Right on this post we have the countries with the worst exchange rate or with the lowest currencies especially this year being 2019. Some of these countries have a high rate of inflation which is a major reason they have a weak economy and currency.
There no doubt that they British pounds, US Dollar, Swiss dollar, euro etc are among the best and strongest currencies we have in the world, so we also have currencies that are relatively poor and almost worthless.
Through money exchange rate one can tell how strong a country’s currency or economy is, especially using the US dollar, British pound or maybe euro as well.
The higher the rate the higher the cost of living especially goods imported from another country. For example, as Samsung galaxy S10 is $850, in countries with the worst exchange rate in world the price of the galaxy S10 will be one million plus. You can imagine purchasing a phone for a million and half a money.
Here’s the list of countries with the worst exchange rate in the world or have the weakest currency right now in 2019.
Countries with worst Exchange Rate in the world 2019 (lowest currencies)
On the list are 10 of the worst currencies, which we started from the number 10 to the number 1 and we are using the US dollar for it.
10. Ugandan shilling(Uganda)
1 USD = 3 714 UGX
The number 10 on the list of countries with the worst exchange rate in the world is the Ugandan shilling formally called East African shilling. Through inflation, the economy of Uganda went flat to the extent of them thinking of converting 1000 Ugandan shilling note to coins.
In 1966, the Bank of Uganda introduced notes in denominations of 5, 10, 20 and 100 shillings. In 1973, fifty-shilling notes were introduced, followed by 500 and 1,000 shillings in 1983 and 5,000 shillings in 1985.
In 1987, it looked as if their economy was getting better which they introduced a lower denominations of 5, 10, 20, 50, 100 and 200 shillings. But in 1991-2010 they went ahead to introduce five hundred and one thousand shilling notes, five thousand shillings, ten thousand shillings, twenty thousand shillings, fifty thousand shillings and the recent two thousand shillings.
But right now in 2019, the Ugandan notes are 1,000, 2,000, 5,000, 10,000, 20,000, 50,000, with the 5, 10, 20, 50, 100 and 200 notes waved out.
9. Cambodian Riel(Cambodia)
1 USD = 4,016 KHR
Cambodia a country located in the southeast Asia with a population of 16,245,729 as at 2018 is the ninth on the list. The country whose currency is called riel is derived from the Mekong river fish.
Through inflation and poverty, the rate of Cambodian riel fell greatly that right now 1 USD = 4,016 KHR.
Not only that, the Cambodian riel have up to 100,000 note with 100 being the last denomination. As it is, the denominations are 100, 500, 1000, 2000, 5000, 10,000, 20,000, 50,000 and 100,000 riels.
8. Paraguayan Guarani(Paraguay)
1 USD = 5,953 PYG
Paraguayan Guarani is the currency for Paraguay, located in the southern part of America. The number 8 on the list of countries with the weakest currencies majorly due to inflation that ripped the country apart.
Between 1960 – 1985, the Paraguayan Guarani was 126 PYG to US$1, due to the high rate of inflation, it is currently 1 USD = 5,953 PYG.
Paraguayan money includes both coins and notes, with the coins consisting of 50, 100, 500 & 1,000 guaraníes. While the notes are 2,000, 5,000, 10,000, 20,000, 50,000 & 100,000 PGY.
7. Uzbek Sum(Uzbekistan)
1 USD = 8,446 SLL
Uzbekistan is a country located in the central Asia, with its capital being Tashkent and a population said to be 33,254,100. Right now in 2019, Uzbekistan is one of the countries with high rate of inflation which is up to 10% and that has in turn affected the country’s currency.
The country uses both the coins and the notes, the coins which includes 50, 100, 200, 500 soʻm and the notes are 200, 500, 1000, 5000, 10,000, 50,000, 100,000 soʻm.
