The Most Worthless Currencies
This content was last updated on 20.08.2023 23:34
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Many of us know and closely follow the world's most valuable, strongest and stable currencies. US Dollar, European Euro, British Pound, Swiss Franc, Canadian Dollar and others. These currencies lead the list of the most valuable currencies in the world. Since the currencies of these countries are strong and stable, their values do not change much during the day, maybe even over the years.
However, there are currencies in the world that are much, much less valuable than other currencies. Here for the curious the most worthless currencies in the world...
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If you are wondering about the most worthless currencies in the world as of January 2023, let's examine the list.
1. Venezuelan Bolívar
You have probably already guessed the most worthless currency in the world. The Venezuelan bolivar is the most worthless currency in the world today. The Venezuelan bolivar has lost a record level of value in recent years, especially in 2020. This currency is also the most inflationary currency in the world.
Due to hyperinflation, which is increasing day by day and at the rate of 1.3 million, Venezuela changed its currency in 2018 and dropped 5 zeros.
The current USD and EUR exchange rate of the Venezuelan Bolivar, which changed its currency again in 2021 and scored 6 zeros on 1 October 2021, are as follows.
Currency code – VES (old code – VEF)
Venezuelan Bolívar Rates;
- 1 USD = 18.37 VES (US Dollar - Venezuelan Bolívar)
- 1 EUR = 19.55 VES (Euro - Venezuelan Bolívar)
2. Iranian Rial
Iran's currency, whose devaluation started with the Islamic Revolution in 1979, is the second cheapest currency in the world. The Iran-Iraq war after the Islamic Revolution and the sanctions Iran faced due to its nuclear program caused the Iranian currency to depreciate. On top of these, the Iranian government imposed restrictions on citizens buying/selling foreign currencies, which caused the black market to become active. All these events damaged the Iranian Rial and caused it to lose its value by 600%. Having dropped 4 zeros from its currency in May 2020, Iran switched from Rial to Tyumen.
Currency code – IRR.
Iranian Rial Rates:
- 1 USD = 41,850 IRR (US Dollar - Iranian Rial)
- 1 EUR = 44,535 IRR (Euro - Iranian Rial)
3. Vietnamese Dong
Ranking third on our list of weakest currencies, the Vietnamese dong is undergoing a difficult reform process as Vietnam moves from a centralized economy to a market economy, and as a result, the country's currency has lost its value.
Currency code – VND.
Vietnamese Dong Rates:
- 1 USD = 23,470 VND (US Dollar - Vietnamese Dong)
- 1 EUR = 24,975 VND (Euro - Vietnamese Dong)
4. Indonesian Rupiah
Although Indonesia, located in Southeast-Asia and known for its natural beauties, is an economically developed country, the same cannot be said for the value of its currency. The governing bodies of the country are taking all measures to strengthen the national currency, but for now these measures only lead to meaningless changes.
Currency code – IDR.
Indonesian Rupiah Rates:
- 1 USD = 15,600 IDR (US Dollar - Indonesian Rupiah)
- 1 EUR = 16,635 IDR (Euro - Indonesian Rupiah)
5. Uzbekistani Som (Uzbek Sym)
With the dissolution of the Soviet Union, Uzbekistan became independent in 1991 and continued to use the Russian Ruble until 1993. In November 1993, the Uzbek government replaced the ruble with the som and declared it the official currency of the country. The currency of Uzbekistan, a Central Asian country, is quite worthless. Coins have almost no value in Uzbekistan due to high inflation. So much so that the largest banknote is worth 100,000 Som. For this reason, Uzbek citizens have to carry large amounts of money with them, even for small expenses such as grocery shopping.
Currency Code - UZL
Uzbekistan Som Rates:
- 1 USD = 11,325 UZL (US Dollar - Uzbekistani Som)
- 1 EUR = 12,050 UZL (Euro - Uzbekistani Som)
6. Guinean Franc
Although Guinea, an African country, has many precious metals such as gold and diamonds, its currency has a very low exchange rate. Of course, there are many reasons for this, such as high inflation, poverty and banditry in the country.
Currency code - GNF
Republic of Guinea Franc Rates:
- 1 USD = 8,775 GNF (US Dollar - Guinea Republic Franc)
- 1 EUR = 9,340 GNF (Euro - Guinea Republic Franc)
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