Devalued Currencies in the World – Top 10 list
It’s an already established fact that the Kuwait dinar is the world’s most rated currency, followed by a few others the likes of the British Pound Sterling, Swiss Franc, e.t.c. they all pulled through, I mean the stable countries possess the most stable currencies as expected.
But we are about to discuss the elephant in the room, because of their status quo many don’t even know about them, this now staggers to the next question.
What is the cheapest currency in the world?
It was exceedingly difficult to compile a comprehensive list of the most devalued currency in the world owning to the unpredictability of events that comes with time, today a national currency might be low before the wind flies from east to west, it catapults itself from that state to a less demining position making whatever news about them fake.
But after rigorous researches were made a list of countries possessing some of the weakest currencies when compared with the USD, were discovered luckily it was also discovered that these currencies are not in a hurry to climb out of their current position.
1. Cambodian Riel
The tenth weakest currency in the world is the Cambodian Riel, owned by a monarch state in southeast Asia.
After the successful replacement of the Indonesian Piaster, This very monetary unit came to use in 1995. Right from the onset, this currency had a low exchange rate it wasn’t even popular among locals who chose to use foreign currencies instead.
A lot of Cambodians opted for the USD when payments were required instead of their own currency, the more reasons why their local currency declined.
2. Paraguayan Guarani. (PYG)
This happens to be the second poorest South American country. After enduring a massive economic capsize, such that included combined inflation and corruption poverty had to become prevalent, the number of people sufficing through impoverishment was insane, coupled with the low standard of education it would have been a miracle if this country escaped this list, it’s almost as if God forgot this country.
being a veteran in cotton and soybean exportation it wasn’t still enough to cover up for their already depreciated economy.
1 USD Equates 6,874 PYG.
1 EUR squares up to 8,322 PYG.
3. Laotian Kip (LAK)
This currency is not devalued, all though it was originally issued at a very low rate. Since 1952 the year it became useful it increased its worth against the USD but sadly it wasn’t enough.
1 USD equates to 9,322 LAK.
1 EUR equates to 11,281 LAK.
4. Sierra Leonean Leone (SLL).
Sierra Leonean is already known as a really poor African country. The country’s currency suffered immensely due to the enormous rate of corruption that’s predominant.
1 USD equates 10, 213.SLL
1 EUR equates to 12, 360. SLL.
5. Guinea Franc (GNF).
Even with the natural gift Guinea possesses, they’ve single-handedly managed to pull down their national currency, their economy experienced steep dive downwards and it was made possible after all their resources were mismanaged which furthermore led to the high inflation rate and poverty.
1 USD equates 10,234 GNF
1 EUR equates to 12,360 GNF.
6. Uzbek Sum (UZS)
After the president of Uzbekistan passed a degree the UZS was put into circulation with the ratio 1:1000 Sum coupon, this act dates back to July 1, 1994. Due to the liberalization of their money, the current rate of Sum against the USD is;
1 USD = 10, 500 UZS.
While against Euro;
1 EUR= 12, 687 UZS.
7. Indonesian Rupiah (IDR)
The southeastern country known as Indonesia is quite developed and stable economic wise. But still, its currency has a low exchange rate, after all, efforts were applied to raise the value of the currency it all proved futile currently, 1 USD equates 14, 032 IDR
While 1 Euro equates 16, 978 IDR.
8. Vietnamese Dong (VND)
This currency ranks third in the list of lowest currency units worldwide. It’s owned by Vietnam. Vietnam currently treading on its hard path since they centralized their economy to a market one. And consequently, this country’s currency is very devalued.
1 USD= 23, 002 VND.
1 EURO= 27, 860 VND.
9. Iranian Rial (IRR)
The Iranian Rail became devalued after the Islamic revolution in 1979, many businessmen fled the country as a result of the uncertain state of the surroundings. Along came the Iran-Iraq war, and that was enough to make the economy sanctioned that and the country’s nuclear program. Access to foreign currency was restricted by the Iranian government which led to the significant black market lift. All this contributed to the damnation of the country’s economy by 400%.
1 USD= 229,500 IRR.( black market rate).
1 Euro= 80,781 IRR.
10. Venezuela Sovereign Bolivar (VES)
Venezuela’s sovereign bolivar has been proven without argument to be the cheapest currency in the world. This currency was greatly affected by inflation caused by Covid19, its value became significantly low in 2020.
1 USD=1, 552, 540 VES.
1 EURO= 1, 878, 793 VES.