The Top 13 World's Lowest Currencies 2023 (Weakest Currencies)

The top lowest currencies in the world in 2023 that are the weakest currencies around the world.


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 from xe.com 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 value. 


These are the top 13 world's lowest currencies 2023 (weakest currencies), they are,

  • Venezuelan Bolívar Fuerte
  • Iranian Rial
  • Vietnamese Dong
  • Indonesian Rupiah
  • Sierra Leonean Leone
  • Lao Kip
  • Uzbekistani Som (Uzbek sum)
  • Guinea Franc
  • Paraguayan Guarani
  • Cambodian Riels 
  • Colombian Peso
  • Malagasy Ariary 
  • Uganda Shilling

Check out their exchange rate to US dollars, various factors affecting the value of these currencies, and the reasons they are so low. Keep reading!

 



13. Ugandan Shilling                

Ugandan Shilling is one of the lowest currencies in the world.
Image credit: BankNoteNews

Currency code: UGX

Currency symbol: USh

1US Dollar = 3,546 UGX


It is the Uganda unit of currency that was issued in 1966 by outplacing the East African Shilling in the country. It was introduced when the Bank of Uganda (BoU) was created as the main bank. In the nation, even till now, dollars are acceptable along with shillings. 


Paper money are in 1,000, 2,000, 5,000, 10,000, 20,000 and 50,000 shilling denominations while one, two, five, 10, 50, 100, 200, 500, and 1,000 are in coins denominations. In 2015, a quarter of the currency's value was disvalued. 


Even though the exchange rate of this currency to USD has been relatively stable for now, it is one of the top lowest currencies in the world in 2023. 


Recently, the Covid-19 pandemic also has had negative effects on the Shilling. In addition, it is one of the weakening currencies of the US dollar due to higher trade deficits




12. Malagasy Ariary                 

Malagasy Ariary is one out of the lowest currencies in the world.
Image credit: Tonton Bernardo / Wikimedia 

Currency code: MGA

Currency symbol: Ar

1US Dollar = 3,990 MGA


It is the monetary unit of Madagascar, an African country. Bureaucratic red tape and political crises have serious negative effects on a country's financial growth and limitations on foreign investments that can improve the economy. All this makes the country's currency to be so weak, being on the list of the lowest currencies in the world in 2023. 


It outplaces the Malagasy Franc when it was announced in 1961. At that time, 5 Malagasy Franc equals 1 Ariary. Iraimbilanja is the subunit of Ariary. Iraimbikanjs has the meaning of one iron weight while Ariary means silver dollar.


The present paper money in circulation was mint in the year 1994 to 2004. Ar100, 200, 500, 1000, 2000, 5000, 10,000 are paper notes denominations while coins denominations are 1, 2 iraimbilanja, Ar1, 2, 4, 5, 10, 20, 50.

 



11. Colombian Peso                    

Colombian Peso is among the lowest currencies in the world.
They have the words 'Mil Pesos' on them signifies 1000 pesos. For instance, a note of 2 mil pesos is $2000 Colombian pesos.
Image credit: Manor FX

Currency code: COP

Currency symbol: $ or COL$

1US Dollar = 3,882 COP


It is Colombia, a South American official monetary unit. It is one of the oldest currencies that were officially issued in 1837. It outplaces the Spanish Real and it was stronger by then, 1 peso equals 8 Reales. Centavo is the subunit of peso, 100 centavos = 1peso. 


Due to this currency devaluation, being among the lowest currencies, the country is thinking of outplacing it with a new one that 1 new peso will equal 1000 old pesos to strengthen the economy. Paper notes are in denominations ranging from 2,000 to 100,000 pesos while coins are from 100 to 1,000 pesos. 


Although its economy is growing recently, still Colombia faces a lot of economic crises which include unemployment which is about 12% and the number of citizens below the poverty line is high, it is around 25%.




See also:

The Top 13 Safest Countries In The World

 



10. Cambodian Riels                 

On the list of the lowest and the weakest currencies in the world is Cambodian Riels.
Image credit:  Szajci / Wikimedia 

Currency code: KHR

Currency symbol: 

1US Dollar = 4,065 KHR


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. 


But now the currency is one of the weakest. At the moment 90% of the population of the nation is using US dollars (USD). Actually, ATMs in Cambodia dispense both Cambodian riel and USD. 


It is the rural areas of the country that are the major ones using the riel. While the vast of the cities are making use of the other foreign currencies such as the Vietnamese dong by citizens close to the Vietnam border. 


Thai baht currencies are used by citizens of the nation close to the Thailand border. Cambodia's riel became weak as a result of its close ties with US dollars.


Owing to the country's human rights record, the European Union has withdrawn some of its significant trade benefits. All of these have negative effects on the economy of the country bringing its unit of money among the lowest currencies in 2023.   

 



9. Paraguayan Guarani      

One out of the lowest currencies in the world is Paraguayan Guarani.
Image credit: Manor FX

Currency code: PYG

Currency symbol:

1US Dollar = 6,925 PYG


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. 


For example, in 2005, even before another 50,000 Guaranis were officially announced, it has already been circulated within the population illegally. But it was later declared worthless by the central bank of the nation. 


Since 1985, the currency value has been declining drastically. In order to curb the rapid devaluation of the currency, the country introduces banknotes and coins in larger denominations. For instance, in 1990, 50,000 paper notes were issued as well as in 1998, 100,000 notes were announced. 

 



8. Guinea Franc                          

Guinea Franc is on the list of top 10 lowest currencies in the world.
Image credit: Ma-Shops

Currency code: GNF

Currency symbol: FG, Fr, GFr

1US Dollar = 8,969 GNF


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. 


