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Top 20 Cheapest and Lowest Currencies in the World

Top 20 Cheapest Currencies in the World

In this article, please find the details about top 20 weakest, lowest and cheapest currencies in the world. Most of the nations are from war-torn, corrupt nations, and third world regions.

Rwandan Franc :

Rwanda is the country in South Central Africa. The nation known as “Land of 1000 hills” The Civil war and genocide of 1994 ramshackle the nation economy and disordered the social fabric. Most of the inhabitant in this nation practice Agriculture and cultivate various things like dry beans, potatoes, corn, sweet potato and banana. Besides, small scale mining operation and limited production of consumer products such as soaps, cement, paints, furniture and food Products. It is the number 20 among the top 20 Cheapest Countries in the world.

  • Country : Rwandan
    • Rwandan Franc Currency Code : FRW
    • Symbol : R₣
    • 1 USD = 993 FRW
    • The Highest currency denomination note = FRW 50,000.
    • Coins : 1, 2, 5, 10, 20, 50 and 100 Francs
    • FRW 50,000 = USD 50.35.
Rwandan Franc

The Rwandan franc is the official currency of Rwanda. It was introduced in 1964, replacing the Burundian franc at par. The currency has experienced some fluctuations in value over the years, but has generally been stable. Rwanda is a developing country with a growing economy, and the value of the franc is largely influenced by factors such as the country’s trade balance, inflation rate, and political stability.

South Korean Won

South Korea is the country covers the southern part of the peninsula of East Asia. Though South Korea had faced Korean war and Military cease fire number of times. It is emerged as developing nations and transformed from poor agrarian nation to highly industrialized nation. It is the number 19 among the top 20 Cheapest Countries in the world.

  • Country : South Korean
    • South Korean Won Currency Code : KRW
    • Symbol :  ₩
    • 1 USD = 1,173 KRW
    • The Highest currency denomination note = KRW 50,000.
    • Coins : ₩10, ₩50, ₩100,and ₩500
    • KRW 50,000 = USD 44.37
South Korean Won

The South Korean economy is one of the most advanced and technologically sophisticated in the world, and the value of the Won reflects this. The country has a highly developed industrial sector, including electronics, automobiles, and shipbuilding, as well as a thriving service sector. South Korea is also a major exporter, with products such as electronics, cars, and petrochemicals among its top exports.

In recent years, the value of the Won has been influenced by various factors, including changes in global economic conditions, geopolitical tensions, and domestic economic policies. The currency’s value can be sensitive to fluctuations in global commodity prices, particularly for energy and raw materials, due to South Korea’s reliance on imports for many of these goods.

In terms of domestic economic policy, the Bank of Korea, the country’s central bank, plays a key role in setting interest rates and managing the money supply, which can affect the value of the Won. The government also implements fiscal policies, such as taxation and public spending, which can influence economic growth and, in turn, the value of the currency. 

Iraqi Dinar

Iraq is the country of East Asia. It had glorious past and land was known as Mesopotamia means land between the rivers. After the war between Iran and Iraq the GDP of the Iraq fell down drastically. It is the number 18 among the top 20 Cheapest Countries in the world.

  • Country: Iraqi
    • Iraqi Dinar Currency Code : IQD
    • Symbol : د ع.
    • 1 USD = 1457 IQD
    • The Highest currency denomination note = IQD 50,000
    • IQD 50,000 = USD 34.32
Iraqi Dinar

Iraq’s economy has been significantly impacted by decades of political instability, war, and sanctions, which have contributed to high levels of inflation and a decline in the value of the Iraqi dinar. In particular, the US-led invasion of Iraq in 2003 and the subsequent years of conflict and insurgency have had a significant impact on the country’s economy.

In addition to political instability, other factors that have contributed to the devaluation of the Iraqi dinar include a high dependence on oil exports, weak governance, and a lack of economic diversification. The country’s economy is heavily reliant on the oil sector, which accounts for the majority of government revenues and foreign exchange earnings.

However, there are some signs of improvement in the Iraqi economy and currency. In recent years, the government has taken steps to improve governance, attract foreign investment, and diversify the economy away from oil. Additionally, rising oil prices have helped to improve the country’s fiscal position and provide a boost to the dinar. However, ongoing political instability and security challenges continue to pose significant risks to the country’s economic prospects.

