5 Weakest Currencies In The World, See How Many Are From Africa
A strong currency is mostly associated with a stable economy, low inflation and interest rates. But then again, a feeble currency is mostly associated with economic instability, high inflation and interest rates. Below is a list of weakest currencies in the world.
5 Weakest Currencies In The World
The weakness of these currencies can have a number of unfortunate results for the countries that use them. It can make it difficult for them to import goods and services, which can prompt shortages and higher prices. It can also make it difficult for them to draw in foreign investment, which can slow monetary growth.
1. Iranian Rial (IRR)
The main reason why the Iranian Rial is officially the weakest currency in the world is mainly based on the political tensions with the United States of America and the Iran-Iraq war. The Islamic Revolution of 1979 caused a quick decline in the value of the Iranian rial due to the huge amount of capital departure from the country. It was estimated that around $30-40bn left the country during the revolution.
1 pound is currently equivalent to 53,817 rials, 1 USD to 42,250 rials and 1 Naira is equivalent to 53.76.
2. Vietnamese Dong (VND)
The Vietnamese Dong is the second weakest currency in the world.
Vietnam was reunified in July 1976 and the dong reunified to make a single currency in May 1978 and although the currency was revamped in an endeavor to increase the currency’s value, miscalculations caused inflation to hit 774% in 1986. The Vietnamese dong has since been stabilized but the financial surprises are still felt.
1 pound is equivalent to 30,483.78 dong, 1 USD equals 23,945 dong and 1 Naira is equivalent to 30.47 Vietnamese dong.
3. Indonesian Rupiah (IDR)
The rupiah is the official currency of Indonesia. The name was gotten from the Sanskrit word for silver, ‘rupyakam’.
The rupiah – which didn’t have international recognition from October 1946 to Walk 1950 – has been prone to high inflation for most of its existence although various attempts have been put set up to maintain its value, all were eventually abandoned.
1 pound = 19479.47 ru, USD – 15311.30 and 1 Naira =19.94 rupiah.
4. Laotian Kip (LAK)
Laos is perhaps of the poorest country in Southeast Asia and the Kip has been their currency since 1955. It supplanted the French Indochinese piastre.
1 pound is equivalent 24, 552.65 kip, 1 dollar is equivalent to 19260 kip and 1 Naira equals 25.08
5. Sierra Leonean Leone (SLL)
The currency which was introduced in 1964 for an exceptionally concise period was worth more than a US dollar in the 1980s prior to suffering huge deterioration.
Inflation was established during the Sierra Leone nationwide conflict and despite the fact that several variations of the Leone have been introduced to stabilize the currency, inflation is still increasing and is currently at 37.8%. Until the 1980s, the Leone was worth more than the U.S dollar. In July 2022, another Leone was introduced despite the fact that the old Leone denominations are still in circulation.
1 pound is equivalent to 25,153.30 SLL, 1 dollar equals 17,750 SLL and 1 Naira equals 25.86 SLL.
READ: African Countries With The Best Healthcare System
Disclaimer: These values rise and fall due to economic factors. They might be different at the time of coming across this publication.
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