Top 10 Weakest Currencies In The World In 2024 (2024)

The US dollar is the world’s most traded currency even if, strictly speaking, it’s not the globe’s strongest currency – those bragging rights currently go to the Kuwaiti dinar.

That said, the ‘greenback’ is near the top of the 180 or so traditional ‘fiat’ currencies recognised as legal tender around the world.

At the opposite end of the scale, the weakest currencies trade at tiny fractions of a US dollar. Some require tens of thousands of units to buy just $1.

Here’s a look at the top 10 weakest currencies in the world, based on their relative value against the dollar.

What are the top 10 weakest currencies?

We’ve listed the weakest currencies (along with their accepted currency symbol), based on the number of units of foreign currency received in exchange for one US dollar. The exchange rates (as at 12 June 2024) are sourced from our currency converter, which is based on data from Open Exchange.

1. Lebanese pound (LBP)

The Lebanese pound is currently, by some margin, the weakest currency in the world when measured against the US dollar. One Lebanese pound buys $0.000011. Put another way, this means that $1 is worth 89,578 Lebanese pounds.

Lebanon borders the Mediterranean Sea, as well as Israel and Syria in the Middle East. The country has a service-based economy and also exports precious stones, metals, chemical products and food and drinks.

The Lebanese pound has been under pressure against the US dollar for several years thanks to a depressed economy, high inflation and unemployment, a banking crisis and political unrest.

2. Iranian rial (IRR)

According to our currency converter, one Iranian rial is currently worth $0.000024, which means $1 would buy 42,087 Iranian rials.

The Iranian rial was first introduced in the late 1700s. The currency has more or less remained at its present exchange rate with the dollar for several years.

Iran is located on the Persian Gulf between Iraq and Afghanistan. It is a leading global exporter of oil and natural gas, but economic sanctions have put pressure on the country’s currency.

Earlier this year, Iran’s president, Ebrahim Raisi was killed in a helicopter crash.

3. Vietnamese dong (VND)

The Vietnamese dong comes third on our list, with each unit of the currency being able to buy $0.000039. This means $1 could buy 25,442 Vietnamese dong.

Vietnam borders the South China Sea, with China, Laos, and Cambodia as neighbours. Services account for the largest proportion of the country’s gross domestic product, effectively a measure of a nation’s economic output, followed by industries such as electronics, energy and textiles.

The country’s currency’s has been weighed down by restrictions on foreign exports and a recent slowdown in exports, coupled with a sustained period of rising and high interest rates in the US.

4. Laotian kip (LAK)

The Laotian, or Lao, kip was introduced in the 1950s and comes in as the fourth weakest currency with 1 kip the monetary equivalent of $0.000046. That makes $1 worth the same as 21,705 kip.

Laos is a land-locked country bordered by Vietnam, Thailand, Cambodia and China. It relies heavily on exports such as copper, gold and timber.

The country has been hit by sluggish economic growth, rising foreign debt and high inflation, each of which has conspired to put pressure on Laos’s currency.

5. Sierra Leonean leone (SLL)

Introduced in 1964, one unit of the Sierra Leonean national currency buys $0.000048. This makes $1 the equivalent of 20,969 leone.

Sierra Leone is located in West Africa and borders both Guinea and Liberia. Key exports include timber and minerals such as diamonds, gold and industrial metals.

The value of the leone has been dragged down by high inflation levels, along with significant debt, a slowdown in economic growth and the long-term effects from the virulent Ebola virus outbreak.

6. Indonesian rupiah (IDR)

Indonesia’s national currency was introduced in 1946. One rupiah is currently worth $ 0.000061, which means $1 could buy the equivalent of 16,301 rupiah.

Indonesia comprises over 17,000 islands in the Pacific, including Java, Sumatra, and parts of Borneo and New Guinea.

In GDP terms, the country is the largest in south-east Asia mainly thanks to its services sector. Indonesia is also commodity-rich, but its national currency has tumbled when compared with others due to a combination of high inflation and recessionary fears.

7. Uzbekistan som (UZS)

The som was introduced in 1993 and one unit of Uzbekistan’s national currency currently buys $0.000079. Put another way, $1 is the equivalent of 12,640 som.

Located in central Asia, Uzbekistan is a former republic of the Soviet Union. It is one of the world’s leading cotton exporters and has substantial mineral and oil and gas reserves.

The country has implemented economic reforms, but it continues to struggle with low economic growth, high inflation and unemployment and corruption.

8. Guinean franc (GNF)

The Guinean franc was introduced in 1959 and today is worth $0.000116. That makes $1 worth 8,614 Guinea francs.

Guinea is a former French colony in sub-Saharan Africa. It has an abundance of natural resources such as gold and diamonds, but has struggled with high inflation, military unrest and an influx of refugees from neighbouring Liberia and Sierra Leone.

9. Paraguayan guarani (PYG)

First introduced in 1952, the Paraguayan guarani currently buys $0.000133 making $1 worth 7,528 guarani.

Paraguay is landlocked, bordering Brazil, Argentina and Bolivia. The country is a leading producer of soybean, the sugar substitute sevia, beef and maize.

The currency has been under pressure from high inflation, corruption, and counterfeit currency.

10. Malagasy ariary (MGA)

Introduced in 1961, the Malagasy ariary is the currency of Madagascar having formally replaced the franc in 2005. One ariary is currently worth $0.000225, making a dollar worth 4,454 ariary.

Madagascar is an island country lying off the south-eastern coast of Africa. Agriculture, including the growing of raffia, mining, fishing and forestry are the main elements of the country’s economy. Top exports include vanilla, nickel metal and cloves.