The world already has a sense of what are the most powerful currencies, as these countries promote strength and stability through their money exchanges. For instance, the US dollar, the British Pound Sterling, the Swiss Franc, and the Euro are the top powerhouses of currency, which also explains the value of the countries who are issuing them. But economic stability changes rapidly, therefore it’s important to note how the countries are holding up with their currency worth and what are the lowest (or cheapest) valued currencies for the year 2021.
Most of the weakest currencies are in third-world or war-torn countries, as their methods of governing and reputable standing around the globe doesn’t match up to the strongest powerhouses such as America and Europe. Given this, the lowest valued monies are matched up against the US Dollar in most exchange rates. Here’s a peek:
The Top 8 Lowest and Cheapest Currencies
Following are the most significant currencies rated as weakest and cheapest.
1. Rwandan Franc – As one of the smallest countries on Africa’s mainland, the Rwandan currency is equally as small, especially considering when this Central and East Africa region ranks in the top 20 of the weakest at 993 FRW against the US dollar.
2. Venezuelan Sovereign Bolivar – Might as well go from the lowest to the highest in cheap currency, with the Central Bank of Venezuela declaring its currency as the number one lowest, most significantly during the pinnacle of the Covid-19 crisis when the country suffered the most impact of inflation.
3. South Korean Wan – Still ranking one of the lowest, the KRW (currency code) for this country comes in at 1127 KRW compared to one US dollar. Even hosting the 2018 Winter Olympics didn’t give much of a boost to this forlorn country.
4. Iranian Rial – The overall devaluation of Iran’s currency began in 1979 following the Islamic Revolution when businesses were fleeing the country in droves. As time went on, the Iran-Iraq War took hold, and subsequent economic sanctions with the country’s nuclear program, the Iranian Rial became the second cheapest currency in the world.
5. Lebanese Pound – The ultimate crash in the value of the Lebanese pound have undermined this country’s efforts to pay for its essentials, such as wheat and oil. It’s always a mystery how much value the Lebanese pound rates at, yet in 2021, the money stacked against the US dollar ranks very low with no future solutions to bring it higher.
6. Vietnamese Dong – With the third-lowest value in the world, the Vietnamese Dong is currently devalued due to several obstacles on its path. From a centralized economy to a market economy, this country is trying to redeem itself as owning the poorest currency to at least being on a par with other Asian countries.
7. Tanzanian Shilling – Due to the decline of international commodity prices for this country’s agricultural crop, the shilling low rate reflects how Tanzania’s economy depends on exports.
8. Sierra Leonean Leone – As a very poor African country, it’s events such as the recent Ebola crisis, a war within the region, and other significant tests that has caused the country’s money to become severely devalued.
Every worldwide currency tries to stack up the US Dollar in both economic and sociological aspects of ranking valuable. Given that either a war breaks out, the local exports are sanctioned or diminished, and more prominent events that leave these other (smaller) countries weak, it’s no wonder that the currency list above is doing their best to carve a new direction to match the US Dollar. It might take a village as the years wear on, however knowing what money is worth when travelling to foreign regions makes the trip more worthwhile.