Not only is the Laotian kip one of the lowest valued currencies in the world, but this national currency’s position has changed for the worse since 2020. This is due mostly to the massive inflation rate of the kip, as well as depreciation against foreign currencies. In conclusion, this list of the top 10 weakest currencies in the world reveals the many challenges these economies face.
To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive payment from the companies that advertise on the Forbes Advisor site. How to convert your INR and some best tips on managing your money while travelling to azerbaijan. Since its establishment in 1952, the value of the Lao currency has remained relatively low.
- The Sierra Leonean leone is the fourth-weakest currency in the world, with 1 leone buying 0, dollar (or $1 equals 17,665 Sierra Leone leones).
- The currency has been under pressure from high inflation, corruption, and counterfeit currency.
- By 2014, the Somali shilling had appreciated by almost 60% against the dollar in just one year and has shown new strengths in recent years.
- This is determined by the government through its central bank, and is set against another major global currency (such as USD or EUR, for example).
- The country experienced a devastating economic collapse resulting in high inflation, corruption, high unemployment, and increased poverty.
What is the most stable currency in the world?
However, some currencies are notably fragile, affecting everything from the cost of imports to inflation rates and the purchasing power of everyday citizens. The currency has been weak due to years of political problems, corruption, and slow growth. Even though Guinea has lots of valuable natural resources, like minerals, the country hasn’t been able to develop other industries.
Vietnamese dong (VND)
This table shows the exchange rates of some of the world’s major currencies against the Indian Rupee. The Indonesian Rupiah has not shown any improvement over the past seven years. The Belarusian Republic appeared in 1992, after the USSR’s collapse. It created its national currency, the Belarusian Ruble, which exchange rate remained stable since 2016. High taxes, inflation, corruption, and political restrictions had led to a very low price for this currency on the global market. The Indonesian rupiah (IDR) is one of the world’s weakest currencies in 2024 due to two main factors.
#9 – Ugandan Shilling(USH)
The dismal ranking of the rupiah shows that bigger isn’t always better. Indonesia’s status as the world’s fourth most populous country can’t safeguard it against a beaten-up currency. Although the rupiah has demonstrated some strength in 2023 compared with its Asian counterparts, depreciation rocked the currency in previous years.
Therefore, currency comparison is essential for countries engaging in international trade and commerce. The Riel is the currency of Cambodia and happens to weakest currency in the world to inr be one of the weakest in the world. Various historical challenges and political instability interfered with the economic development of Cambodia, keeping the value of the Riel at rock bottom. The Vietnamese Dong struggles with the transition from a centralised to a market economy, and investor caution regarding capital investment in the country keeps the value of the dong low.
The country is home to some of the world’s oldest cities – Samarkand, Bukhara and Khiva. Its UNESCO treasures, along with its reputation for safety, makes Uzbekistan a popular choice for tourists. It’s also a top pick for expats, particularly due to its low costs of living. Expats are drawn to its low cost of living, tropical climate and outstanding natural beauty, as well as the growing job and business opportunities in thriving cities such as Jakarta and Surabaya. The island nation of Indonesia in Southeast Asia has a whopping 17,000+ islands, so visitors will have plenty of stunning beaches, towns and cities to explore. It’s known for its charming French colonial architecture, rugged mountainous scenery and the mighty Mekong River which runs through it.
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The bolivar has been the official currency of Venezuela since 1879. Stagnation in economic development due to corruption is a problem in the DRC, which severely inhibits foreign investment and interest in the currency. GDP growth was just 1.9% in 2004 and has continued to decline, and Comoros heavily relies on foreign grants and exports, making the Comorian franc a fragile and weak currency. Before the metical in Mozambique there was the escudo, until it was replaced in 1980.
