No. 1 – Iranian Rial (1 USD = ~112,000 IRR)
Currency code – IRR
1 USD = 41,994 IRR (official rate)
1 USD = ~112,000 IRR (black market rate)
The Iranian Rial is officially the least valued currency in the world.
To simplify the calculations, citizens often use the term Toman, which means 10 rials. If you’re asked to pay 200 tomans, it means that your bill is 2,000 Rials.
The Iran-Iraq War, threats against Israel as well as the possibility of nuclear missiles threatening the world from the Iranian government caused world superpowers to force economic and political sanctions. These measures included restricting Iran’s access to the world commodity market and led to significant downturn in their economy. Being an oil exporter, Iran could no longer export its oil, which created a critical deficit in their national budget.
All this caused Iranian Rial to become the least valued currency in the world. In 2016, USA and EU lifted some of the sanctions, improving the economic situation and stabilising the local money, but in 2018, the USA re-imposed and sharpened their sanctions.
No. 2 – Vietnamese Dong (23,194 VND/USD)
Currency code – VND
1 USD = 23,194 VND
The Vietnamese Dong is the currency with the second lowest value in the world.
Vietnam is still on its hard path from a centralised economy to a market one, and consequently this country’s currency is very devalued today. At the moment, the Dong takes second place in our poorest currencies list.
However, experts insist that the Vietnamese government is going the right way and may soon catch up with its closer Asian neighbours.
No. 3 – Indonesian Rupiah (14,237 IDR/USD)
Currency code – IDR
1 USD = 14,237 IDR
Due to the low value of old-style banknotes, by presidential decree of September 5, 2016, 7 new banknotes were issued in denominations from 1 thousand to 100 thousand rupiahs.
Indonesia is an economically stable and quite developed country in Southeast Asia. However, its money has a very low exchange rate. The country’s regulatory authorities are taking all measures to strengthen the national currency, but all their efforts led only to insignificant changes.
No. 4 – Guinean Franc (9,198 GNF/USD)
Currency code – GNF
1 USD = 9,198 GNF
A high inflation rate, progressing poverty and prospering gangsters devalue the currency of Guinea – the African country with one of the most inflated currencies.
Considering its natural gifts like gold, diamonds and aluminium, this country’s currency should be one of the most valuable.
No. 5 – Lao or Laotian Kip (8,550 LAK/USD)
Currency code – LAK
1 USD = 8,550 LAK
The Lao is the only currency on this list which did not devalue but was originally issued with very low rate. Besides, since its issue in 1952, the currency did strengthen against US Dollar and continues to improve its value.
