Most people know the most reliable, most stable, and robust world currencies, for example, the pound sterling, the Swiss franc, the US dollar, the euro, and others. These currencies are the most stable, as are the countries that issue them. However, what about the world’s least valued currencies? Who knows their names, and in what states they are published? In compiling this list, we have struggled to put in order the least valuable currencies, because the economic situation is fluctuating rapidly in all these countries. However, it is possible to identify some national currencies devalued at the moment. So, let’s look at the top ten cheapest currencies in 2019 compiled by the team of Most Economical List.
The exchange rates of the lowest valued currencies are updated on November 05, 2019.
Top Ten Cheapest Currencies in 2019 – Top Rated
In 1966, the Ugandan shilling made its appearance to replace the East African shilling. The latter was an official means of payment in Uganda, Kenya, Tanganyika, and Zanzibar. Tickets with the following denominations are currently in circulation: 1,000, 2,000, 5,000, 10,000, 20,000 and 50,000. The Ugandan shilling is economically stable currency as compare to others. In recent years, its value has not lost more than 5%.
Currency Code – UGX
1 USD = 3,701.28 UGX
The Cambodian Riel is the very famous currency of this monarchic state in Southeast Asia. Its monetary unit was issued in 1995 to replace the Indochinese Piaster. Originally, Riel’s exchange rate was low, and it was not popular among locals who had decided to use foreign currency. Many Cambodian citizens prefer to use the US dollar for payments now, resulting in an even more substantial devaluation of the local currency.
Currency Code – KHR
1 USD = 4,060 KHR
In South America, Paraguay is the second developing country. It has suffered a catastrophic economic slowdown, combining inflation, corruption, low quality of education, a considerable number of reduced, high unemployment, etc. Paraguay exports soybeans and cotton, but this is not enough to cover its imports.
Currency Code – PYG
1 USD = 6,429.14 PYG
Lao or Laotian Kip
The Lao is the only currency in this list not to have devalued but has initially been issued with a meager rate. Besides, since its issuance in 1952, the currency has strengthened against the US dollar and continues to improve its value. Most of the rural poor in Laos operate without money. Instead, they store their wealth in land, livestock, while sometimes gold. This combination of subsistence farming, foraging, and barter is a monetary exchange.
Currency Code – LAK
1 USD = 8,850 LAK
High inflation, growing poverty, and thriving gangsters are devaluing the currency of Guinea – the African country with the most inflated currencies. Given its natural gifts such as gold, diamonds, and aluminum, the currency of this country should be one of the most valuable.
Currency Code – GNF
1 USD = 9,230 GNF
The Modern Sum was circulated with a sum of 1 Sum equal to 1,000 coupons from the quantity of July 1, 1994, by decree of the President of Uzbekistan. Following the liberalization of their monetary policy as from 5 September 2017, the exchange rate of the Sum against the US dollar is set at 1 USD = 8,100 UZS, with a range estimated between 8,000 and 8,150 UZS for one US dollar.
Currency Code – UZS
1 USD = 9470.77 UZS
Sierra Leonean Leone
Sierra Leone is an impoverished African country, which has carried out many severe tests that have led to the devaluation of local money. Recently, a war has taken place, and the deadly Ebola virus is recurring. Sierra Leone’s civil war, which lasted from 1991 to 2002, triggered a period of widespread inflation and total economic collapse. During this period, the old coins were effectively devalued, which led to the introduction of new denominations.
Currency Code – SLL
1 USD = 9,575 SLL
Due to the low value of old banknotes, by Presidential Decree of 5 September 2016, 7 new notes were issued between 1,000 and 100,000 rupees. Indonesia is an economically stable and somewhat developed country in Southeast Asia. However, his money has a meager exchange rate. The country’s regulatory authorities are taking all necessary measures to strengthen the national currency, but all their efforts have resulted in insignificant changes.
Currency Code – IDR
1 USD = 14,000 IDR
The Vietnamese Dong is the second lower-valued currency in the world. Vietnam is still struggling to move from a centralized economy to a market economy, and, as a result, the currency of this country is very devalued today. For the moment, Dong is in second place in our list of “poorest currencies.” However, the experts insist that the Vietnamese government is going in the right direction and could soon catch up with its Asian neighbors closer.
Currency Code – VND
1 USD = 23,208.50 VND
The Iranian Rial is the lowest value currency in the world. The Iran-Iraq war, threats against Israel, and the possibility that nuclear missiles threaten the world by the Iranian government have led the world superpowers to impose economic and political sanctions. The Iranian Rial has thus become the worst currency in the world. To simplify the calculations, citizens often use the term Toman, which means 10 Rial. If you are asked to pay 200 tomans, it means your bill is 2,000 Rial.
Currency Code – IRR
1 USD = 42,105 IRR (This is Official rate)
Top Ten Cheapest Currencies in 2019 – Top List
|Sr. #||Top Ten Cheapest Currencies in 2019|
|1||Iranian Rial – 42,105 IRR|
|2||Vietnamese Dong – 1 USD = 23,208.50 VND|
|3||Indonesian Rupiah – 1 USD = 14,000 IDR|
|4||Sierra Leonean Leone – 1 USD = 9,575 SLL|
|5||Uzbek Sum – 1 USD = 9470.77 UZS|
|6||Guinean Franc – 1 USD = 9,230 GNF|
|7||Lao or Laotian Kip – 1 USD = 8,850 LAK|
|8||Paraguay Guarani – 1 USD = 6,429.14 PYG|
|9||Cambodian Riel – 1 USD = 4,060 KHR|
|10||Ugandan Shilling – 1 USD = 3,701.28 UGX|
Why are currencies devalued?
In most cases, the currency of a state is devalued due to the economic slowdown within the country. It leads to a balance of payments deficit and an increase in the inflation rate. It may be a consequence of different economic downturns such as war actions, declining GDP, falling prices of commodities that make up a large share of exports, declining purchasing power, tightening market conditions, credit, political instability within a country, etc. This list of the top ten cheapest currencies in 2019 is most affected by the above factors.
Currency devaluation is often linked to poorly organized monetary policy and tax control decisions (central bank system).