Want to know what is the weakest currency in the world in 2024? Countries with lowest currency does not mean that their GDP per capita is also low, but this list also includes rich countries but their currency value is very low against the dollar. Here we have made a list of the top 10 Lowest Currencies in the world in 2024. Check out below!
Countries artificially reduce the value of their currency for their country’s export import and other benefits. Most people know and want to know about the strongest, most stable and powerful world currencies. But there are countries in the world whose currency is 1 USD = thousands.
The exchange rates of the lowest valued currencies updated in Feb 2024.
10. Cambodian Riels (KHR)
Value: 1 USD = 4,122 KHR
The riel (KHR) is the official currency of Cambodia and is the tenth weakest currency in the world as of 2023. There are two different reels, the first was released between 1953 and May 1975. A second currency, also called “real”, has been issued since 20 March 1980.
Popular belief suggests that the currency’s name comes from the reel, a fish from the Mekong River. It is more likely that the name derives from the high silver content of the Spanish-American dollar, valued at eight riel.
Everyone knows the exchange rate of 4,000 KHR/US$ for retail trading, riel is paid for change in fractions of a dollar.
The riel is the currency of Cambodia. There have been two different Riels, the first issued between 1953 and May 1975. Between 1975 and 1980, the country had no monetary system.
- Symbol: ៛
See Also: Largest Economies In The World
09. Colombian Peso (COP)
Value: 1 USD = 4,020 COP
The Colombian Peso is the official currency of Colombia which is the 9th weakest currency in the world. The official peso symbol is $ along with Col$. It is also being used to distinguish it from other peso- and dollar-denominated currencies.
Theoretically one peso is divided into one hundred centavos. However, due to high inflation in the 1970s and 1980s, minting of all centavo coins was discontinued in 1984.
Colombia used the Spanish colonial Real until 1820, after gaining independence from Spain. It was replaced by the Colombian real.
The practice of writing monetary amounts with centavos remains, although this is rare in daily life and general contexts.
50 peso coins are still legal tender, but due to its low value and circulation, most cash transactions are limited to the nearest 100 pesos.
- Symbol: $
08. Paraguayan Guarani (PYG)
Value: US$1 = 7,289 PYG
The Guarani is the national currency unit of Paraguay which is one of the top 10 weakest currencies in the world. The Guarani was subdivided into 100 centimos, but due to inflation the centimos are no longer in use.
The law creating the Guarani was passed on October 5, 1943 and replaced the peso at the rate of 1 = $P100. Guarani was first issued in 1944. Between 1960 and 1985, the Guarani was pegged to the United States dollar at 126 = US$1.
Paraguay is going through a severe economic recession as a result of high inflation, high unemployment rates, increased poverty and corruption. Which has had a negative impact on the value of the currency.
- Symbol: ₲
07. Guinean Francs (GNF)
Value: 1 USD = 8,655 GNF
The Guinea franc is the official currency of Guinea. Guinean Franc to be among the top 10 most weakest currencies in the world in 2024. It is subdivided into one hundred centimes, but no centime denomination was ever issued.
Guinea as a country faces corruption and political instability which causes the currency to weaken. With the passing years the value of the country’s currency is getting devalued.
On January 21, 2018, the Central Bank of the Republic of Guinea issued a revised 20,000 franc banknote with a reduced size and enhanced security features.
The 59th anniversary of the introduction of its national currency, the Central Bank of the Republic of Guinea issued a revised banknote for 10,000 francs and a new banknote for 2,000 francs.
Currently, the smallest denomination in circulation is the 500 franc note due to low purchasing power. As of 01 Sep 2023, 1 euro is equal to 9,167 Guinean francs, meaning that the highest valued banknote of 20,000 francs is worth less than 3 euros.
- Symbol: FG (possibly also Fr or GFr)
06. Uzbekistani Sums (UZS)
Value: 1 USD = 12,206 UZS
The som is the official currency of Uzbekistan in Central Asia. In the Soviet Union, speakers of Kazakh, Kyrgyz and Uzbek called the ruble som, and the name appeared on the back of banknotes among the texts on the value of bills in all 15 official languages of the Union.
Additionally, the som is the seventh weakest currency in the world by 2024. It takes 12,206 UZS to buy 1 USD. Uzbekistan replaced the ruble at par on November 15, 1993.
The government of Uzbekistan has adopted several measures to improve the country’s economy. But none of these have proved successful.
The pandemic has had an impact on the country’s economy as it has on many others, but data indicates that the country’s internal operations have resumed.
- Symbol: сум
See Also: Strongest Currencies In The World
05. Indonesian Rupiahs (IDR)
Value: 1 USD = 15,401 IDR
The rupiah is the official currency of Indonesia, the world’s fifth weakest circulating currency in 2024, with one United States dollar equivalent to Rp 15,401.
