TOP 10 - The Lowest World Currencies in 2022

TOP 10 - The Lowest World Currencies in 2022

Olga Protska Senior Content Writer & 2D Artist

Most people know about the strongest, most stable, and powerful world currencies. But what about the least valued world currencies? Who knows their names and what countries they are issued in? For example, British Pound Sterling, Swiss Franc (Swissie), US Dollar, Euro – these currencies are the most stable, as well as the countries issuing them (see TOP 10 the strongest currencies).

But while making this list, we found it pretty hard to put the least valuable currencies in proper order, since the economic situation is changing rapidly in all these countries. However, it is possible to identify certain devalued national currencies at the moment. Thus, let’s look at the 10 cheapest foreign currencies against the US Dollar.

The exchange rates of the least valued currencies were updated on 05 February 2022.

#1 – Iranian Rial (~266,500 IRR/USD)

The cheapest currency in the world is the Iranian rial.

Currency code – IRR.   Iranian rial rates:

1 USD = ~266,500 IRR (US dollar to Iranian rial – black market rate).

1 USD = 42,025 IRR (US dollar to Iranian rial – official rate).

1 EUR = ~305,100 IRR (Euro to Iranian rial – black market rate).

1 EUR = 48,115 IRR (Euro to Iranian rial).

The cheapest currency in the world is the Iranian Rial. Its devaluation started in 1979 after the Islamic Revolution when many businesses left the country because of the uncertain situation. Then came the Iran-Iraq War, and the economic sanctions because of the country’s nuclear program. The Iranian government also restricted access to foreign currency for their citizens, which led to the significant black market lift. All of this damaged economics and devalued the currency almost by 400%.

In 2015, the Iranian government agreed to sign the nuclear agreement with the U.S., France, UK, China, Russia, and Germany for the sanctions mitigation. It improved the situation and stabilized the local currency.

However, in 2018 the U.S. claimed that Iran proceeds its nuclear program. The sanctions were sharpened, restricting the country's access to the world commodity markets. Iran could no longer export its petroleum, which brought about 69% of income annually. It created a critical deficit in its national budget. The sanctions also covered other industries, including petrochemistry and metallurgy.

By May 2020, Iran faced galloping inflation, and its currency was devalued by 600%. That is why the government decided to change Rial to Toman and slash four zeroes from its face value, i.e., 10,000 old Rials will convert to 1 Toman.

#2 – Vietnamese Dong (22,689 VND/USD)

The third weakest currency in the world is the Vietnamese Dong.

Currency code – VND.  Vietnamese Dong rates:

1 USD = 22,689 VND (US dollar to Vietnamese Dong).

1 EUR = 25,977 VND (Euro to Vietnamese Dong).

The second-cheapest currency in the world is the Vietnamese Dong.

Vietnam is still on its hard path from a centralized economy to a market one, and consequently, this country’s currency is very devalued today. At the moment, the Dong takes the third place in our "poorest currencies" list.

However, experts insist that the Vietnamese government is going the right way and may soon catch up with its closer Asian neighbors.

#3 – Indonesian Rupiah (14,380 IDR/USD)

The fourth cheapest currency in the world is the Indonesian rupee.

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https://fxssi.com/top-10-of-the-weakest-world-currencies-in-current-year