Top 20 Weakest (Cheapest) Currencies of the World – September 2018

Every day we hear the people comparing the currency of their country with US Dollar and expressing their concern about the weak value of their currency.

Let us discuss several weakest currencies of the world as compared with US Dollar as a standard currency. The list of weakest currencies in the world is updated in the month of September 2018. 

20-Rwandan Franc: Rwanda is in Central and East Africa and one of the smallest countries on the African mainland. It is considered one of the weakest currencies in the world as 1 USD on September 2018 can be exchanged with 861 Rwandan Francs.

It is one of the poorest countries in the world where per capita income is as low as USD 2,100 per annum. The highest denomination currency note is FRW 5000 which equals to USD 56.78.

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19-South Korean Won with the currency code of KRW is the official currency of South Korea. Due to its relations with North Korea, the South Korean Won has been traded at a lower exchange rate since long. It is considered one of the weakest currencies in the world as 1 USD on September 2018 can be exchanged with 1,117 South Korean Won.

Despite the fact that the exchange rate of South Korean Won is so low, the country enjoys a good lifestyle with the per capita income of around USD 40,000 per annum.  The highest denomination note issued by the Bank of Korea is 50,000 KRW which equals to USD 44.76.

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18-Iraqi Dinar with the currency code of IQD is the official currency of Iraq. Due to security conditions, the currency has been traded at the almost same rate from last 5 years. It is considered one of the weakest currencies in the world as 1 USD on September 2018 can be exchanged with 1194 Iraqi Dinars.

Although Iraq has been affected by the terrorism, the per capita income of Iraq is still USD 17,000 per annum which is better than many other countries in this list. The highest denomination note issued by the Central Bank of Iraq is 50,000 IQD which can be exchanged with USD 41.89.

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17-Lebanese Pound with the currency code of LBP is the official currency of Lebanon. Before the Lebanese Civil War, 1 USD used to be exchanged with 3 LBP. Now it is considered one of the weakest currencies in the world as 1 USD on September 2018 can be exchanged with 1513 Lebanese Pounds.

Although Iraq has been affected by the political instability, the per capita income of Iraq is still USD 19,000 per annum which is better than many other countries in this list. The highest denomination note issued by the Banque du Liban is 100,000 IQD which can be exchanged with USD 66.08.

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16-Myanmar Kyat with the currency code MMK is the official currency of Myanmar (Burma). It is considered one of the weakest currencies in the world as 1 USD on September 2018 can be exchanged with 1544 Myanmar Kyat.

The Myanmar Kyat has lost around 100% of its value in the exchange rate in the preceding 5 years. The per capita income of Myanmar (Burma) is around USD 6,200. The highest denomination currency note issued by the Central Bank of Myanmar is MMK 10,000 which equals to USD 6.47.

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15-Congolese Franc with the currency code FC is the official currency of the Democratic Republic of the Congo or generally called Congo. It is considered one of the weakest currencies in the world as 1 USD on September 2018 can be exchanged with 1,616 Congolese Francs.

It is one of the poorest countries in the world where per capita income is as low as USD 785 per annum. The highest denomination currency note is 20,000 Congolese francs which equal to USD 12.38.

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14-Burundian Franc with the currency code BIF is the official currency of Burundi, a landlocked country in East Africa. It is considered one of the weakest currencies in the world as 1 USD on September 2018 can be exchanged with 1,770 Congolese Francs.

It is one of the poorest countries in the world where per capita income is as low as USD 771 per annum. The highest denomination currency note issued by the Banque de la Republique du Burundi is 10,000 Burundian francs which equal to USD 5.65.

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13-Tanzanian Shilling with the currency code TZS is the official currency of Tanzania. Tanzania is a sovereign state in East Africa and it borders to Uganda, Rwanda, Burundi, and Congo. It is considered one of the weakest currencies in the world as 1 USD on September 2018 can be exchanged with 2,287 Tanzanian Shillings.

It is one of the poorest countries in the world where per capita income is as low as USD 3,300 per annum. The highest denomination currency note issued by the Bank of Tanzania is 10,000 Tanzanian Shillings which equals to USD 4.37.

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12-Colombian Peso with the currency code of COP is the official currency of Colombia. It is considered one of the weakest currencies in the world as 1 USD on September 2018 can be exchanged with 3,052 Colombian pesos.

The Columbian peso has been devalued by more than 100% in the preceding 5 years. The per capita income of Colombia is USD 14,500 per annum which is better than many other countries on this list. The highest denomination note issued by the Bank of the Republic of Colombia is 10,000 COP which can be exchanged with USD 3.28.

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11-Malagasy Ariary with the currency code MGA is the official currency of Madagascar. The Malagasy Ariary was introduced in the year 2005. It is a very weak currency as you can exchange 3,336 Malagasy Ariary with 1 USD on September 2018.

It is one of the poorest countries in the world where per capita income is as low as USD 1,500 per annum. The highest denomination currency note issued by the Banque Centrale de Madagascar is 10,000 MGA which is equivalent to 3.00 USD.