Lebanese Pound

Lebanon is the country in eastern shore of the Mediterranean Sea in Western Asia. The long term Civil war and geopolitical factors have acted as impediments for the growth of the Lebanon country economy. It is the number 17 among the top 20 Cheapest Countries in the world.

  • Country: Labanon
    • Lebanese Pound Currency Code : LBP
    • Symbol : ل.ل
    • 1 USD = 1510 LBP
    • The Highest currency denomination note = LBP 100,000
    • LBP 100,000 = USD 66.23
Lebanese Pound

The Lebanese pound, also known as the lira, is the official currency of Lebanon. It has been in use since 1924, replacing the Ottoman lira. The Lebanese pound has experienced significant fluctuations in value over the years due to various factors, including political instability, economic crises, and inflation. In recent years, the country has been facing a severe economic crisis, with the value of the Lebanese pound declining rapidly.

Myanmar Kyat

Myanmar earlier known as Burnma is the country in southeast Asia. It is bordered with china, India, Bangladesh. It is the number 16 among the top 20 Cheapest Countries in the world.

  • Country: Myanmar
    • 1 USD = 1,871 MMK
    • Myanmar Kyat Currency Code : MMK
    • Symbol : K
    • The Highest currency denomination note = MMK 10,000
    • Coins : K1, k5, k10, k50, and k100
    • MMK 10,000 = USD 7.10
Myanmar Kyat

The Myanmar Kyat is the official currency of Myanmar, also known as Burma. It was introduced in 1952, replacing the Burmese rupee. The currency has faced significant challenges over the years, including hyperinflation and political instability, which have led to fluctuations in its value. In recent years, the country has been experiencing political unrest, resulting in economic sanctions from various countries and a decline in the value of the Kyat.

Burundian Franc

Burundi is the country in East Africa. More than 65 percentage of inhabitants lives under the below poverty line. Geopolitical factors are the major hindrances in the growth of the nation economy. It is the number 15 among the top 20 Cheapest Countries in the world.

  • Country: Burundi
    • Burundian Franc Currency Code : BIF
    • Symbol : FBu
    • 1 USD = 1945 BIF
    • The Highest currency denomination note = BIF 10,000
    • Coins : 1 Franc, 5 fancs, 10 francs, and 50 francs
    • BIF 10,000 = USD 5.14
Burundian Franc

The Burundian Franc is the official currency of Burundi, a country in East Africa. It was introduced in 1960, replacing the Belgian Congo franc. The currency has faced significant challenges over the years due to political instability, civil war, and poverty, which have led to fluctuations in its value. In recent years, the country has been facing economic challenges, with high inflation and a decline in the value of the Franc.

Congolese Franc

Congolese is the country in Central Africa. The nation has various natural resources such as copper, cobalt immense biodiversity and second largest rainforest. 73 percentage of Inhabitants leads their live under Below poverty line. It is the number 14 among the top 20 Cheapest Countries in the world.

  • Country: Congolese
    • Congolese Franc Currency Code : CDF
    • Symbol : FC
    • 1 USD = 1986 CDF
    • The Highest currency denomination note = CDF 20,000
    • CDF 20,000 = USD 10.01
Congolese Franc

The Congolese Franc is the official currency of the Democratic Republic of Congo. It was introduced in 1997, replacing the old Zaire currency. The currency has faced significant challenges over the years due to political instability, conflicts, and poverty, which have led to fluctuations in its value. In recent years, the country has been facing economic challenges, with high inflation and a decline in the value of the Franc

Tanzanian Shilling

Tanzania is the country in East Africa. It is the number 13 among the top 20 Cheapest Countries in the world.

  • Country: Tanzania
    • Tanzanian Shilling Currency Code : TZS
    • Symbol : TSh
    • 1 USD = 2,313 TZS
    • The Highest currency denomination note = TZS 10,000
    • Coins : 50 Shillings, 100 Shillings, 200 Shillings, 500 Shillings
    • TZS 10,000 = USD 4.32
Tanzanian Shilling

The Tanzanian shilling is the official currency of Tanzania. It was introduced in 1966, replacing the East African shilling. The currency has faced some challenges over the years, including high inflation, political instability, and a significant black market for foreign currencies. However, the Tanzanian government has implemented economic reforms to stabilize the currency and improve the country’s economy.

