is supported by a well-diversified economy, which is also very well managed. Denmark is a highly developed economy which affords a high quality of life to its citizens. Agriculture, industry, energy, tourism and technology contribute immensely to the economy.

For many years this country has made more money than it needs to spend on its budget, and as a result, it has become one of the richest countries in the world.

The following is a more extensive list of the strongest currencies in Europe.

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Closing

The strongest currencies in Europe are used by some of the richest countries on the continent outside the Eurozone. Traditionally, countries outside the Eurozone are usually seen as poor, and they are not usually admitted into the economic block until they meet certain economic standards. However, recent developments have shown that countries outside the zone have become quite stable and many are growing at steady rates.