Most of the people are much familiar with the highest currencies in the world, as they play a significant role in countries economy. But they hardly know about the lowest economies and the least valued currencies in the world. It is such a pain to be on this list. Most of the nations trade with U.S dollar instead of their local currencies and some of them have suspended their local currency because of their consistently falling value. These currencies can be defined in comparison with U.S dollar with is the most stable currency in the world. “Here are some cheapest currencies of poorest countries in the world. Also, check out the article on Ten most valuable currencies in the world.”
10. Zimbabwe dollar – 1 USD = 361.900
The Republic of Zimbabwe is a small South African country. Harare is the capital and largest city of Zimbabwe. Its population is roughly 13 million, while there are 16 official languages of the country. Zimbabwe’s main sources of earnings are gold, agriculture, mineral export and tourism. The 15 years of war in Congo and the Zimbabwean involvement in it drained hundred of millions of dollars from Zimbabwean economy. This war with black nationalists dragged Zimbabwean currency to its lowest. On 12, April 2009, Zimbabwean government suspended their currency, and to foster economic growth and combat inflation, they allowed adopting other currencies for trade. Because of this act now they have seen some stability in Zimbabwean currency.
9. Somali Shilling – 1 USD = 577.000
A 40.8 million people’s country Somalia is a Sunni Muslim country. The Federal Republic of Somalia is an African country. 43% of their population lives on less than 1 dollar every day. 65% of the GDP relies on agriculture. Due to lack of value of local currency people have accepted to trade with US dollar. Because of the Civil War in 1991 Somali currency has decreased their value. And Somali shilling has become one of the cheapest currencies in the world.
8. Paraguayan Guarani -1 USD = 5,835.00
The Republic of Paraguay is a sovereign state entirely surrounding by land in the central South America. From 1864 to 1870, in the disastrous Paraguayan war to Argentina and Brazil, Paraguay had lost 60 to 70 percent of its countrymen through conflicts and diseases, and its territory about one-quarter of its entire territory. Paraguay’s currency is Guarani which is at this time Americas least valued currency.
7. Lao Kip – 1 USD = 8,193.00
Laos or Muang Lao is a South Asian landlocked country. Kip is the national currency of the Lao People Democratic Republic. In 1952 after French domination free Lao government reintroduced Kip currency. The banknotes and coins were issued. But in 1979 because of the decreased value of Kip, old Liberation Kip was replaced by the government with new Lao Kip at the rate of 100 to 1. Lao has a 6.8 million of a small population.
6. Guinean Franc – 1 USD = 9,135.00
Guinea is an African country, which also sometimes referred as Guinea Conakry. The capital of the Republic of Guinea is Conakry, and it has a population of 10.5 million. Guinea is a rich country in natural resources such as gold, Adamants, and aluminium yet living standards of countrymen of Guinea are so weak. Poverty is increasing day by day, crime rate because of gangsters prosperity and inflation has made their currency one of the least currencies in the world.
5. Indonesian Rupiah -1 USD = 13,467.00
The largest island country Indonesia located in Oceania and Southeast Asia is a Muslim majority country. This country has wealthy natural gifts as oil, natural gas, gold, tin, and copper. It is the 8th largest economy in regards to GDP. Indonesia is one of a stable and developed country. Indonesia has one of the lowest currency in stock exchange rates. Its currency is Indonesian Rupiah.
4. Belorussian Ruble – 1 USD = 19,600.00
Located in Eastern Europe, The Republic of Belarus or Byelorussia is a forested, landlocked country. Minsk is the most populous city and capital of Belarus. Belorussian ruble is its national currency which issued in 1992 after USSR collapse. Corruption, inflation, political instability and restrictions and high taxes has led its currency to one of the least valued currency, and the currency rates are still falling in the global stock exchange rates.
3. Vietnamese Dong – 1 USD = 22,660.00
Known for its Buddhist pagodas, rivers, and beaches Vietnam is a beautiful South-east Asian country. Vietnam is the 14th World’s most populous country with an estimated population of 90.5 million. Vietnam was a French colony, and the country has a long history of war. After independence, Vietnamese currency is The Dong has issued since 1978. Though Vietnamese government is trying hard to get better results, yet their economy is World’s third cheapest economy in the World.
2. Sao Tome and Principe Dobra – 1 USD = 23,350.00
Sao Tome and Principe are two small islands located in West Africa. These two islands consist of volcano chain, lagoons, beaches, rain forests, rock and coral formation. In the Gulf of Guinea, St Tome and Principe is a Portuguese-speaking nation. Fewer resources of living as export of coffee, cocoa and coconuts are unable to fulfil and stabilise country’s economic needs. Though oil fields found in Sao Tome and Principe, and it said that it would increase the value of Dobra, the Sao Tome, and Principe’s national currency.
1. Iranian Rial – 1 USD = 32,130.00
Iran is an Asian country. Iran is a Shia Muslim country. Due to Israel attacking and Iran-Iraq war, the country has the security threats. And the superpowers of the World felt the possibility of a Nuclear program by Iran. In this regard, Iran has faced a boycott by major super powers as well as the restrictions not to sell their oil to any other country. These political and economic sanctions lead the Iranian Rial in 2012, to the cheapest currency in the world as it was useless in the international market. Some sanctions lifted from Iran since 2016 which will possibly improve the economic value of local Iranian currency.
Top 10 Cheapest Currencies in the World at a Glance
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These ten countries have the most devalued currencies in the world. Some of these countries are one of the most stable economies around the globe, we have discussed some important factors that made these currencies one of the lowest in the World.