Ugandan Shilling

Uganda is the country in the East Africa. The Uganda got its independence in 1962, however, the political instability combine with AIDS Epidemic and environmental problem are major impediments for the growth of the country economy. It is the number 12 among the top 20 Cheapest Countries in the world.

  • Country: Ugandan
    • Ugandan Shilling Currency Code : UGX
    • Symbol: USh
    • 1 USD = 3,659 UGX
    • The Highest currency denomination note = UGX 50,000
    • Coins : 50 Shillings, 100 Shillings, 200 Shillings, 500 Shillings
    • UGX 50,000 = USD 13.66
Ugandan Shilling

Uganda is a country located in East Africa, and the Ugandan shilling is the official currency of the country. The currency has a long history of fluctuations in value due to a variety of factors, including political instability, economic mismanagement, and fluctuations in global commodity prices.

In particular, the reign of Idi Amin, who ruled Uganda from 1971 to 1979, had a significant negative impact on the country’s economy, leading to high inflation and a rapid decline in the value of the Ugandan shilling. More recently, however, Uganda has made progress in stabilizing its economy and improving the value of its currency.

The government has implemented various economic reforms and taken steps to attract foreign investment, particularly in the tourism and manufacturing sectors. Additionally, the country has benefited from a recent uptick in global commodity prices, particularly for its key exports such as coffee, tea, and gold.

However, Uganda still faces significant challenges in terms of poverty, inequality, and infrastructure development, which continue to hamper its economic progress. The value of the Ugandan shilling remains vulnerable to fluctuations in global commodity prices, as well as to political instability and governance challenges.

Colombian Peso

Colombia is the country in the south America. The agriculture is the primary source of income specially the cultivation of coffee trees and Fruits production. The political instability created uneven distribution of the wealth among the inhabitants of Colombia and Illegal trade in drugs are the major hindrance for the growth of the economy. It is the number 11 among the top 20 Cheapest Countries in the world.

  • Country: Colombia
    • Colombian Peso Currency Code : COP
    • Symbol : COL$
    • 1 USD = 3,836 COP.
    • The Highest currency denomination note = COP 10,000
    • Coins : 50 Pesos, 100 Pesos, 200 Pesos, 500 Pesos, 1000 Pesos
    • COP 10,000 = USD 2.73
Colombian Pesso

The Colombian peso is the official currency of Colombia. It is denoted by the symbol “$” and the ISO code COP. The currency has faced some challenges over the years, including high inflation and fluctuations in global commodity prices. However, the Colombian government has implemented economic reforms to stabilize the currency and improve the country’s economy.

Malagasy Ariary

It is the number 10 among the top 20 low exchange Rate Countries in the world.

  • Country: Madagascar
    • Malagasy Ariary Currency Code : MGA
    • Symbol : Ar
    • 1 USD = 3,963 MGA.
    • The Highest currency denomination note = MGA 10,000
    • Coins: Ar1, Ar 2, Ar 5, Ar 10, Ar 20, and Ar 50
    • MGA 10,000 = USD 2.52.
Malagasy Ariary

The Malagasy Ariary is the official currency of Madagascar. It was introduced in 2005, replacing the former currency, the Malagasy Franc. The currency is denoted by the symbol “Ar” and the ISO code MGA. The Ariary has faced some challenges, including political instability, natural disasters, and a high poverty rate, which has affected its value over time.

Cambodian Riel

Cambodia is the country in southeast Asia. It is river trading route to link between India and China. After 1989 Cambodia had free election and their economy is steadily improving. The inhabitants believe in the Cambodian saying that” Fear not for the future and Weep not for the past”. It is the number 9 among the top 20 Cheapest Countries in the world.

  • Country: Cambodia
    • Cambodian Riel Currency Code : KHR
    • Symbol: ៛
    • 1 USD = 4074 KHR
    • The Highest currency denomination note = KHR 100,000
    • Coins : 50 Riel, 100 Riel , 200 Riel, and 500 Riel
    • KHR 100,000 = USD 24.54
Cambodian Riel

The currency was reintroduced in 1980 after a period of political instability and economic turmoil. The Riel has experienced significant fluctuations in its value due to factors such as inflation, political instability, and dependence on the US dollar. In recent years, the Riel has remained relatively stable, with the government implementing measures to support its value, such as increasing foreign reserves and reducing the use of the US dollar in the economy. However, many people in Cambodia still prefer to use the US dollar for everyday transactions due to its greater stability and wider acceptance.