Sometimes, Indonesians also informally use the term “perak” (“silver” in Indonesian) to refer to rupiah in coins. The rupee is subdivided into 100 sen, although high inflation has made all coins and banknotes obsolete.
The currency has not improved even a bit in the last seven years. The factors that have led to the devaluation of the currency also include its declining foreign exchange reserves.
Given that Indonesia is heavily dependent on the export market, falling commodity costs have further devalued its currency value.
Additionally, the value of the currency has further diminished due to falling commodity prices. Foreign investors hold 35 to 40 percent of rupiah sovereign bonds, putting capital flows at risk.
- Symbol: Rp
04. Sierra Leonean Leones (SLL)
Value: 1 USD = 19,750 SLL
Leone is the official currency of Sierra Leone which is among the top 10 lowest currencies in the world in 2024. It is divided into 100 cents, but denominations in cents are no longer in use due to the low value of the currency.
Due to inflation, a 20,000 leone banknote has been introduced. The Leone is an African currency highly affected by poverty. Africa has a history of financial scandals, corruption and conflict, including a brutal civil war in the West African region.
The country has a long history of scams and corruption. It has also witnessed a devastating civil war, among other wars in the countries of West Africa. All this has resulted in a decline in both the country’s economy and the value of its currency.
The Leon was introduced on 4 August 1964. It replaced the British West African pound at a rate of 1 pound = 2 leones. With the introduction of decimal currency in 1964, a new series of banknotes was introduced by the Bank of Sierra Leone.
- Symbol: L
03. Lao Kips (LAK)
Value: 1 USD = 20,135 LAK
The kip has been the official currency of Laos since 1955. It is not a depreciating currency, but rather a currency that has had a low rate since its inception. Kip is ranked 3rd among the top 10 lowest calculated currencies in the world in 2024.
Buying one US dollar costs approximately 20,135 Laotian Kip or LSK. The positive side is that the value of the currency has increased over time.
Additionally, a railway is also planned that will connect Beijing to Laos, which could attract investors to this small country. Although it is the cheapest currency, it is still promising towards improving its value.
Historically, one kip was divided into 100 att. A 100,000 kip banknote was issued on 15 November 2010 to commemorate the 450th anniversary of the founding of the capital Vientiane and the 35th anniversary of the founding of the Lao People’s Democratic Republic.
In 1945–1946, the Free Lao government in Vientiane issued a series of paper money in denominations of 10, 20 and 50 att and 100 kip, before the French authorities took control of the territory.
- Symbol: ₭ or ₭N
02. Vietnamese Dongs (VND)
Value: 1 USD = 24,340 VND
The dong is the official currency of Vietnam since 3 May 1978. The Vietnamese dong is the second lowest valued currency in the world in 2024, with one United States dollar equivalent to approximately 24,340 dong.
It is issued by the State Bank of Vietnam. The dong was also the currency of the predecessor states of North Vietnam and South Vietnam, replacing the previously used French Indochinese piastre.
The Vietnamese dong has increasingly moved towards exclusively using banknotes, with lower denominations printed on paper and denominations over 10,000, approximately 40¢ to the dollar or euro, printed on polymer, with coins no longer used until 2023.
In general, Vietnam is moving towards digital payments. The country has long followed a centralised economy. Although the country has embarked on the path of building a market economy, it still has a long road to go.
At present the currency has been highly devalued but considering the improvement in the economy, there is a high possibility of the currency improving. Currently, a significant devaluation of the Vietnamese dong is occurring.
- Symbol: ₫/đ U+20AB ₫ DONG SIGN
See Also: Countries With Strongest Passports
01. Iranian Rial (IRR)
Value: 1 USD = 42,240 IRR
The Iranian Rial is the official currency of Iran. It tops the list of the world’s lowest currencies, with one United States dollar equal to 42,240 Iranian rials.
The decline in the value of a currency can be explained by a variety of factors. To begin with, the end of the Islamic Revolution in 1979 led to the withdrawal of foreign investors from the country.
It is a result of factors such as political unrest in the country. The Iran–Iraq War and the nuclear program also played a large role.
There is no official symbol for the currency but the Iranian standard ISIRI 820 defines a symbol for use on typewriters.
Two Iranian standards ISIRI 2900 and ISIRI 3342 define the character codes used for this. A compatibility character defined in the Unicode standard is U+FDFC ﷼ RIAL SIGN.
- Symbol: ﷼
Hi, here a list of 10 lowest currencies in the world.
Hi, I live in Iran and your rate is totally wrong. That number is the official rate that the government uses for import, money laundering, etc. What people have to live with and affects day to day prices is another rate that you can find at tgju.org
Right now it’s about 280000 rials. We’re officially screwed ?
Hello to every , as I am actually keen of reading this blog’s post to be updated daily. It carries pleasant data.|
I got what you mean , thanks for posting.Woh I am pleased to find this website through google. “I was walking down the street wearing glasses when the prescription ran out.” by Steven Wright.