The Jordanian Dinar has been the central currency of Jordan since 1950 when it replaced the Palestinian Pound, and to this day is still pegged to the US dollar. Despite being British Overseas Territory, the Cayman Islands Dollar is pegged to the US dollar. It is very close in value to GBP, often trading places in the value list. At the time of writing, 1 Cayman Islands Dollar equals 0.99 Pound sterling. The Euro is the official currency of 20 of the 27 member states of the European Union (EU), and is the second-largest reserve currency behind the US dollar.
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Also, to know the current exchange rate for two given currencies and the conversion value at any time, you can use Instarem’s currency converter. The official currency of the Republic of Paraguay, Paraguayan Guarani (PYG), is one of the lowest-value currencies in the world. The Government decided to replace the peso with PYG as legal tender in 1943 at the rate of one guarani for every 100 pesos. The reliance on the gold standard and the silver standard, as well as the peg to the US dollar, meant that, at one point, the bolivar was considered one of the most stable and valuable currencies. The landlocked country of Burundi is kept behind economically due to the fact that it is almost entirely agricultural, with barely any industrialisation.
Click here to see the list of supported currencies to convert your funds via CurrencyTransfer. The Saudi Arabian currency Riyal can be used in Bahrain, but BHD is not legal tender in Saudi Arabia. The Cayman Islands Dollar was introduced in 1972 after its separation from Jamaica, and was still used alongside the Jamaican Dollar for a few months within that year. Today, the Cayman Islands are very popular with banks, hedge funds and insurance companies due to its tax haven status.
The Swiss Franc is the eighth-strongest currency in the world, as is also one of the most stable, with a historically low inflation rate. Switzerland’s inflation rate is currently 3.3%, which is close to the highest it has been for 30 years. Oil (the commodity responsible for the strength of the top four currencies) since the 1970s, has been bought and sold in dollars. Due to the USA’s economic (and military) dominance, and the wide availability of dollars, oil is bought and sold in dollars almost exclusively – a monopoly that has been maintained by the US. This means that most countries have large amounts of dollars in their reserves, with leftover dollars for oil referred to as petrodollars. The Canadian dollar came about in 1867 after the unification of the Province of Canada, New Brunswick and Nova Scotia to form the federation of Canada.
Kuwaiti Dinar – KWD
The currency’s value drops when foreign capital is scant and interest rates are low. First, the termination of the Islamic Revolution in 1979 was followed by foreign investors’ withdrawal from the country. The nuclear program and the Iran-Iraq war also played a huge part, causing financial distress and other political unrest in Iran.
Until then, unique currencies had been used by each province, until 1871, when the government passed the Uniform Currency Act making the Canadian dollar the official currency. Singapore has become economically strong since then, and is 11th on the list of largest foreign exchange reserves in the world. The New Zealand dollar is the official currency of New Zealand, as well as all its island territories and the Ross Dependency. Introduced in 1967, it replaced the New Zealand pound which had been used since 1933. The Bulgarian lev was introduced as Bulgaria’s currency in 1881 with a value equal to the French franc. Since joining the EU in 2007, Bulgaria is aiming to adopt the Euro as their official currency by 2025.
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- Contact the product issuer directly for a copy of the PDS, TMD and other documentation.
- Factors such as political instability, transition to a market economy, inflation, and external shocks like the Covid-19 pandemic have contributed to the depreciation of these currencies.
- By 2014, the Somali shilling had appreciated by almost 60% against the dollar in just one year and has shown new strengths in recent years.
- Additionally, some countries may even choose to devalue their currency.
The higher the interest rate, the more the currency’s value will decrease. Again, this is an essential factor that can affect the exchange rate. The president’s policies, including immigration policies, have negatively impacted the country’s economy, which still affects the country’s development. However, the last few years witnessed an improvement in value but not more than a 5% devaluation.
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The average daily expense for a budget traveler in Cambodia is around ₹ 4,500 to ₹ 7,500, which includes accommodation, food, transportation, and sightseeing. Flight Tickets and Daily Expenses – The average range of price of flight tickets for a roundtrip from India to Sri Lanka is around ₹ 10,000 to ₹ 20,000. The average daily expense for a budget traveler in Sri Lanka is around ₹ 8,400 to ₹ 23,400, which includes accommodation, food, transportation, and sightseeing.
However, due to further pressures and struggles the country went through, the currency was reworked in an attempt to increase the currency’s value, but miscalculations caused inflation to hit 774% in 1986. Laos remains one of the poorest countries in Southeast Asia, and off the back of the Covid-19 pandemic, was struck by an economic crisis, which caused the kip to undergo massive inflation. The kip has been weakest currency in the world to inr the currency of Laos since 1955, replacing the French Indochinese piastre at par.
The exchange rates of the least valued currencies were updated on 02 March 2024. Iran’s currency has been squeezed by economic sanctions, including those the US reimposed in 2018 and others the European Union has repeatedly imposed. Political unrest and an annual inflation rate that has been topping 40% are additional factors contributing to currency and economic weakness in Iran. Here are today’s 10 weakest international currencies, based on the amount of US dollars that will buy one unit of each currency.
The Lao is the only currency on this list, which did not devalue but was originally issued with a very low rate. Besides, since its issue in 1952, the currency did strengthen against the US Dollar and continues to improve its value. In August 2021 the Bank of Sierra Leone has made a decision to redenominate the Sierra Leonean Leone. Old banknotes will be replaced with new ones called the New Leone with the rate of 1 New Leone to 1,000 old SLL. Sierra Leone is a very poor African country, which handled out many serious tests that caused the local money to devalue. Recently, a war took place there, and the deadly Ebola virus is recurrent.
Top 20 weakest currencies in the world in 2023
For a brief period, the leone was worth more than a US dollar in the 1980s, before it began to suffer huge depreciation, with 1 USD today worth 19,678 SLL. Created in 1943, the guarani was pegged to the US dollar between 1960 and 1985. The economy of Paraguay is highly dependent on agricultural products and exports, and few available mineral resources and political instability have caused the guarani’s weakness. Agriculture and tourism mark the biggest income streams for Cambodia, and the country has a unique dual-currency system, where US dollars are also valid as legal tender. Dollars are more common in urban areas and tourist hotspots, so the riel is more often used in rural areas. The economy of the Democratic Republic of the Congo (DRC) has been declining since the 1980s and has caused the value of the franc to fall rapidly.
Keeping track of exchange rate fluctuations in weak currency markets and understanding the factors that affect these changes is essential for a country to trade with its counterparts. Similarly, it helps individuals know how much money they can get in exchange for a currency. It must be noted that the currency crisis in developing nations or any other country occurs at a macroeconomic level, affecting global currency exchange rates. Here are today’s 10 weakest international currencies, based on the amount of U.S. dollars that will buy one unit of each currency. We start with the currency with the lowest value relative to the dollar. The exchange rates are sourced from our currency converter, based on data from Open Exchange and are accurate as of May 26, 2023.
“Lebanon is at a dangerous crossroads, and without rapid reforms will be mired in a never-ending crisis,” the International Monetary Fund noted in March 2023. “Sierra Leone’s economic development has been constrained by concurrent global and domestic shocks,” says the World Bank.