As an example, the British pound, the Swiss franc (Swiss), the US dollar, and the euro are among the most stable currencies in the world. Since the economic situation in all these nations is changing frequently, it was difficult to arrange the least valued currencies in the right order when compiling this list.
Certain depreciated national currencies may nevertheless be identified. Therefore, we suggest we have a look at the 10 cheapest other currencies to the US dollar. As of 2023, the exchange rates for the least valued currencies have been revised.
Table of Contents
10. Vietnamese dong
The Vietnamese dong is the world’s second-cheapest currency.
Vietnam has not yet made it all the way from a command economy to a free market. This makes the Vietnamese dong one of the least valuable currencies in the world. Its currency exchange rate is among the lowest of any country in the world, second only to Iran’s.
But currency experts say the Vietnamese government is making progress and will soon catch up to its Asian neighbors if it continues along its current course.
The Vietnamese dong may soon no longer qualify as the world’s cheapest currency.
Currency Details
- Exchange rate for US dollars: 1 USD = 23194 VND
- Conversion rate for USD: 1 USD = 337.23 VND
- Currency Rate: 500, 1000, 2000, 5000, 10,000, 20,000, 50,000, 100,000, 200,000, and 500,000.
- Currency available in 200, 500-, 1000-, 2000-, and 5000-dollar coins.
9. The Rupiah of Indonesia
In response to the depreciating value of older banknotes, a presidential order was issued on September 5th, 2016, releasing seven new banknotes. The Rupiah bills varied in value from one thousand to one hundred thousand. The rupiah has a low exchange rate despite Indonesia being a mature and stable economy in Southeast Asia. Local officials have been taking all necessary steps to fortify the cash in circulation. But thus far, no matter how hard people have tried, only little improvement has occurred.
Currency Details
- Currency symbol: IDR exchange rate: 1 USD = 142.37 IDR, 1 INR = 202.53 IDR.
- Currency values: 2000, 5000, 10,000, 20,000, 50,000, and 100,000.
- Various coin values: 50, 100, 200, 500, and 1000
8.Franc de Guinée
The Guinean Franc is one of the world’s most hyperinflated currencies, and it is the country’s official unit of currency. Currency devaluation has persisted for some time in Guinea, an African nation with a high inflation rate, rising poverty, and a preponderance of criminals. The richness of natural assets such as gold, aluminium, and diamonds is one of the most remarkable things about this nation. Given the abundance of resources, the money ought to be rather valuable. This, however, is not the situation.
Currency Details
- GNF is the currency of Gabon; 1 USD is equal to 9198 GNF. Value of GNF in INR: 132.29
- Currency come in 25, 50, 100, 500-, 1000-, 5000-, and 10,000-dollar denominations.
- Coins come in 1, 5, 10, 25, and 50-dollar bills.
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7. Kip, in Laos or Laotian
The Laotian kip is the only currency on the list of the world’s cheapest currencies that has not devalued. Since it was the first currency to be established at such a low rate, its exchange rate has remained very low for many years. The Laotian kip has not gained value against the US dollar since it was first issued in 1952. Despite this, this currency’s worth keeps rising at a steady pace.
Currency Value
- Laotian Kip (LAK) is the official currency of Laos.
- Exchange rate for US dollars: 1 USD = 8,550 LAK
- Conversion rate: 1 USD = 126.70 INR
- Currency comes in 500, 1000, 2000-, 10,000-, 50,000-, and 100,000-dollar bills.
6.Leone of Sierra Leone
As a relatively impoverished African nation, Sierra Leone is always vulnerable to a wide range of difficulties. Due to the very poor economic and social growth, the currency has been steadily depreciating for a considerable amount of time. A depreciation of the native currency is inevitable in a nation that has been put to the test as much as this one has. The ongoing conflict in Sierra Leone has served to further devalue the country. The deadly Ebola virus, which has plagued Sierra Leone for a long time, is also a factor in the country’s decline.
Currency Details
- Currency symbol: SLL
- Exchange rate versus the dollar: 1 USD = 8446 SLL
- Cost in Indian Rupees: 1 USD = 130.66 INR
- Currency come in 1000, 2000, 5000, and 10000 dollars
- Coins come in 10-, 50-, 100-, and 500-dollar values.
5. Uzbek Som
On July 1, 1994, the new Uzbek Som was introduced into circulation. The President’s Decree established the issue at a rate of 1 Som for every 1000 Som-coupons. Uzbekistan’s monetary policy has been completely free and market-oriented since September 5th, 2017. This resulted in a fixed exchange rate of 1 USD = 8100 UZS for the Uzbekistani Som. The exchange rate used was an estimate between 8000 and 8150 Uzbek Soms to 1 US Dollar.