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10-Ugandan Shilling with the currency code UGX is the official currency the Republic of Uganda. It is considered one of the top 10 weakest currencies in the world as 1 USD on September 2018 can be exchanged with 3,764 UGX.

Uganda’s economy is mainly based on imports of Coffee and Tea. It is one of the poorest countries in the world where per capita income is as low as USD 2,400 per annum. The highest denomination currency note issued by the Bank of Uganda is 50,000 Ugandan Shilling which is equivalent to 13.28 USD.

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09-Cambodian Riel with the currency code KHR is the official currency of Cambodia. It is considered one of the top 10 weakest currencies in the world as 1 USD on September 2018 can be exchanged with 4,093 Cambodian riels.

Corruption has ruined important institutions of state such as Judiciary and Police. The per capita income of Cambodia is around USD 4,000. The highest denomination currency note issued by National Bank of Cambodia is 100,000 which is equivalent to 24.43 USD.

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08-Paraguayan Guarani with the currency code PYG is the official currency of the Republic of Paraguay. It is considered one of the top 10 weakest currencies in the world as 1 USD on September 2018 can be exchanged with 5,851 PYG.

Inflation, a large and mostly uncontrollable black market, and trademark of Corruption are the main causes of this much decline of the economy. The highest denomination currency note issued by Banco Central del Paraguay is 100,000 Paraguayan Guarani which is equivalent to 17.09 USD.

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07-Uzbekistani Som with the currency code UZS is the official currency of Uzbekistan. It is considered one of the top 10 weakest currencies in the world as 1 USD on September 2018 can be exchanged with 7,829 UZS.

The Uzbekistani Som has lost around 275% of its value in the exchange rate in the preceding 5 years. The per capita income of Uzbekistan is around USD 7,000. The highest denomination currency note issued by the Central Bank of the Republic of Uzbekistan is 50,000 UZS which equals to 6.39 USD.

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06-Laotian Kip with the currency code of LAK is the official currency of Laos since 1952. It is considered one of the top 10 weakest currencies in the world as 1 USD on September 2018 can be exchanged with 8,523 Lao Kips.

Inflation and the Financial Crisis that occurred in Asia in 1997 are the main reasons for the decline of the country’s economy. The highest denomination currency note of Laotian Kip issued by the Bank of the Lao P.D.R. is 100,000 LAK which is equivalent to 11.73 USD.

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05-Sierra Leonean Leone with the currency code SLL is the official currency of Sierra Leone. The long civil war is the main cause of the decline of the economy. It is considered one of the top 5 weakest currencies in the world as 1 USD on September 2018 can be exchanged with 8,700 SLL

Although the country exports diamonds to the entire world, still it is one of the poorest countries in the world where per capita income is as low as USD 1,500 per annum. The highest denomination currency note issued by the Bank of Sierra Leone 10,000 Leone which equals to USD 1.15.

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04-Guinean Franc with the currency code GNF is the official currency of the Republic of Guinea. It cannot be missed while recording the weakest currencies of the world as on September 2018, 1 USD can be exchanged with 9,049 Guinean Francs.

Guinea got independence from France in the year 1958 and from that day onwards the country is facing political instability and corruption. The Guinean Franc has devalued by around 30% in the preceding 5 years. The highest denomination currency note issued by the Central Bank of the Republic of Guinea is 20,000 GNF which is equivalent to 2.21 USD.

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03-Indonesian Rupiah with the currency code IDR is the official currency of Indonesia. It is the 3rd weakest currency in the world as of September 2018. 1 USD can be exchanged with 15,011 IDR.

Indonesia is the country with the highest Muslim population and the per capita income of Indonesia is USD 12,000 per annum which is better than many other countries in this list. The highest denomination note issued by the Bank of Indonesia is 100,000 Rupiah which can be exchanged with USD 6.79.

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02-Vietnamese Dong with the currency code VND is the official currency of Vietnam. It is the second weakest currency in the world as of September 2018. 1 USD can be exchanged with 23,314 Dongs.

Almost every one of the generation living in their 30’s knows well about the famous war of Vietnam. That war was a defeat for the superpowers but it ruined the economy of Vietnam at large.

A good breakfast costs 30,000 VND on an average and when converted this cost is less than 2 Dollars. Two Dollars are not enough money even to buy a Muffin in the USA. The highest denomination currency note issued by the State Bank of Vietnam is 500,000 Dongs which is equivalent to 21.45 USD.

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01-Iranian Riyal with the currency code IRR is the official currency of Iran. Irani Riyal is the weakest currency in the world as of September 2018. 1 USD can be exchanged with 44,105 Irani Riyals.

The sanctions imposed on Iran have damaged its economic condition they are also the major reason for the downfall of Iran Currency as well. The Iranian Riyal has lost around 100% of its value in the exchange rate in the preceding 5 years.

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The highest denomination currency note of Iranian Riyal is 100,000 which is equivalent to 2.38 USD. Amazingly, the country with the weakest currency has the per capita income of USD 20,000 per annum which is highest among countries of the top 20 weakest currencies.

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