TOP 10 Weakest World Currencies in 2019

TOP 10 Weakest World Currencies in 2019

Updated Dec 12 2019

Most people know about the strongest, most stable and powerful world currencies, for example British Pound Sterling, Swiss Franc (Swissie), US Dollar, Euro and others .

These Currencies are the most stable – as well as the countries issuing them are.

However, what about the least valued world currencies? Who knows their names and what countries they are issued in…?

While making this list, we found it definitely hard to put in proper order the least valuable currencies, due to the fact that 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 10 the cheapest foreign currencies against the US Dollar.

The exchange rates of the least valued currencies were updated on 12 DEC 2019.

#1 – Iranian Rial (~114,000 IRR/USD)

Currency code – IRR.

Iranian rial rates:

1 USD = ~114,000 IRR (US dollar to Iranian rial – black market rate).

1 USD = 42,090.05 IRR (US dollar to Iranian rial – official rate)

1 EUR = 46,793.17 IRR (Euro to Iranian rial).

The cheapest currency in the world is Iranian rial.

To simplify the calculations, citizens often use the term Toman, which means 10 rials. If you’re asked to pay 200 tomans, it means that your bill is 2,000 Rials.

The Iran-Iraq War, threats against Israel as well as the possibility of nuclear missiles threatening the world from the Iranian government caused world superpowers to force economic and political sanctions.

These measures included restricting Iran’s access to the world commodity market and led to significant downturn in their economy. Being an oil exporter, Iran could no longer export its oil, which created a critical deficit in their national budget.

All this caused Iranian Rial to become the «worst» world currency. In 2016, USA and EU lifted some of the sanctions, improving the economic situation and stabilizing the local money, but in 2018, the USA re-imposed and sharpened their sanctions.

#2 – Venezuelan Sovereign Bolívar (44,498.65 VES/USD)

Currency code – VES (Old VEF).

Venezuelan Sovereign Bolívar rates:

1 USD = 46,304.26 VES (US dollar to Venezuelan Sovereign Bolívar).

1 EUR = 51,471.81 VES (Euro to Venezuelan Sovereign Bolívar).

Venezuelan Bolívar – the most inflated currency in the world.

The denomination was carried out on August 20, 2018. The main reason for the denomination was the hyperinflation of around 830,000% which kept increasing by day despite this denomination.

Before denomination 1 USD was worth ~248,487 VEF.

Old banknotes were replaced with new ones with at a rate of 1 new VES to 100,000 old VEF.

A cryptocurrency «Petro» was created by the government to «fight the US dollar» but this only accelerated the hyperinflation rate because the government itself determines the dollar exchange rate, at their whim.

#3 – Vietnamese Dong (23,187.71 VND/USD)

Currency code – VND

Vietnamese Dong rates:

1 USD = 23,187.71 VND (US dollar to Vietnamese Dong).

1 EUR = 25,760.38 VND (Euro to Vietnamese Dong).

The Vietnamese Dong is the currency with the third lowest value in the world.

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 second 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.

#4 – Indonesian Rupiah (13,995.73 IDR/USD)

Currency code – IDR.

Indonesian Rupiah rates:

1 USD = 13,995.73 IDR (US dollar to Indonesian Rupiah).

1 EUR = 15,557.05 IDR (Euro to Indonesian Rupiah).

Due to the low value of old-style banknotes, by presidential decree of September 5, 2016, 7 new banknotes were issued in denominations from 1 thousand to 100 thousand rupiahs.

Indonesia is an economically stable and quite developed country in Southeast Asia. However, its money has a very low exchange rate. The country’s regulatory authorities are taking all measures to strengthen the national currency, but all their efforts led only to insignificant changes.

#5 – Sierra Leonean Leone (9,711.13 SLL/USD)

Currency code – SLL.

Sierra Leonean Leone rates:

1 USD = 9,711.13 SLL (US dollar to Sierra Leonean Leone).

1 EUR = 10,799.22 SLL (Euro to Sierra Leonean Leone)

Sierra Leone is a very poor African country, which handled out many serious tests which caused the local money to devalue. Recently, a war took place and the deadly Ebola virus is recurrent.

#6 – Uzbek Sum (9,536.16 UZS/USD)

Currency code – UZS.

Uzbek Sum rates:

1 USD = 9,536.16 UZS (US dollar to Uzbek Sum)

1 EUR = 10,604.96 UZS (Euro to Uzbek Sum).

The modern Sum was put into circulation with a ratio of 1 Sum equal to 1000 Sum-coupons from July 1, 1994 by Decree of the President of Uzbekistan.

As a result of the liberalization of their monetary policy from September 5, 2017, the exchange rate of the Sum against the US dollar is set at 1 USD = 8,100 UZS, with an estimated range of 8,000-8,150 UZS for 1 US dollar.

#7 – Guinean Franc (9,515.39 GNF/USD)

Currency code – GNF.

Guinean Franc rates:

1 USD = 9,515.39 GNF (US dollar to Guinean Franc)

1 EUR = 10,552.02 GNF (Euro to Guinean Franc).

A high inflation rate, progressing poverty and prospering gangsters devaulue the currency of Guinea – the African country with one of the most inflated currencies.

Considering its natural gifts like gold, diamonds and aluminum, this country’s currency should be one of the most valuable.

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