6. Sierra Leonean Leone(Sierra Leon)
1 USD = 8,446 SLL
The Sierra Leonean Leone was introduced on 4 August 1964, which replaced the British West African pound at a rate of 1 pound = 2 leones (i.e., 1 leone = 10 shillings). But right now, the case is completely different.
Poor monetary policy and poverty has immensely affected the country’s economy, growth and development. And not only that, but also the leone currency as well.
They country use both notes and coins which includes 1,000, 2,000, 5,000, 10,000 (leones notes) and 10, 50, 100, 500 (leones coins).
5. Lao or Laotian Kip(worst exchange rate)
1 USD = 8,550 LAK
The fifth on the list of countries with the worst exchange rate in the world 2019 ortthe weakest currencies is the Lao or Laotian Kip.
The Lao or Laotian Kip is the official money of Lao People’s Democratic Republic located in the southeast Asia with Vientiane being the capital. A country of about 6,758,353 in population has an inflation rate of 5% which made the country to devalue it currency.
The currency denominations includes both coins and the notes though coins are rarely used. The notes includes 500, 1000, 2000, 5000, 10,000, 20,000, 50,000, 100,000 Kip.
4. Guinean Franc(worst exchange rate)
1 USD = 9,198 GNF
Guinea franc which is the official currency of Guinea was first introduced in 1959 to replace the former(CFA franc).
Guinea franc lost its value due high inflation rate of 11% and diminished purchasing power. Right now in 2019, the least denomination that is commonly used in the country is 500 and 1000 franc.
Coins are no longer in use with notes dominating. It includes 100, 500, 1000, 2000, 5000, 10,000, 20,000.
3. Indonesian Rupiah(Indonesia)
1 USD = 14,237 IDR
Indonesian Rupiah RP official currency of Indonesia, introduced in 1946 by Indonesian nationalists fighting for independence. The currency replaced a version of the Netherlands Indies gulden which had been introduced during the Japanese occupation in World War II.
The denominations includes coins and notes, Rp2,000, Rp5,000, Rp10,000, Rp20,000, Rp50,000, Rp100,000 for notes and Rp100, Rp200, Rp500, Rp1000 for coins.
2. Vietnamese Dong(Vietnam)
1 USD = 23,194 VND
Vietnamese Dong is the second on the list of countries with the worst exchange rate or the weakest currencies in the world at the moment.
Vietnam Dong currency is least valued in the world as it is close to nothing especially in 1990 when it’s monetary value began to depreciate. For you to know how poor the Dong is, 50000 is like $2 while 500000 Dong is like $9.
The denominations includes both coins and notes, though currently the coins has lost its face value and no longer minted the country. The notes includes 1,000, 2,000, 5,000, 10,000, 20,000, 50,000, 100,000, 200,000, 500,000₫.
50, 100, 200, 500₫ are no longer in use as it can’t buy any product in the country.
1. Iranian Rial(Iran worst exchange rate)
1 USD = 41,994 IRR (official rate)
Hope you weren’t shocked seeing this as Iran is one of the countries with mineral resources and an oil producing country. Well that didn’t take the fact that their economy is poor and so their currency.
The reason for Iran poor economy is based on 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.
The fact that Iran is an oil producing country, the truth is that they could no longer export its oil, and which created a critical deficit in their national budget.
So right now, iran is the country with the worst exchange rate in the world or you can say the country with the weakest currency.
For you to know how weak the Iran rial is, $20 is 3000000 rial in the parrel or black market. The used denominations in Iran includes 1000, 2000, 5000, 10,000, 20,000, 50,000, 100,000, 500,000, 1,000,000 rials.
They also makes use of coins but for the least commodity sold in the country. The coins includes 500,1,000, 2,000, 5,000 rials.
In Iran, the official rate is 1 USD = 41,994 IRR while the black market rate is 1 USD = ~112,000 IRR.
These are the countries with the worst exchange rate or have the weakest or lowest currencies in the world in 2019. You cements, suggestion and question are highly welcomed.