Infographic: The Most Devalued Currencies of 2023 (2024)

FAQs

Which currency devalued the most in 2023? ›

Why is the Iranian Rial considered the world's cheapest currency? The Iranian Rial is considered the world's lowest currency due to factors such as economic sanctions limiting Iran's petroleum exports, which has resulted in political instability and depreciation of the currency.

The Lebanese pound recorded the highest loss of value against the U.S. currency, depreciating by 89.89 percent. Following close behind is the Argentine peso, which lost nearly 78 percent of its value.

Diversifying your portfolio into precious metals like gold and silver, cryptocurrencies such as Bitcoin and Ethereum, and hard currencies like the Euro and Japanese yen can serve as a hedge against a dollar collapse due to their tendency to retain value.

Recessions attributed to currency crises include the hyperinflation in the Weimar Republic, 1994 economic crisis in Mexico, 1997 Asian financial crisis, 1998 Russian financial crisis, the 1998–2002 Argentine great depression, and the 2016 Venezuela and Turkey currency crises and their corresponding socioeconomic ...

The Iranian Rial is known as the world's least valuable currency. This began in 1979 following the Islamic Revolution, a time when numerous businesses abandoned Iran due to political instability. This situation worsened with the Iran-Iraq War and economic sanctions imposed due to Iran's nuclear activities.

What is the safest currency in the world? The Swiss franc (CHF) is generally considered to be the safest currency in the world and many investors consider it to be a safe-haven asset. This is due to the neutrality of the Swiss nation, along with its strong monetary policies and low debt levels.

There is no reason to expect the U.S. dollar to collapse in the near future.515 Such a change would require the entire world to change its adherence to an international monetary system that has the greenback at its center. As yet, no replacement is anywhere on the horizon.

What countries are dropping the U.S. dollar? ›

This is an effort by a growing number of countries to reduce the role of the U.S. dollar in international trade. Countries like India, China, Brazil, Malaysia and Bolivia, among others, are seeking to set up trade channels using currencies other than the almighty dollar.

Iranian Rial (IRR)

The Iranian rial is widely regarded as the world's least valuable currency, with 1 US dollar exchanging for approximately 42,225 IRR on the black market.

Japan continues to be a popular choice, but Vietnam and South Korea stand as solid alternatives among numerous countries in Asia with favorable exchange rates for the US dollar. Closely following in value are South American countries: Argentina and Chile are among those offering the biggest luxury bang.

Kuwaiti Dinar

The Kuwaiti Dinar is renowned as the strongest currency in the world. Introduced in 1961, it has maintained a commanding presence due to Kuwait's substantial oil reserves, which account for a significant portion of its economic output.

In 2023, the dollar declined modestly compared to the euro, Europe's common currency. At the start of 2023, the dollar was at $1.07 to the euro, but fell to $1.1062 by year's end. It recovered modestly in 2024's opening months, dropping near $1.06 to the euro in April, though the dollar retreated modestly since then.

The 2023 most stable currency in the world is the Swiss franc, the official currency of Switzerland and Liechtenstein. With a strong economy and a highly developed banking system in the country, the franc was bound to become one of the most stable currencies in the world.

The highest-valued currency in the world is the Kuwaiti Dinar (KWD). Since it was first introduced in 1960, the Kuwaiti dinar has consistently ranked as the world's most valuable currency.