The 10 Most Worthless Currencies in the World
It is known that there are more than 200 official currencies in the world. These currencies are classified as major, minor and exotic. Major currencies are the currencies used by countries with the most vibrant economies in the world. These; American dollar (USD), Euro (EUR), Japanese yen (JPY), British pound sterling (GBP), Canadian dollar (CAD), Australian dollar (AUD), Swiss franc (CHF).
So, what are the most worthless currencies in the world? In this article, we will list the 10 most worthless currencies in the world according to their value against 1 US dollar. These values are current as of 2023.
10. Paraguayan Guarani (PYG)
1 USD = 7,002.50 PYG
It is the official currency of Paraguay and is distributed by the Central Bank of Paraguay. Paraguay's economy is based on agriculture and animal husbandry. The country is one of the world's largest soybean exporters. However, high corruption, unequal income distribution and political instability hinder the country's development.
9. Guinean Franc (GNF)
1 USD = 10,000 GNF
It is the official currency of Guinea and is distributed by the Central Bank of Guinea. Although Guinea has the world's largest bauxite reserves, it is a poor country. The country is experiencing difficulties in the democratization process and faces human rights violations.
8. Uzbekistan Som (UZS)
1 USD = 10,961 UZS
It is the official currency of Uzbekistan and is distributed by the Central Bank of the Republic of Uzbekistan. Uzbekistan's economy is based on cotton, gold and natural gas exports. However, the country is experiencing economic problems due to high inflation, exchange rate controls and government intervention.
7. Sierra Leonean Leone (SLL)
1 USD = 13,314 SLL
It is the official currency of Sierra Leone and is distributed by the Bank of Sierra Leone. Although Sierra Leone has rich natural resources, it is one of the poorest countries in the world. The country is struggling with many crises such as civil war, Ebola epidemic and political instability.
6. Indonesian Rupee (IDR)
1 USD = 15,038 IDR
It is the official currency of Indonesia and is distributed by the Central Bank of Indonesia. The Indonesian economy is the largest economy in Southeast Asia and generates revenue from various sectors. However, the country faces problems such as high borrowing costs, lack of infrastructure and corruption.
5. Laos Kip (LAK)
1 USD = 15,106 LAK
It is the official currency of Laos and is distributed by the Central Bank of Laos. The economy of Laos is based on agriculture, hydroelectric power and mining sectors. The country has achieved rapid growth in recent years, but has not been able to maintain its development in areas such as poverty, education and health services.
4. Vietnamese Dong (VND)
1 USD = 23.376 VND
It is the official currency of Vietnam and is distributed by the State Bank of Vietnam. The Vietnamese economy is in an export-oriented industrialization process. The country exports products such as textiles, shoes, electronics and seafood. However, the country faces high public debt, exchange rate pressure and environmental problems.
3. Iranian Rial (IRR)
1 USD = 320,500 IRR
It is the official currency of Iran and is distributed by the Central Bank of Iran. Iran's economy is based on oil and natural gas exports. The country has the world's largest oil reserves and second largest natural gas reserves. However, the country is grappling with an economic crisis due to international sanctions, political tensions and a lack of economic reforms.
2. Venezuelan Bolivar (VES)
1 USD = 4,000,000 VES
It is the official currency of Venezuela and is distributed by the Central Bank of Venezuela. Venezuela's economy is based on oil exports. The country has the world's largest oil reserves. However, the country faces serious problems such as hyperinflation, political conflict, corruption and human rights violations.
1. Zimbabwe Dollar (ZWL)
1 USD = 361 ZWL
It is the official currency of Zimbabwe and is distributed by the Reserve Bank of Zimbabwe. Zimbabwe's economy is based on agriculture and mining sectors. The country exports precious metals such as gold, diamonds and platinum. However, the country faces serious problems such as hyperinflation, political repression, corruption and human rights violations.
Conclusion
The list of the world's least valuable currencies shows the economic situation in different parts of the world. Many of these currencies are negatively affected by factors such as political instability, corruption, sanctions or natural disasters. Making the necessary reforms to increase the value of these currencies is not an easy task.