We know that the world runs behind currencies and it has been the tradition ever since Lydia’s King Alyattes founded the Lydian state in 600 BCE, which is believed to be the first official currency.
But each country realized the potential need for their own currencies and decided to come up with each, among which some are valued more than others.
The US Dollar, British Pound Sterling, and the Euro are a few of the popular currencies of the world. But are they similar in value? Certainly not. While there are a bunch of well-known currencies in the world, there is also a string of currencies that are least valued, like Uzbekistani Som, Ugandan Shilling, and more.
Have you noticed that the countries with a stable economy have the strongest currencies ever? If that is the case then you can guess that the currencies with the lowest value would be issued by countries that are relatively less stable when it comes to their economy.
Scroll down to learn which are currencies with the lowest value in 2023.
List Of Top 10 Currency With Lowest Value 2023
- Iranian Rial
- Vietnamese Dong
- Sierra Leonean Leone
- Indonesian Rupiah
- Laotian Kip Currency
- Uzbekistani Som
- Guinean Franc
- Paraguayan Guarani
- Cambodian Riel
- Ugandan Shilling
After the world was struck by the COVID-19 pandemic, the economic conditions of several countries became more vulnerable. The already weakest currencies either managed to stay stagnant or fell even hardened in 2023.
So, after reading this article, you will not only understand which currency has the lowest value, but you will also realize which countries were strongly hit by the recent economic crisis.
Now, without any further delay, let’s learn more about the currencies that have the least value in 2023.
10. Ugandan Shilling – UGX
Despite the irreversible effects of COVID-19 on economies, some countries have remained pathetic as it was before in 2022. There has not been a noticeable change in the value of their currency as well. One such country is Uganda and they own one of the currencies with the least value in 2023.
By the way, no change in the value of the currency doesn’t indicate that Ugandan Shilling remains to rock the world. Instead, it means that Ugandan Shillings were already at their lowest even before the pandemic was declared.
Generally, Uganda issues banknotes of the following face values:
- 50000 UGX
- 20000 UGX
- 10000 UGX
- 5000 UGX
- 2000 UGX
- 1000 UGX
The value of these Ugandan Shillings has been stable for years now. They are neither significantly improved nor their value deteriorated in abundance. However, Ugandan Shilling is still one of the currency with lowest value.
The comparisons provided below are more than enough to draw your attention to the fact that the Ugandan Shilling is certainly one of the lowest-valued currencies in 2023.
1 USD= 3,700.94 UGX
1 EUR= 3,909.45 UGX
9. Cambodian Riel – KHR
You might have not heard about Cambodia in the first place. It is a monarchical state in Southeast Asia and its currency comes ninth in our list of top 10 currencies with the lowest value in 2023.
The Cambodian Riel came into existence in 1995, until then, Cambodians used Indochinese Piaster, a currency of French Indochina. So, the currency has been in use for the past 27 years.
It was only issued in meager amounts and therefore the currency couldn’t circulate or get properly progressed in the global market. In fact, the Cambodian currency still remains one of the least-known currencies in the area.
With time, the currency was further pushed to devalue as even the locals preferred using Euro, US Dollars, or other stronger currencies.
1 USD= 4,051 KHR
1 EUR= 4,279.23 KHR
8. Paraguayan Guarani – PYG
After Honduras, Paraguayan is the next poorest country in South America, which has been the victim of terrible inflation, disastrous corruption, unfortunate economic setbacks, high level of unemployment, and low quality of education. In short, Paraguayan is a country that is simply not in a good state. So, how could its currency be?
Since their economy has never seen a ray of hope, it becomes quite obvious that its side effects will be directly visible on the value of the country’s currency- Paraguayan Guarani.
Although Paraguayan is an exporter of cotton and soybeans, their revenue is barely enough to cover their import expenses, leaving the locals with a slim chance of development.
Currently, the Paraguayan Guarani can be categorized as a currency with lowest value in 2023.
1 USD= 7,177.03 PYG
1 EUR= 7,581.39 PYG
7. Guinean Franc Currency – GNF
Although Africa is known for catering valuable minerals, particularly, Guinea. But still, the country is still left to suffer alone. Guinea has one of the least-valued currencies in the world and that is the reason why we have mentioned the Guinean Franc Currency in our list of the currencies with the lowest value.
Considering the aluminum, gold, and diamonds owned by Guinea, it is sad that the country is still not developed.
Not only is the country marginalized as the poorest country, but also is recognized as a nation with high poverty rates, inflation, and gang issues. But the situation has slightly changed in the last few years as the Guinean Franc Currency increased its value by a few hundred Francs, which is a big deal.
1USD= 8,711 GNF
1 EUR= 8,729 GNF
6. Uzbekistani Som – UZS
Uzbekistan is the largest city in Tashkent and is a central-Asian country. Although its name sounds quite powerful. In reality, the country owns the sixth weakest currency in the world.
