We all know most of the strongest currency such as the British pound sterling,Us Dollar, Euro and others.
These Currencies are the most stable, as well as the countries issuing them but what about countries with the least valued currencies,we rarely know their names and what countries they are issued in
Here are 7 countries in the world with the most worthless currency
7.Sierra Leonean Leone (SLL)1USD=10,200(SLL)
Sierra leone is a very poor African country,the countries currency suffered due to excessive corruption within the government Recently, a war took place there halting it’s economic activity for some time
6.Guinea franc(GNF)1USD=10,234 GNF
Though the country has natural gift such as gold, diamond and aluminium,it has not made a very poor management of this resources high inflation rate, progressing poverty, and prospering gangster devalued the currency of Guinea
5.Uzbek Sum(UZS)1USD=10,500(UZS)
The modern Sum was put into circulation with a ratio of one 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 the current exchange rate of the Sum against the US dollar was set at 1 USD =10,500
4.Indonesian Rupiah(IDR)1USD=14,032(IDR)
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.
3.Vietnamese Dong(VND)23,000(VND)
The Vietnamese Dong currently 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
2.Iranian Rial(IRR)1USD=41,900(IRR)
Its devaluation started in 1979 after the Islamic Revolution when many businesses left the country because of the uncertain situationThen 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.
1.Venezuelan Sovereign BolÃvar(VES)1 USD = 1,552,540 VES
The cheapest currency in the world is Venezuelan Sovereign BolÃvar
The already struggling currency suffered significantly from inflation due to COVID19, so its value became record low in 2020. This currency is also considered the most inflated in the world.Old banknotes were replaced with new ones with the rate of 1 new VES to 100,000 old VEF.