The lowest currencies in the world in 2023 are weak currencies that in exchange for the US dollars are of little to no value. A currency reveals much about its country. A country’s currency is a symbol of its economic well-being, as well as its national culture and pride.
The countries with the weak currencies here are in Africa, Asia, and South America. The currencies mention below are all floating currencies and the exchange rates are the present values f at the time of writing this list. Some of these currencies’ banknotes are as high as 100,000 notes in circulation because of their low.
The top 10 world lowest currencies 2023 (weakest currencies), they are,
Venezuelan Bolívar Fuerte
Sierra Leonean Leone
Uzbekistani Som (Uzbek sum)
It is Venezuela’s currency, a South American country, and it was announced to its citizens in 2008. The country’s unit of money lost its value as there are under-investment, mismanagement, and then especially in 2013 when oil crashed in price.
Then it was introduced to slow down the high inflation in the country. For this, it is a very weak currency and it is the first on the list of weakest currencies in the world. The former bolívar has been in use since 1879 before it was replaced by the present one. 100 céntimos (cents) make up 1 bolívar fuerte.
It is the Islamic Republic of Iran’s official currency. Iran is situated in southwestern Asia, in the Middle East. The currency is the second out of the lowest currencies in the world in 2023 because of the country’s instability political situation.
In addition, the country depends majorly on oil, and selling oil is hard for them as there are lots of sanctions plus the fall of the price of oil. All this has a negative effect on the value of the currency. For the currency, 100 dinars equals 1 Iranian rial but due to its little value, it is not in use.
Vietnamese đồng (VND) is the monetary unit used by Vietnam, a southeastern Asia country. The word, đồng means copper in the Vietnamese language. Unlike other currencies around the world that have different historical figures as the images on the paper money, đồng is different.
It has the face of a man named “Uncle Ho or Ho Chi Minh”, despised by many and loved by in the country. The currency was officially announced in 1946. And it is the third on the list of lowest currencies in the world today
4.Indonesian unit of currency
From 2011 to 2020, this currency diminishes in its value by 50%. High inflation, as well as economic crisis, drags the currency down being among the lowest. It is the Indonesian unit of currency, a Southeast Asian country.
It outplaced the Indonesian Dutch East Indies guilder when it was announced in 1949. The currency’s paper notes denominations range from 100 to 100,000 rupiah and they are all in circulation while coins are from 25 to 1,000 rupiah.
It is Sierra Leone, a West African country’s unit of money. The symbol is used before the denomination of each currency before mentioning the figure, for example, Le100. In circulation is the denomination of paper notes from 1,000 and 10,000 Leones.
Previously in the country, the British West African pound is used until 1964 when the country gained independence from the British colony and was outplaced by SSL. The country was involved in a floating exchange rate regime in 1986 to reduce overvaluation.
6.Laos’s country currency
It is Laos’s country currency and it is one weakest. Laos is situated in Southeast Asia and is bordered by countries such as Thailand and China. Before 1945, the nation was using French Indochinese piastre, but KIP became officially in use in 1952, despite the fact that its use has been announced in 1945.
Laos’s central bank maintained the currency. KIP can be divided into att, 100 att equals 1KIP. The note’s denomination of the currency is from ₭1 to ₭100,000.
It is a currency used by Uzbekistan, a country with more than 34 million people. It is a former Soviet republic, situated in the Central part of Asia. In 1993, the paper notes were introduced outplacing the Russian Ruble.
The currency can be subdivided into Tiyin, that is, 100 tiyin equals one Uzbek sum. The denominations look similar as they all have on the front, the Coat of arms of Uzbekistan.
8.Republic of Guinea
It is the unit of currency of the Republic of Guinea, a West African country. Guinea Franc outplace the CFA franc (colonies françaises d’Afrique) when the country gained independence in 1958. The use of the notes was announced in 1959.
The country is rich in minerals reserves such as diamond, high-grade iron ore, and gold, in fact, they have the bauxite biggest reserve. Yet, due to political instability, their economy is not growing.
It is the monetary unit of the Republic of Paraguay in South America. The currency name Paraguayan is from the main ethnic group of the nation, Paraguay. While Guarani is the major indigenous language in the country.
Since the time the country introduce it, there has been hyperinflation till this today. Counterfeiting techniques of the monetary unit and a lack of safety features in certain paper money series have also harmed the nation’s currency.
It is Cambodia, an Asian country’s official unit of money. Riel has two subunits, the kak, and the sen. Ten kaks are equal to one riel while one hundred sen equals one riel.
The currency has been in use since 1980. Although it was first issued in 1953, it end in 1975, then it was reintroduced in 1980. In that year that it was reissued, $1 equals 4 riels.