The British pound, the euro and the US dollar are known the world over as some of the highest-valued and most widely-used currencies in the world. But what would you say if someone asked you what the lowest-valued currencies were? Don’t know? We thought so. But not to worry, after reading this post you’ll never be stumped again. Check out the five weakest currencies in the world!
5. Lao kip
Laos is a mountainous, landlocked country tucked between China, Vietnam, Cambodia and Thailand. Although the country is rich in mineral wealth and hydroelectric potential (the country has committed 8,000 megawatts for export to Thailand and Vietnam), subsistence farming still accounts for half of the Laotian GDP.
Tourism is the fastest growing industry in Laos, and while human rights violations continue to be a strong concern, the nation has been shifting away from its former hard-line communist policies and has come out from international isolation. Still, the kip remains among the weakest currencies in the world.
1 CAD = 6,635 LAK (CAD to LAK as of July 10th, 2019)
4. Guinean franc
The Guinean franc is the currency of the Republic of Guinea (sometimes also referred to as Guinea-Conakry to distinguish it from the neighbouring country of Guinea-Bissau). Guinea adopted its current franc in 1985. Despite a wealth of natural riches including minerals, gold, iron ore and bauxite (Guinea is the world’s second largest producer of bauxite), the country’s economy has suffered from political instability and the 2014 Ebola outbreak.
Inflation and currency depreciation are a continuing concern in Guinea, as the country continues to seek to attract foreign investment to develop the infrastructure it badly needs to take advantage of its natural wealth.
1 CAD = 7,062 GDF (CAD to GDF as of July 10th, 2019)
3. Indonesian rupiah
The Indonesian rupiah has experienced a phenomenon of demonetization since the country’s independence in the wake of the Second World War. The currency was particularly hard hit by the Asian financial crisis. From June 1997, soon after the onset of the crisis, to the end of 1999, the rupiah fell from Rp 2,350 to Rp 7,900 to the US dollar. Although the crisis officially ended in 1999, the rupiah continued to decline steadily thereafter, falling to a sustained rate between Rp 8,000-9,000 in 2005.
After the 2007-2008 financial crisis the rupiah continued to fall. Despite Indonesia’s strong economy, all efforts made to stabilize and strengthen the value of its currency have come to naught. Today the rupiah trades around Rp 14,000 to 1 USD, making it the third weakest currency on our list.
1 CAD = 10,799 IDR (CAD to IDR as of July 10th, 2019)
2. Vietnamese dong
The dong has been the official currency of Vietnam since the country reunified in 1978. Seven years later, the dong was revalued at a value of 1:10 new to old dong. This move set the currency on a path of chronic inflation that would plague it for much of the next ten years.
While the country has made positive steps towards entering the international economy in the wake of the dissolution of the Soviet Union, the dong continues to be the second most devalued currency globally.
1 CAD = 17,693 VND (CAD to VND as of July 10th, 2019)
1. Iranian rial
Iran has been suffering international sanctions since 1987, and particularly in the past few decades these sanctions have taken their toll on Iran’s currency. In July of 2013, the Iranian rial was devalued to half its previous value against the dollar. The rial experienced a slight revival in 2016 with the lifting of most sanctions as a result of the signing of the nuclear deal.
The restoration of sanctions by President Trump in 2018, however, haven’t helped the currency and it remains the weakest currency in the world. Important to note: the Iranian government has announced plans to officially redesignate the rial the toman, removing one zero from the denomination.
1 CAD = 32,184 IRR (CAD to IRR as of July 10th, 2019)
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