The Most Worthless Currencies In The World

This content was last updated on 13.01.2022 10:44

What are the most worthless currencies in the world? Which countries' currencies are worthless? Due to the recent exchange rate shocks in Turkey, many people have begun to wonder about the answers to these questions.

Many of us know and closely follow the world's most valuable, strongest and stable currencies. US Dollar, European Euro, British Pound, Swiss Franc, Canadian Dollar and others.

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Most Valuable Currencies In The World

These currencies lead the list of the most valuable currencies in the world. Since the currencies of these countries are strong and stable, their values ​​do not change much during the day, maybe even over the years.

But what if we reversed the assessment and thought of the world's cheapest and most worthless currencies, which would they be? Does anyone know the names of these currencies and where they are?

Things turn the other way around when we consider the list of the cheapest currencies. Because this list changes every day depending on the internal dynamics of the countries, their political structures and the economic situation in the world, and therefore it is very difficult to determine who leads the list of cheapest currencies. Considering all these, we review the countries with the cheapest currencies in the world and the ratio of their currencies against the Turkish Lira and the dollar.

What Are The World's Most Valuable Currencies?

1. Venezuelan Bolívar

You've probably already guessed the first row. The Venezuelan bolivar is the most worthless currency in the world today. This is why the Venezuelan bolivar, which was greatly adversely affected by the COVID-19 epidemic, depreciated at a record level in 2020. This currency is also the most inflationary currency in the world.

Due to hyperinflation, which is increasing day by day and at the rate of 1.3 million, Venezuela changed its currency in 2018 and dropped 5 zeros.

The current USD and TL equivalents of the Venezuelan Bolivar, which changed its currency again in 2021 and scored 6 zeros on 1 October 2021, are as follows.

Currency code – VES (old code – VEF)

Venezuelan Bolívar Rates;

1 USD = 4.54 VES (US Dollar / Venezuelan Bolívar)

2. Iranian Rial

Iran's currency, whose devaluation started with the Islamic Revolution in 1979, is the second cheapest currency in the world. The Iran-Iraq war after the Islamic Revolution and the sanctions Iran faced due to its nuclear program caused the Iranian currency to depreciate. On top of these, the Iranian government imposed restrictions on citizens buying/selling foreign currencies, which caused the black market to become active. All these events damaged the Iranian Rial and caused it to lose its value by 600%. Having dropped 4 zeros from its currency in May 2020, Iran switched from Rial to Tyumen.

Currency code – IRR.

Iranian Rial Rates:

1 USD = ~280,000 IRR (US Dollar Iranian Rial – Black Market)
1 USD = 42,250 IRR (US Dollar Iranian Rial – Official)

3. Vietnamese Dong

Ranking third on our list of weakest currencies, the Vietnamese dong is undergoing a difficult reform process as Vietnam moves from a centralized economy to a market economy, and as a result, the country's currency has lost its value.

Currency code – VND.

Vietnamese Dong Rates:

1 USD = 22,690 VND (US Dollar Vietnamese Dong)

4. Indonesian Rupiah

Although Indonesia, located in Southeast-Asia and known for its natural beauties, is an economically developed country, the same cannot be said for the value of its currency. The governing bodies of the country are taking all measures to strengthen the national currency, but for now these measures only lead to meaningless changes.

Currency code – IDR.

Indonesian Rupiah Rates:

1 USD = 14,310 IDR (US Dollar Indonesian Rupiah)

5. Uzbekistani Som (Uzbek Sym)

With the dissolution of the Soviet Union, Uzbekistan became independent in 1991 and continued to use the Russian Ruble until 1993. In November 1993, the Uzbek government replaced the ruble with the som and declared it the official currency of the country. The currency of Uzbekistan, a Central Asian country, is quite worthless. Coins have almost no value in Uzbekistan due to high inflation. So much so that the largest banknote is worth 100,000 Som. For this reason, Uzbek citizens have to carry large amounts of money with them, even for small expenses such as grocery shopping.

Currency Code - UZL

Uzbekistan Som Rates:

1 USD = 10,755 UZL (US Dollar Uzbekistani Som)

6. Guinean Franc

Although Guinea, an African country, has many precious metals such as gold and diamonds, its currency has a very low exchange rate. Of course, there are many reasons for this, such as high inflation, poverty and banditry in the country.

Currency code - GNF

Republic of Guinea Franc Rates:

1 USD = 9.496 GNF (US Dollar Guinea Republic Franc)

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