In the last article, we found a list of the most expensive currencies. Let's move on to the cheap ones. The value of these currencies is constantly changing, but the general idea will be clear. These numbers seem incredible. Without further ado, the list of the cheapest currencies.
#10. Ugandan Shilling (UGX)
1 USD ≈ 4065 KHR
The Ugandan Shilling opens our list of the cheapest currencies, with 1 USD buying 3788 UGX (or 1 UGX equals 0.00026 USD).
The Ugandan shilling is ranked 10th among the world's cheapest currencies. This currency replaced the East African shilling in the late 1960s, which was used as a means of payment in Kenya, Uganda, Tanganyika and Zanzibar.
Even though Uganda is an agricultural and underdeveloped country with a high level of corruption, the shilling is relatively stable and has fallen by only 5% over the past few years.
#9. Paraguayan Guarani (PYG)
Paraguayan Guarani is in the ninth position among the lowest currencies in the world, with 1 USD buying 7426 PYG (or 1 PYG equals 0.00013 USD).
The low value of this currency is explained by the deplorable state of Paraguay: corruption, inflation, low educational level. And all this despite the export of soybeans and cotton. The profit received is hardly enough to provide for the population.
#8. Guinean franc (GNF)
The Guinean Franc is the eighth on the list of least valuable currencies in the world, with 1 USD buying 8593 GNF (or 1 GNF equals 0.00012 USD).
Guinea is exporting gold, aluminum and diamonds. The value of their currency should be quite high. However, due to the thriving of banditry, the poverty and inflation keep increasing.
#7. Uzbekistan som (UZS)
Uzbekistani Som is the seventh cheapest currency in the world, with 1 USD ≈ 12310 UZS (or 1 UZS equals 0.00008 USD).
The currency came into use in 1994. Since then, its value has only been falling. From the day of its introduction, its price has decreased 10 times.
#6. Lebanese Pound (LBP)
The Lebanese Pound is the sixth of the top 10 least valuable currencies in the world, with 1 USD buying 15030 LBP (or 1 LBP equals 0.00007 USD).
In February 2023, the central bank of the country, which in the mid-20th century was called the "Middle Eastern Switzerland" for its favorable investment and business climate, stated that $1 equals 15,000 Lebanese pounds. The Lebanese economy snowballed in the last century, but years of socio-economic crisis have pushed Lebanon to the brink of poverty.
#5. Indonesian rupiah (IDR)
Indonesian Rupiah is the fifth-weakest world currency, with 1 USD buying 15435 IDR (or 1 IDR equals 0.00006 USD).
Despite the stability and rather developed economy and tourism in Indonesia, the local currency has a very low value. Despite all the measures taken by the regulators, there is no significant change in the price of the rupiah.
#4. Laotian kip (LAK)
Laotian Kip is the fourth lowest currency in the world, with 1 USD buying 20695 LAK (or 1 LAK equals 0.00005 USD).
The history of that currency is surprising. It did not devalue like the rest of this list. Its original value has been that low against the USD since its inception in 1952. Since then, the kip has only strengthened its value.
#3. Sierra Leonean leone (SLL)
Sierra Leonean Leone is No.3 among the world's cheapest currencies, with 1 USD buying 22619.5 SLL (or 1 SLL equals 0.00004 USD).
Sierra Leone is a country in Africa that systematically bears serious trials. In the recent past, they had to survive the war and the outbreak of Ebola. Such events negatively affect the value of the currency.
#2. Vietnamese dong (VND)
Vietnamese Dong is the second cheapest currency in the world, with 1 USD buying 24240 VND (or 1 VND equals 0.00004 USD).
The cost of dong is influenced by the difficult transition from a centralized to market economy. This process is extremely difficult for any country, but Vietnam is on the right track. According to experts, the country will soon be able to reach the level of its Asian neighbors.
#1. Iranian rial (IRR)
Iranian Rial is the lowest currency in the world, with 1 USD buying 42250 IRR (or 1 IRR equals 0.000024 USD).
The value of the rial is systematically negatively influenced by disastrous events:
- Islamic revolution
- Iran-Iraq war
- Sanctions due to the country's nuclear program
The country's government has decided to restrict the population's access to foreign currency. This led to the emergence of a currency black market, where the value of 1 USD exceeds 250 thousand Iranian rials. Nevertheless, the foreign exchange market is developing rapidly, and more and more female Forex traders are emerging in Iran.