You may have known which among the world’s currencies play well in the foreign exchange business world, but do you know the ones which are considered as the cheapest and the most devalued? The list you are about to see is based on the strength of a particular currency against the US Dollar. Here, you’ll know which among the world’s different currencies garnered top ranks for the title “cheapest and most devalued currencies in the world”.
10. Zambian Kwacha
One US dollar is equal to ZMK 5,249.9. Kwacha was introduced in the country in 1968 and replaced its former Zambian pound. The government is so poor their currency has become intensely devaluated to these days.
9. North Korean Won
Ranked as number 9 is the North Korean Won wherein I USD is equal to KPW 6,300. No matter how hard the North Korean government tries, getting back the original value of their money is a way difficult because of hyperinflation.
8. Guinean Franc
Through the years, the country has lost and is still losing their currency value because of massive poverty and staggering inflations. Today, 1 US dollar is equal to GNF 6,692.6 making it as the eighth placer in this category.
7. Lao Kip
Lao Kip is the currency used since 1952. The country plays well in getting back the value of their money. In 2009, 1 US dollar is equal to LAK 8,556.56 and right now, it has gained an exchange rate of LAK 7,966 to 1 US dollar.
6. Belarusian Ruble
Belarusian Ruble was first introduced after the Soviet Union collapsed in 1992. Year after year, the value of Belarusian Ruble decreases at a significant rate. The changing situations that take place in the money of Soviet Union make its value going erratic, too. As of today, 1 US dollar is equal to BYR 8,593.
5. Indonesian Rupiah
When the independence of Indonesia was gained in 1949, the Indonesian Rupiah has also become recognized internationally. Basically, the value of the currency is low but the government is determined to eradicate 2 or 3 zeros from their existing currency. These days, 1 US dollar equals IDR 9,593.
4. Sao Tome & Principe Dobra
For sure, you don’t know this country in the first place, but the truth is that it really exists! It’s a small nation (an island) found in Africa’s western coast. Despite of its natural wealth (cocoa and oil) its currency still fails to get higher value with STD 18,770 against one US dollar.
3. Vietnamese Dong
Vietnam was predicted to be seventy percent the size or figure of UK’s economy in the year 2050, and in the year 2025 it will be known as the fastest growing economy. Currently, USD 1 is equal to VND 20,837.
2. Somali Shilling
Shilling is the currency of Somalia and was introduced sometime in 1962. USD1 is equal to SOS 22,000 today.
1. Iranian Rial
Because of the lingering tension between US and Iran, its currency will continue holding the title being the most devalued currency in the world. Today, USD1 is equal to IRR 24,576.