Currency Details
- Currency come in 100, 200, 500, 1000, 5000, 10,000, 50,000, and 100,000
- Currency code is UZS.
- One US dollar is equivalent to 83.36 UZS, and one Indian rupee is equivalent to 124.32 UZS.
4.Paraguayan Guarani
Paraguay is the second poorest nation in South America because of its persistent economic woes, horrible inflation, tame corruption, subpar education system, and high unemployment rates. The value of the Paraguayan Guarani is severely harmed by the dismal state of the country’s economy. Soybeans and cotton are two of the country’s major exports. But the money it makes from exports just about covers the hefty price of its imports. This makes the Guarani from Paraguay one of the world’s least expensive currencies.
Currency Details
- Coin symbol: PYG
- Conversion rate from US dollars: 1 USD = 5953 USD
- Conversion rate: 1 USD = 86.68 INR
- Cuurency Come in: $2,000, $5,000, $10,000, $20,000, $50,000, $100,000, 50 cents, 100 cents, 500 cents, and 1000 dollars
3. Riel Khmer Cambodia
Cambodia, a Southeast Asian monarchy, uses the Cambodian Riel as its official currency. The Riel is one of the world’s cheapest currencies. This currency, which was introduced in 1995 to replace the Indochinese piaster, had a lower exchange rate when it was first introduced. At first, many Cambodians were reluctant to utilize the Riel and instead opted to use foreign currency. They continue to make numerous transactions with US dollars even now. As a result, the Cambodian Riel’s value is falling dramatically.
Currency Details
- Conversion rate from US dollars: 1 USD = 4016 USD
- Exchange rate: 1 Indian Rupee = 59.17 Cambodian Kip
- Currency Come in: $50, $100, $500, $1,000, $2,000, $5,000, $10,000, $30,000, $60,000, and $100,000.
2.Ugandan Shilling
In 1966, the East African shilling was replaced by the Ugandan shilling, the currency used in Uganda, Kenya, Tanganyika, and Zanzibar. The following banknote denominations are in circulation today: 1000, 2000, 5000, 10,000, 20,000, and 50,000. It’s worth noting that, compared to the other currencies on the list of the cheapest currencies in the world, the Ugandan shilling is very steady. The Ugandan shilling has not dropped in value by more than 5% in the last several years.
Currency Details
- Ugandan Shillings (UGX)
- The current exchange rate is: 1 USD = 3714 UGX.
- Cost in Indian Rupees: 1 USD = 53.51 INR
- 1,000, 2,000, 50000, 5-, 10-, 20-, and, 50 cent, 100 cent, 200 cent, and 500 cent coins.
1. Rial de l’Iran
The Iranian rial has the lowest value of any major currency. The US dollar is the weakest currency. Iranians often use the word ‘Toman’ to simplify their mathematical processes. Ten ribs are equivalent to one toman.
The currency collapsed due to many factors, including the ongoing war with Iraq, the challenges Israel faces, and the potential risks of nuclear conflict. This led to the implementation of measures, including restricting ‘Iran’s access to the ‘world’s market,’ which had a devastating effect on the country’s economy. Despite Iran’s status as a significant oil supplier, the nation has been starved of export options. The result was another significant shortfall in Iran’s national budget.
As a result of these factors, the Iranian rial lost its position as the world’s lowest-valued currency. Thanks to the lifting of sanctions by the United States and the European Union in 2016, Iran’s economic situation has improved and the value of the rial has stabilized. But the United States re-imposed and tightened sanctions in 2018.
Currency Details
- Symbol: IRR Exchange rate: 1 US dollar = 41994 IRR; black market rate: 1 US dollar = 112000
- IRR Exchange rate: 1 Indian rupee = 611.47 IRR Banknote values: 100, 200, 500, 1000, 2000, and 100000
50 cents, 100 cents, 250 cents, 500 cents, 1000 cents, 2000 cents, and 5000 cents.
https://www.voanews.com/a/iran-s-currency-hits-new-low-against-dollar-amid-unrest-/6814333.html
Conclusion
It becomes harder and harder to put the least valued currencies in any kind of order.
This issue occurs because the economies of the issuing nations are volatile. Usually, economic downturns are the main reason why they are cited as the world’s cheapest currency.
These setbacks cause the balance of payments to deteriorate and the inflation rate to rise. The GDP, the price of main export items, consumer confidence, credit availability, and government stability may all take a hit, leading to a recession. Only the creation of a well-thought-out monetary policy will be able to stop such devaluations.
Improving the worth of the world’s cheapest currency may also require looking at the choices made by fiscal constraints.
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