This has negative effects on the monetary unit, which is one out of the top 10 lowest currencies in the world in 2023. Also, the spread of the Ebola virus, between 2014 and 2015 drags down the financial system of the nation. But it seems there are chances that the currency strength may be better in the future as there is 5.6% economic growth in 2019.

 



See also:

The Top 10 Smallest Countries In The World By Population




7. Uzbekistani Som (Uzbek sum)  

Uzbekistani Som (Uzbek sum) is also on the list of the lowest currencies in the world.
Image credit: Crane Currency

Currency code: UZS

Currency symbol: лв

1US Dollar = 10,849 U

 

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. 


Coins are in 500, 100, 50, 25, 10, 5 and 1 sum. While paper money are in 100,000, 50,000, 10,000, 5,000, 1,000, 500 and 200 sum. 


To shop for groceries or to pay bills, the citizens have to carry a lot of money or take along the largest currency because the currency is weak being among the lowest in the world today. The country's economy is improving as the devaluation seems to work as well as the inflation. 

 



6. Lao Kip                                 

Lao Kip is one of the lowest and the weakest currencies in the world today because of high inflation in the country.
Image credit:  Panxang rachavong 3000 / Wikimedia 

Currency code: LAK

Currency symbols: ₭ and ₭N

1US Dollar = 11,451 Lao Kips


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. 


Due to the fact that the currency is one of the lowest currencies in the world, banknotes under 1,000 KIP is not in use. Coins are in 10, 20, and 50 atts, they are also worthless. 


The currency is weak because of high inflation in the country. Cash is widely used among the population in the country except for some big establishments that allow travelers to use credit cards.




5. Sierra Leonean Leone        

Sierra Leonean Leone is the 5th on the list of the lowest currencies in the world.
Image credit: Foreign Currency & Coin

Currency code: SLL

Currency symbol: Le

1US Dollar = 11,335 SLL


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. 


Unfortunately, because the country was experiencing hyperinflation, from 2016 to 2020, the currency drastically drop from $0.00025 to $0.0001 USD per SSL. 


This nation is one of the poorest countries, as well as its currency, is among the world's weakest currencies. More than 50% of the population in the country is below the poverty line. 

 



See also:

The Top 15 Most Visited Countries In The World




4. Indonesian Rupiah               

Among the lowest currencies in the world is Indonesian Rupiah.
Image credit: Ma-Shops

Currency code: IDR

Currency symbol: Rp

1US Dollar = 14,395.4 IDR


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. 


All the banknotes are similar as they have pictures of important figures and the backside has different pictures containing the country's traditional activities such as school, weaving, and its landscape.




3. Vietnamese Dong                     

Vietnamese Dong is the 4th lowest currency in the world.
Image credit: Baamboozle.com

Currency code: VND

Currency symbol:

1US Dollar = 22,854.5 VND


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. 


VND can be subdivided into 10 xu and 10 hào, but due to its diminished value, it is no longer in use. So also the coins in denominations of 200, 500, 1,000, 2,000, and 5,000 đồng. In fact, some local businesses will reject coins, even though it is legal under the law because of their low worth. 


Paper notes range from 100 to 500,000 đồngs. The highest banknote which is 500,000 đồng equals $22. If you have $44, you will have about 1 million đồng. 


There are many reasons why this currency is weak, one factor is that the currency is newly introduced to the global market, just in the 1980s and the economy is not receiving investments for growth. 


Also, the issue of corruption and bureaucratic issues have become more problematic to the nation, all of these make the currency one of the weakest currencies.

 



2.  Iranian Rial                         

Iranian Rial is the second among the lowest currencies in the world.
Image credit: Roberts World Money

Currency code: IRR

Currency symbol: or FX

1US Dollar = 42,165.3 IRR


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. 


It is one of the oldest currencies that was originally made public in 1798. One toman is equivalent to ten thousand rials. Although the toman is no more an authorized unit of the Iranian currency, it is nevertheless used by Iranians to clearly express prices and money. 


Paper notes in the denominations of 100, 000, 50,000, 20, 000, 10,000, 5,000, 2,000, 1,000, 500, 200 and 100 rials are printed. There are also coins in circulation with the numbers and values of 50, 100, 250, 500, 1,000, 2,000, and 5,000 rials. 




See also:

The Top 15 Highest Currencies In The World 




1. Venezuelan Bolívar Fuerte        

Venezuelan Bolívar Fuerte is first on the lowest and weakest currencies in the world.
Venezuelan Bolívar Fuerte's banknotes' front sides are vertical, unlike other currencies that are horizontal.
Image credit: Bank Note World


Currency code: VEF

Currency symbol: Bs or BsF

1US Dollar = 206,120 VEF


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. 


The denominations of the coins range from 1 céntimo to 1 bolivar fuerte. The denominations of banknotes extend between 2 to 100 bolivares fuertes. 


All the banknotes contain pictures of important personalities in Venezuelan history, comprising people of indigenous and African heritage, as well as Luisa Cáceres de Arismendi, a woman on the 20-bolivar fuerte note for the first time in the history of the Venezuelan currency. 


She became a national hero for her support for her husband, a military leader. All the banknotes' backside features an illustration of a threatened species in one of the country's many natural environments.



 


What is your view about the weakest currencies on the list of the lowest currencies in the world in 2023? We will like to hear from you in the comments section below (Post a comment). Please hit any of the share buttons and subscribe to our mailing list (we do not spam) or you can follow us at our social media handles. Thanks for your time!

2 Comments

  1. I thought my country's currency is so bad, but these are the worst one.

    ReplyDelete
    Replies
    1. Yeah. They are the lowest currencies in the world

      Delete

Post a Comment

Post a Comment

Previous Post Next Post