Uzbek sum entered the top10 weakest currencies in the world
Economy
This rating was compiled by Forbes based on the relative value of currencies against the US dollar.
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Forbes named the 10 weakest world currencies based on their relative value against the US dollar. The publication analyzed the weakest currencies based on the number of units of foreign currency received per US dollar.
According to Forbes, the 10 weakest currencies are:
Iranian rial (IRR)
The Iranian rial is the weakest currency in the world, for 1 rial is equal to $0.000024 (or in other words, 1 dollar is equal to 42,273 Iranian rials).
The Iranian rial was first introduced into circulation in the late 1700s. It was later pegged to the British pound sterling and later to the US dollar. While the currency is currently in free circulation, it has fluctuated around 42,000 rials to the dollar for the past few years.
Located in the Persian Gulf between Iraq and Afghanistan, Iran is the world's leading exporter of oil and natural gas. However, economic sanctions, political unrest and high inflation put pressure on the Iranian currency.
Vietnamese dong (VND)
The Vietnamese dong is the 2nd weakest currency in the world: 1 dong is equal to $0.000042. The dong was put into circulation in 1978.
In Vietnam, the service sector accounts for the largest share of GDP, followed by sectors such as electronics, energy and textiles. Vietnam's currency has been weakened by restrictions on foreign investment and the recent slowdown in exports, as well as rising US interest rates.
Lao kipi (LAC)
The Lao kip is the 3rd weakest currency, with 1 kip equal to $0.000052. The kip was introduced in the 1950s and is in free circulation.
Laos lies between Vietnam, Thailand, Cambodia and China and is mainly dependent on the export of products such as copper, gold and timber. The country suffered from sluggish economic growth, rising external debt and high inflation, which affected the currency.
Sierra Leone Leone (SLL)
Sierra Leone's leone is the 4th weakest currency in the world: 1 leone is equal to $0.000057. The currency was first introduced in 1964.
Sierra Leone is located in West Africa, bordering Guinea and Liberia. It mainly exports timber, diamonds, gold and industrial metals. The value of the leone has fallen due to inflation of more than 40%, a huge debt, a slowdown in economic growth and the effects of the Ebola epidemic.
Indonesian rupiah (IDR)
The Indonesian rupiah is the 5th weakest currency in the world: 1 rupiah is equal to 0.000067 US dollars, or 1 dollar is equal to 14.993 Indonesian rupiahs. The rupiah was introduced into circulation in 1946. It was first pegged to the US dollar.
Indonesia includes over 17,000 islands in the Pacific Ocean, including Java, Sumatra, Borneo and part of New Guinea. The country is the largest country in Southeast Asia by GDP due to its service sector. However, due to high inflation and fears of stagnation, the rupiah fell against other currencies.
Lebanese pound (LBP)
The Lebanese pound is the 6th weakest currency in the world: 1 pound is equal to 0.000067 dollars, or 114.986 Lebanese pounds are equal to $1. The pound was first introduced into circulation in the 1930s and is pegged to the US dollar.
Lebanon borders the Mediterranean Sea, as well as Israel and Syria. Its economy is based on services, but it exports gems and metals, chemicals, food and beverages.
The Lebanese pound hit a record low against the US dollar in early 2021 amid a deep economic downturn, high inflation and unemployment, a banking crisis and political unrest.
Uzbek sum (UZS)
The Uzbek sum is equal to $0.000087 or 1 dollar is equal to 11,516 soums. This makes the sum the 7th weakest currency in the world. The sum is a free currency introduced in 1993.
Uzbekistan has large reserves of minerals, oil and gas. The country is carrying out economic reforms, fighting unemployment and corruption.
8. Guinean franc (GNF)
The Guinean franc is the 8th weakest currency in the world: 1 franc is equal to 0.000116 dollars, or 1 dollar is equal to 8.583 Guinean francs. The currency was put into circulation in 1959.
Guinea is a former French colony in Africa. The country owns such natural resources as gold and diamonds, but it is struggling with high inflation, military unrest and an influx of refugees from neighboring Liberia and Sierra Leone.
9. Paraguayan Guarani (PYG)
The Paraguayan Guarani is the 9th weakest currency, with 1 Guarani equal to $0.000138 or 17249 Guaranis are equal to $1. The currency was introduced in 1952.
Paraguay shares borders with Brazil, Argentina and Bolivia. The country is a leading producer of soybeans, stevia (a sugar substitute) and beef, as well as an exporter of corn and sugarcane. However, its currency is under pressure due to high inflation, corruption and counterfeit money.
10. Ugandan shilling (UGX)
Last on the list is the Ugandan shilling, 1 shilling is equal to $0.000273 or $1 is equal to 3669 Ugandan shillings. The shilling was first issued in 1966 and is a free currency.