Recently, the authorities took some measures to uplift the Uzbekistani dollar, Uzbekistani Som Currency, in the global economy. While the country is still far behind the currencies prevailing in the economy, the 2018 movements have positively impacted its value.
To be more precise, people outside Uzbekistan began to learn about its currency after its recent attempt to elevate its currency in the global economy. However, Uzbekistan still has a long way ahead to stand hand-in-hand with other competing currencies in the global market.
Following the liberalization of the monetary policy that came into practice on September 5, 2017, the tech exchange rate of the Uzbekistan Sum to the US Dollar was estimated to be 11,360 UZS. Therefore,
1 USD= 11,360 UZS
1 EUR= 12,000.25 UZS
5. Laotian Kip Currency – LAK
Laotian Kip Currency is issued by Laos in Southeast Asia. You might not be familiar with this as the currency itself is rarely used. When the country acquired its independence in 1953, Laotian Kip Currency was given away to the locals at the lowest prices.
Laotian Kip Currency is the one and only currency in our list of the least valued currencies in 2023, which has never been devalued since it was issued. But for time immemorial, LAK has been trying to survive with a very low exchange rate.
However, Laotian Kip Currency has been recently signaling its growth against many strong global currencies like USD, and if we are not wrong, then in a few decades, they might be able to compete on an equal footing in the global market.
Plans for the construction of billions worth of railways to connect Lao and Beijing are expected to turn into action in the coming years and this lucrative deal has been attracting several potential investors to this small country.
When that happens, there will be a noticeable inflow and outflow of money, which will ultimately benefit the value of Laotian Kip Currency.
1 USD= 18,445 LAK
1 EUR= 19,498 LAK
4. Indonesian Rupiah – IDR
Indonesia is a popular Asian country that is extremely famous for its food. The country comes under a pretty well-off country and appears to be on the stable side of the economy.
Usually, when a country’s economy is impressive, its growth would reflect in its currency. But the story is quite not the same for the Indonesian Rupiah. That is, although the country is stable, its currency is not.
In order to rectify the situation, the regulatory bodies have been attempting to fix the matter by issuing fresh banknotes of 1000 to 100,000 with the intention to replace the prevailing banknotes.
But until now, the country is still facing multiple issues regarding its value, making it one of the currencies with the lowest value in 2023.
1 USD= 15,414.25 IDR
1 EUR= 16,283.11 IDR
3. Sierra Leonean Leone – SLL
Sierra is one of the poorest African countries that have a currency with the lowest value. We cannot blame the authorities for the country’s weak economy as we are busy dealing with many other important matters like wars, civil uproars, and more.
The country has even survived the deadly Ebola virus, leaving them no other option rather than prioritizing such issues over focusing on economic prosperity.
So, Sierra has always been a weak country, and coupled with the latest COVID-19 pandemic, they lost the entire balance and fell to the ground.
The country has been suffering double its usual tragedies after the pandemic hit in 2020. With constant setbacks in both economic and social development, Siera is still on its path to achieving financial fullness.
We should give them a salute for trying to cope with the worst situation and not giving up.
1 USD= 19,750 SLL
1 EUR= 20,864 SLL
2. Vietnamese Dong – VND
Vietnam is still on its road to achieving success as it should broaden its economy by giving a lot more importance to its currency, Vietnam Dong. It is the second cheapest currency ever issued. When compared to the other world currencies, Vietnam Dong has a lower exchange rate, except with Iran.
But Vietnam’s financial experts have announced that the country is currently trying its best to rise from the rags. If not the most valued, the Vietnamese Dong will at least match the currencies of its neighboring countries.
If they succeed, the Vietnamese Dong might never again appear on the list of the currencies with the lowest value in the world.
1 USD= 23,650 VND
1 EUR= 24,984.10 VND
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1. Iranian Rial – IRR
The Iranian Rial is the currency with the lowest value in the world. It became so as the country has been subject to the Islamic Revolution since 1979. The country lost its grip as business left the country in the wake of the revolution, stating uncertainty in the future.
Good for them, otherwise, those businesses would have also been made to dust after the frequent nuclear sanctions. Iran was further pushed to destroy as they often engage in war with Iraq.
After the first major nuclear sanction in 2016, Iran got no time to recover but they became the prey of the second sanction in 2018 and a third in 2022.
1 USD= 42,275 IRR
1 EUR= 44,659.73 IRR
Investing in a currency with lowest value would be quite rewarding, but risky at the same time. If you are interested in doing so, then you must check if that particular currency has the potential to grow in the future.
You should also go through the latest criteria in development, political stability, and the trend of the entire world economy. In order to understand that, you must see why the currency is recognized as one of the least valued ones in the world.
Understanding the root cause behind the weakness is recommended in evaluating whether or not an investment is worth the risk. In most cases, countries that have a high trade deficit, political instability, and insufficient economic growth are more prone to own the cheapest currencies in the world.
If they are hinting at growth, then investing in that specific currency would be worth your time, effort, and money.