Paraguayan Guarani

Paraguay is the country in South America. The nation was participated in three Wars 1. War of triple Alliance, 2. Chaco War 3. Civil War. It is the number 8 among the top 20 Cheapest Countries in the world.

  • Country: Paraguay
    • Paraguayan Guarani Currency Code : PYG
    • 1 USD = 6,879 PYG
    • The Highest currency denomination note = PYG 100,000
    • PYG 100,000 = USD 14.54
Paraguayan Guarani

Paraguay is a South American country that has faced significant economic challenges over the years. The country has a history of political instability and corruption, which has contributed to a weak governance environment and made it difficult for the government to implement effective economic policies. Additionally, Paraguay has struggled with issues such as high inflation, a high unemployment rate, and a rise in poverty, all of which have put pressure on the value of the PYG.

The PYG has been subject to significant fluctuations in value over the years, reflecting changes in economic conditions and investor sentiment. In recent years, the Paraguayan government has taken steps to address some of these challenges, such as implementing economic reforms and seeking to improve governance and reduce corruption. Additionally, the country has benefited from increased foreign investment and a growing export sector, particularly in the agriculture and manufacturing industries.

However, Paraguay still faces significant challenges in terms of economic development and stabilizing the value of the PYG. The country remains heavily reliant on exports of agricultural commodities, which can be subject to fluctuations in global commodity prices. Additionally, corruption and political instability continue to be major challenges that need to be addressed to improve the overall economic conditions of the country.

Guinean Franc

Guinea is one of the countries on the west African Atlantic cost. It is renowned for park and wildlife. The Capital is Bissau and has 1.9 Million inhabitant in this country. It is the number 7 among the top 20 Cheapest Countries in the world.

  • Country: Guinea
    • Guinean Franc Currency Code : GNF
    • Symbol: GFr
    • 1 USD = 9,768GNF
    • The Highest currency denomination note = LAK 20,000
    • Coins: 1 Franc, 5 Francs, 10 Francs, 25 Francs, and 50 Francs
    • GNF 20,000 = USD 2.05
Guinean Franc

Guinea is a West African country that has faced significant challenges in terms of political instability, corruption, and economic development. The country has a history of authoritarian rule, and the current government has been criticized for human rights abuses and repression of political opposition.

The weak governance environment in Guinea has had a negative impact on the country’s economy, leading to a decline in the value of the Guinean Franc. Additionally, the country has faced challenges related to infrastructure development, access to credit, and low levels of education and skills among the population. These factors have made it difficult for Guinea to attract foreign investment and generate export earnings, putting pressure on the value of the GNF.

The Guinean government has taken steps in recent years to address some of these challenges, such as implementing economic reforms and seeking to improve governance and reduce corruption. However, progress has been slow, and the country still faces significant challenges in improving its economic conditions and stabilizing the value of the GNF.

Laotian Kip

The Laos is the country of North east Central in Southeast Asian nations. It has 650 miles from northwest to Southeast. It was under French colonization until 1975 and participated in World War 2 and Indochina War. In 1975 it emerged as communist country and economy has strengthened by attracting various travelers across world. The country debts and international aid were diminishing gradually. However, it has to go long way to come out from lowest exchange rate countries list. Currently It is the number 6 among the top 20 Cheapest Countries in the world.

  • Country: Laos
  • Laotian Kip Currency Code : LAK
  • Symbol: ₭N
  • 1 USD = 9,851 LAK
  • The Highest currency denomination note = LAK 100,000
  • LAK 100,000 = USD 10.15
Laotian Kip

The Lao kip (LAK) has maintained a relatively stable exchange rate over the years, with a low value compared to many other major currencies. As of today (11th April 2023), 1 Indian Rupee is equal to approximately 206.92 Laotian Kip.

The value of the LAK has remained relatively stable due to a variety of factors, including government control over the currency, restrictions on capital flows, and limited trade and investment activity. However, this has also meant that the Lao economy has not experienced significant growth and development compared to other countries in the region.