Uganda is a country in East Africa bordering Kenya, South Sudan, Tanzania and the Democratic Republic of the Congo. The country is rich in commodities like oil, gold and coffee, but its economy is mired in volatile economic growth, heavy debt and political unrest.
According to Forbes, the 10 weakest currencies are:
Iranian rial (IRR)
The Iranian rial is the weakest currency in the world, for 1 rial is equal to $0.000024 (or in other words, 1 dollar is equal to 42,273 Iranian rials).
The Iranian rial was first introduced into circulation in the late 1700s. It was later pegged to the British pound sterling and later to the US dollar. While the currency is currently in free circulation, it has fluctuated around 42,000 rials to the dollar for the past few years.
Located in the Persian Gulf between Iraq and Afghanistan, Iran is the world's leading exporter of oil and natural gas. However, economic sanctions, political unrest and high inflation put pressure on the Iranian currency.
Vietnamese dong (VND)
The Vietnamese dong is the 2nd weakest currency in the world: 1 dong is equal to $0.000042. The dong was put into circulation in 1978.
In Vietnam, the service sector accounts for the largest share of GDP, followed by sectors such as electronics, energy and textiles. Vietnam's currency has been weakened by restrictions on foreign investment and the recent slowdown in exports, as well as rising US interest rates.
Lao kipi (LAC)
The Lao kip is the 3rd weakest currency, with 1 kip equal to $0.000052. The kip was introduced in the 1950s and is in free circulation.
Laos lies between Vietnam, Thailand, Cambodia and China and is mainly dependent on the export of products such as copper, gold and timber. The country suffered from sluggish economic growth, rising external debt and high inflation, which affected the currency.
Sierra Leone Leone (SLL)
Sierra Leone's leone is the 4th weakest currency in the world: 1 leone is equal to $0.000057. The currency was first introduced in 1964.
Sierra Leone is located in West Africa, bordering Guinea and Liberia. It mainly exports timber, diamonds, gold and industrial metals. The value of the leone has fallen due to inflation of more than 40%, a huge debt, a slowdown in economic growth and the effects of the Ebola epidemic.
Indonesian rupiah (IDR)
The Indonesian rupiah is the 5th weakest currency in the world: 1 rupiah is equal to 0.000067 US dollars, or 1 dollar is equal to 14.993 Indonesian rupiahs. The rupiah was introduced into circulation in 1946. It was first pegged to the US dollar.
Indonesia includes over 17,000 islands in the Pacific Ocean, including Java, Sumatra, Borneo and part of New Guinea. The country is the largest country in Southeast Asia by GDP due to its service sector. However, due to high inflation and fears of stagnation, the rupiah fell against other currencies.
Lebanese pound (LBP)
The Lebanese pound is the 6th weakest currency in the world: 1 pound is equal to 0.000067 dollars, or 114.986 Lebanese pounds are equal to $1. The pound was first introduced into circulation in the 1930s and is pegged to the US dollar.
Lebanon borders the Mediterranean Sea, as well as Israel and Syria. Its economy is based on services, but it exports gems and metals, chemicals, food and beverages.
The Lebanese pound hit a record low against the US dollar in early 2021 amid a deep economic downturn, high inflation and unemployment, a banking crisis and political unrest.
Uzbek sum (UZS)
The Uzbek sum is equal to $0.000087 or 1 dollar is equal to 11,516 soums. This makes the sum the 7th weakest currency in the world. The sum is a free currency introduced in 1993.
Uzbekistan has large reserves of minerals, oil and gas. The country is carrying out economic reforms, fighting unemployment and corruption.
8. Guinean franc (GNF)
The Guinean franc is the 8th weakest currency in the world: 1 franc is equal to 0.000116 dollars, or 1 dollar is equal to 8.583 Guinean francs. The currency was put into circulation in 1959.
Guinea is a former French colony in Africa. The country owns such natural resources as gold and diamonds, but it is struggling with high inflation, military unrest and an influx of refugees from neighboring Liberia and Sierra Leone.
9. Paraguayan Guarani (PYG)
The Paraguayan Guarani is the 9th weakest currency, with 1 Guarani equal to $0.000138 or 17249 Guaranis are equal to $1. The currency was introduced in 1952.
Paraguay shares borders with Brazil, Argentina and Bolivia. The country is a leading producer of soybeans, stevia (a sugar substitute) and beef, as well as an exporter of corn and sugarcane. However, its currency is under pressure due to high inflation, corruption and counterfeit money.
10. Ugandan shilling (UGX)
Last on the list is the Ugandan shilling, 1 shilling is equal to $0.000273 or $1 is equal to 3669 Ugandan shillings. The shilling was first issued in 1966 and is a free currency.
Uganda is a country in East Africa bordering Kenya, South Sudan, Tanzania and the Democratic Republic of the Congo. The country is rich in commodities like oil, gold and coffee, but its economy is mired in volatile economic growth, heavy debt and political unrest.
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