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Top 10 The Weakest Currencies In The World in 2024(Updated May)

BusinessTop 10 The Weakest Currencies In The World in 2024(Updated May)

As we reset into another global inflation crisis driven by high oil prices and the Russia-Ukraine War, the currencies on the receiving end of the catastrophe might be far away from the global lens. Their currency devalues as inflation ramps, making their markets shaky and unstable.

The world’s weakest currencies belong to the world’s third-world countries, where perhaps the economic crisis has hit the hardest. Let’s get into it.

CurrencySARUSDEUR
Lebanese Pound (LBP)23,875 LBP89,545 LBP96,605 LBP
Iranian Rial (IRR)11,218 IRR42,075 IRR45,392 IRR
Vietnamese Dong (VND)6,787 VND25,455 VND27,462 VND
Laotian Kip (LAK)5,689 LAK21,338 LAK, 23,202 LAK
Sierra Leonean Leone (SLL)5,591 SLL20,969 SLL25,587 SLL
Indonesian Rupiah (IDR)4,280 IDR16,055 IDR17,320 IDR
Uzbekistani Som (UZS)3,384 UZS12,693 UZS13,694 UZS
Guinean Franc (GNF)2,291 GNF8,592 GNF9,269 GNF
Paraguayan Guarani (PYG)1,998 PYG7,494 PYG8,085 PYG
Cambodian Riel (KHR)1,086 KHR4,074 KHR4,395 KHR
Ugandan Shilling (UGX)1,007 UGX3,779 UGX4,077 UGX

1. Lebanese Pound (LBP)

In March 2023, the Lebanese pound hit an all-time low compared to the US dollar. The currency has been doing really bad lately because of a struggling economy, super high unemployment, banking problems, political mess, and crazy high inflation. Prices went up a crazy 171% in 2022.

The International Monetary Fund said Lebanon is in a tough spot, and if they don’t make some quick changes, they’ll be stuck in a never-ending mess. This was when the Lebanese pound reached its lowest point earlier this year.

The currency code for the Lebanese pound = LBP.

1 USD =  89,545 LBP

1 EUR = 96,605 LBP

1 SAR = 23,875 LBP

2. Iranian Rial (IRR)

The Iranian Rial ranks as the second weakest currency in the world.

Its economic downfall started as far back as 1979 in the wake of the Islamic Revolution, which led to many businesses leaving the country due to uncertainty.

Since then, Iran has faced a further downfall in the Iran-Iraq war and nuclear sanctions. The sanctions were lifted briefly in 2016 but reinstated more harshly in 2018 and then again in 2022. 

Iranian Rial Currency Code = IRR 

1 USD = 42,075 IRR 

1 EUR = 45,392 IRR

1 SAR= 11,218 IRR 

Iranian_rial

3. Vietnamese Dong 

The Vietnamese Dong ranks as the third weakest currency in the world.

Still recovering from wars and shifting from a centralized to a market economy has taken its toll on the country and its operations. Vietnam is currently amongst the poorest countries in the world.

However, leading economic experts reassure us that Vietnam is on the right path and will catch up to other countries sooner rather than later. 

Vietnamese Dong Currency Code = VND

1 USD = 25,455 VND 

1 EUR = 27,462 VND

1 SAR= 6,787 VND

4. Laotian Kip Currency

The Laotian Kip, belonging to Laos in Southeast Asia, is rare. This is because it is the only currency on our list that has not been devalued.

At its independence, the Laotian Kip was already issued at meager rates to the people back in 1953.

The Laotian Kip has strengthened and grown against global currencies like the USD and will probably keep doing so shortly. 

Laotian Kip Currency Code = LAK

1 USD = 21,688 LAK

1 EUR = 23,202 LAK

1 SAR= 5,689 LAK

Laotian Kip Currency

5. Sierra Leonean Leone Currency

Sierra Leone, located in Africa, is one of the poorest countries and has one of the world’s weakest currencies.

Civil uproars, a recent war, and recurring combats with deadly viruses like Ebola keep the country from focusing on economic prosperity, resulting in one of the weakest economies.

That, coupled with the COVID-19 pandemic, has made matters even worse for the country as its economy devalued even more in the last two years than it had previously. 

Sierra Leonean Leone Currency Code = SLL

1 USD = 20,969 SLL

1 EUR = 25,587 SLL

1 SAR= 5,591 SLL