As you mentioned, to buy one US dollar, it currently costs approximately 15079.11 Laotian Kip. This means that the LAK is relatively weak compared to the USD, which can make it challenging for the country to import goods and services. However, the value of the LAK has increased over time, reflecting some degree of economic growth and stability in Laos.

Overall, the Lao government has taken steps to promote economic growth and development, such as implementing economic reforms and seeking investment from foreign countries. However, the country still faces significant challenges in improving its economic conditions, including addressing poverty, improving infrastructure, and diversifying its economy beyond natural resources.

Sierra Leonean Leone

Sierra Leone is indigent country. It has gone through various changes setbacks and sufferings as a nation. Further it was engaged in the recent war weaken the currency value of Sierra Leonean. The recurring Ebola virus is another reason for further lowering the exchange rate of Sierra economy. It is the number 5 among the top 20 Cheapest Countries in the world.

  • Country: Sierra Leone
    • Sierra Leonean Leone Currency Code : SLL
    • Symbol: Le
    • 1 USD = 10,524 SLL
    • The Highest currency denomination note = SLL 10,000
    • Coins: 10 Leones, 50 Leones, 100 Leones, 500 Leones
    • SLL 10,000 = USD 0.95
Sierra Leonean Leone

Sierra Leone is one of the poorest countries in the world, with high levels of poverty and unemployment. The country has been impacted by a long history of political instability, corruption, and civil conflict.

The Sierra Leonean Leone (SLL) has faced significant fluctuations in value over time, due to various economic and political factors. As of now (11th April 2023), 1 Indian Rupee is equal to 240.32 Sierra Leonean Leones.

One of the main drivers of the decline in the value of the SLL has been the impact of conflict and instability on the economy. The country’s civil war, which lasted from 1991 to 2002, had a devastating impact on the economy, destroying infrastructure and disrupting economic activity. Corruption and mismanagement have also contributed to the country’s economic challenges.

To address these issues, the Sierra Leonean government has implemented various measures, such as reforms to improve governance and strengthen the economy, as well as seeking assistance from international organizations. However, progress has been slow, and the country still faces significant challenges in improving its economic and social conditions.

Uzbekistani Som

Uzbekistan is one of the central Asian countries and earlier it was part of Soviet republic. It is renowned for mosques and muslims infrastructure. It is the number 4 among the top 20 Cheapest Countries in the world.

monetary system is very liberal

  • Country: Uzbekistan
    • Uzbekistani Som Currency Code : UZS
    • Symbol: so’m
    • 1 USD = 10,668 UZS
    • The Highest currency denomination note = UZS 50,000
    • Coins: 1 so’m, 5 so’m, 10 so’m, 50 so’m, and 100 so’m
    • UZS 50,000 = USD 4.69
Uzbekistani Som

The Uzbekistani economy has faced significant challenges over the years, which has put pressure on the value of the UZS. The country has struggled with issues such as corruption, lack of economic diversification, and government control over key industries. Additionally, the country’s heavy reliance on natural resources, such as cotton and natural gas, has made it vulnerable to fluctuations in global commodity prices.

The COVID-19 pandemic has also had a significant impact on the Uzbekistani economy, disrupting trade and investment flows, and leading to a decline in economic activity. However, as you mentioned, the country’s internal operations have restarted in the third quarter of 2022, which is a positive sign for the economy. Nonetheless, the decline in industrial output has increased uncertainty about the future of the currency, as a weak industrial sector can make it more difficult for the country to generate foreign exchange earnings.

The Uzbekistani government has taken steps to address some of these challenges, such as implementing economic reforms, liberalizing the currency market, and seeking to diversify the economy beyond natural resources. However, progress has been slow, and the country still faces significant challenges in improving its economic conditions and stabilizing the value of the UZS.

Indonesian Rupiah

Indonesia as country has stable economy and rated as developed nations in the Southeast Asia. However, Rupiah has low rate of exchange in comparison with other countries. All the efforts made by Indonesian government has led very tiny and unnoticed changes in developing and strengthen the national currency. It is the number 3 among the top 20 Cheapest Countries in the world.

