Al Arabiya reported that the list of the cheapest currencies against the US dollar saw no significant change last year, although the ranking of some countries changed.
1. The Lebanese pound
The Lebanese pound witnessed one of its worst years last year, with the exchange rate of the dollar rising against it by about 500%, reaching 89.56 thousand pounds to the dollar, which is the prevailing price in the parallel market, and this was one of the conditions of the International Monetary Fund to address banking imbalances and the crisis economic situation.
The Fund said in May 2024 that policy measures taken by the Ministry of Finance and the Bank of Lebanon, including the gradual cancellation of monetary financing for the budget, the cancellation of a banking platform and tight fiscal policy, and steps towards unifying exchange rates, helped contain the deterioration of the exchange rate, stabilize the money supply and began to reduce… Inflationary pressures.
2. Iranian Riyal
After the decline in the price of the Lebanese pound, the Iranian riyal, which for years has been the cheapest currency in the world, has come in second place, in light of the restrictions and sanctions imposed on Iran since the end of the nuclear agreement with America in 2015.
During the year 2024, the US dollar rose against the riyal by about 0.21%, reaching 42.09 thousand Iranian riyals per dollar, but in light of the tensions in Syria and the Middle East, the Iranian riyal is a candidate for new pressures.
3.Vietnamese Dong
The Vietnamese Dong has become among the weakest currencies in the world as a result of restrictions on foreign exports, which have also seen a decline in volume, prompting the Central Bank of Vietnam to devalue the currency to enhance export competitiveness.
During the past year, the dollar rose against the Vietnamese dong by about 4.46%, ending the year at 25.46 thousand dong to the dollar.
4. Sierra Leonean leone
Sierra Leone’s currency is affected by a range of factors, including high levels of debt and inflation, slow economic growth, as well as the long-term impact of major health crises such as the Ebola outbreak.
The dollar rose against the leone by about 1.43%, reaching 22.79 thousand leones per dollar.
4. Laotian Cape
The Lao Kip is considered among the weakest currencies globally due to a combination of factors, including high inflation, slow economic growth, and increasing external debt.
In 2024, the dollar rose against the kip by about 6.44%, recording 21.82 thousand kip.
6. Indonesian rupiah
Indonesia depends on importing large quantities of goods and raw materials, including crude oil, so it was among the countries most affected by the global wave of inflation, which raised commodity prices, soared the import bill and deepened the country’s trade deficit.
On the basis of annual performance, the dollar rose against the Indonesian rupiah by 4.86%, to record 16.22 thousand dollars.
7. The Syrian pound
Although they improved in the last days of the year after the fall of Bashar al-Assad, levels of 13,000 Syrian pounds to the dollar remain one of the lowest currency rates in the world in light of the devastating effects the country has suffered from the conflict, which is more than 14 years old.
8. Uzbek som
The Uzbek som has continued to face challenges in recent years, due to factors such as high unemployment, high inflation, slow economic growth, and corruption problems.
Based on the annual performance, the dollar rose against the som by 4.59%, recording 12.9 thousand liras
9. Guinean franc
The Guinean franc began to decline after the country’s conflicts in the 1990s, and the currency has remained one of the weakest currencies in the world due to factors such as military unrest and high inflation. However, the currency has shown signs of recovery recently.
In terms of annual performance, the dollar rose 1.61% against the Guinean franc to record 8,645 thousand francs.
10. Paraguayan Guarani
Paraguay’s currency, the guarani, suffers from problems of persistent inflation and unemployment, making it one of the weakest currencies in the world, along with rampant corruption and the spread of counterfeit money.
On an annual basis, the dollar rose against the currency by 7.55% to record 7.8 thousand guaraní to the dollar.
Zimbabwe’s gold-backed currency, the Zig, came at the top of the worst list, with a decline of 954.2%, followed by the Lebanese pound, then the South Sudanese pound, the Ethiopian birr, the Nigerian naira, and the Egyptian pound. The following is the complete list. (Arabic)