  1. Country: Indonesia
    1. Indonesian Rupiah Currency Code : IDR
    2. 1 USD = 14,290 IDR
    3. The Highest currency denomination note = IDR 100,000
    4. IDR 100,000 = USD 7
Indonesian Rupiah

The Indonesian rupiah (IDR) has faced significant challenges in recent years, with a declining value against major currencies like the US dollar. As of today (11th April 2023), 1 Indian Rupee is equal to approximately 182.14 Indonesian Rupiah.

One of the key drivers of the depreciation of the IDR has been the country’s reliance on commodity exports, particularly oil and gas. The decline in commodity prices in recent years has put significant pressure on the country’s foreign exchange reserves, making it more difficult to support the value of the IDR. Additionally, Indonesia has faced challenges in addressing structural issues in the economy, such as improving infrastructure, addressing corruption, and boosting domestic consumption.

Foreign investors hold a significant portion of Indonesia’s sovereign bonds, which exposes the country to risks related to capital flows. If foreign investors decide to pull their investments out of the country, it could lead to a significant decline in the value of the IDR.

To address these challenges, the Indonesian government has implemented various measures, such as intervening in the foreign exchange market, tightening monetary policy, and seeking to diversify the economy beyond commodity exports. However, progress has been slow, and the country still faces significant challenges in improving its economic conditions and stabilizing the value of the IDR.

Vietnamese Dong

Vietnam is the second lowest currency in the world. Earlier it was closed market as a result it’s currency is the least valued currency in comparison with other nations. However, Vietnam is transforming from closed market to market economy. The specialist in economics says that it will soon catch up with neighbouring Asian countries and Vietnam would be removed from lowest valued currencies list soon.

  • Country: Vietnam
    • Vietnamese Dong Currency Code : VND
    • Symbol: ₫
    • 1 USD = 22,790 VND
    • The Highest currency denomination note = VND 500,000
    • VND 500,000 = USD 21.94
Vietnamese Dong

Vietnam’s economy has indeed undergone significant changes in recent years, moving away from a centrally planned economy towards a more market-oriented one. However, the government still retains a significant level of control over many aspects of the economy, including key industries and sectors.

Regarding the Vietnamese Dong (VND), its exchange rate has fluctuated over time due to a variety of factors, including changes in global economic conditions, domestic inflation, and government policies. In recent years, there have been some concerns about the devaluation of the VND, with the currency losing value against the US dollar and other major currencies.

One factor contributing to the devaluation of the VND has been the widening trade deficit in Vietnam. The country has been importing more goods than it exports, leading to a shortage of foreign currency reserves and putting downward pressure on the VND. Additionally, inflation has been a persistent problem in Vietnam, with high levels of inflation eroding the value of the currency over time.

To address these challenges, the government has implemented various measures, such as increasing interest rates, tightening monetary policy, and intervening in the foreign exchange market. However, there is still some way to go before the Vietnamese economy fully transitions to a market-based system and the VND stabilizes against major currencies.

Iranian Rial

The Iranian Rial is rated as cheapest currency on the planet of earth. There are many reasons behind declining of the Iranian rial. Major factor is the restriction imposed on iran to access the world market and underprivileged of exporting oil. The secondary reason is the battle between Iran and Iraq.

  • Country: Iran
    • Iranian Riyal Currency Code : IRR
    • Symbol: ﷼
    • 1 USD = 42,190 IRR
    • The Highest currency denomination note = IRR 100,000
    • Coins : 500 Rials, 1000 Rials, 2000 Rials, 5000 Rials
    • IRR 100,000 = USD 2.37.
Irani Riyal

The Iranian Rial (IRR) has been facing a significant decline in value in recent years due to various factors such as economic sanctions, political instability, inflation, and the country’s nuclear program. As of today (11th April 2023), 1 Indian Rupee is indeed equal to 514.41 Iranian Rial, making it one of the least valuable currencies in the world. This has led to significant economic challenges for Iran and its citizens, including high inflation rates, limited access to foreign currency, and difficulties in conducting international trade. The Iranian government has implemented various measures to address these issues, such as currency devaluation and rationing, but their effectiveness has been limited in the face of ongoing economic challenges.

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Source : Google Finance

Written by Saleh wasim

Blogger who writes topics such as Employment, News, travel, sports, events and life in Gulf.

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