Top 10 Weakest Currencies in the World 2023

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Many people consider the US Dollar to be one of the strongest currencies in the world and the US Dollar is one of the most exchanged currencies in the world. But the US Dollar is not the strongest currency, Kuwaiti Dinar is the strongest currency in the world. Want to know which is the weakest currency in the world in 2023?

Countries with the lowest currency do not mean that their GDP per capita is also low, rather rich countries are also included in this list but the value of their currency is much less compared to the dollar. Countries artificially reduce the value of their currency for their country’s export, import and other benefits.

Can you imagine a country where Rs 2,000 can make you a millionaire or Rs 500 can be worth lakhs? Or about countries where spending a holiday would not be a matter of money. Here we have made a list of the weakest currencies in the world. see below!

The exchange rates of the lowest valued currencies updated in Sep 2023.

10. Cambodian Riels (KHR)

Cambodian Riels (KHR) one of the top 10 weakest currencies in the world
By Gorgo – Photo taken by author, Public Domain
Value: 1 USD = 4,122 KHR
  • Symbol: 

The riel (KHR) is the official currency of Cambodia and is the tenth weakest currency in the world as of 2023. There are two different reels, the first was released between 1953 and May 1975. A second currency, also called “real”, has been issued since 20 March 1980.

Popular belief suggests that the currency’s name comes from the reel, a fish from the Mekong River. It is more likely that the name derives from the high silver content of the Spanish-American dollar, valued at eight riel.

Everyone knows the exchange rate of 4,000 KHR/US$ for retail trading, riel is paid for change in fractions of a dollar.

The riel is the currency of Cambodia. There have been two different Riels, the first issued between 1953 and May 1975. Between 1975 and 1980, the country had no monetary system.

09. Colombian Peso (COP)

Colombian Peso new 20k COP
Value: 1 USD = 4,020 COP
  • Symbol: $

The Colombian Peso is the official currency of Colombia which is one of the weakest currencies in the world. The official peso symbol is $ along with Col$. It is also being used to distinguish it from other peso- and dollar-denominated currencies.

Theoretically one peso is divided into one hundred centavos. However, due to high inflation in the 1970s and 1980s, minting of all centavo coins was discontinued in 1984.

Colombia used the Spanish colonial Real until 1820, after gaining independence from Spain. It was replaced by the Colombian real.

The practice of writing monetary amounts with centavos remains, although this is rare in daily life and general contexts.

50 peso coins are still legal tender, but due to its low value and circulation, most cash transactions are limited to the nearest 100 pesos.

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08. Paraguayan Guarani (PYG)

Paraguayan Guarani (PYG) new 20k note
Value: US$1 = 7,289 PYG
  • Symbol:

The Guarani is the national currency unit of Paraguay which is one of the top 10 weakest currencies in the world. The Guarani was subdivided into 100 centimos, but due to inflation the centimos are no longer in use.

The law creating the Guarani was passed on October 5, 1943 and replaced the peso at the rate of 1 = $P100. Guarani was first issued in 1944. Between 1960 and 1985, the Guarani was pegged to the United States dollar at 126 = US$1.

Paraguay is going through a severe economic recession as a result of high inflation, high unemployment rates, increased poverty and corruption. Which has had a negative impact on the value of the currency.

07. Guinean Francs (GNF)

Guinean Francs (GNF) 20k note
Value: 1 USD = 8,655 GNF
  • Symbol: FG (possibly also Fr or GFr)

The Guinea franc is the official currency of Guinea. Guinean Franc to be among the top 10 weakest currencies in the world in 2023. It is subdivided into one hundred centimes, but no centime denomination was ever issued.

Guinea as a country faces corruption and political instability which causes the currency to weaken. With the passing years the value of the country’s currency is getting devalued.

On January 21, 2018, the Central Bank of the Republic of Guinea issued a revised 20,000 franc banknote with a reduced size and enhanced security features.

The 59th anniversary of the introduction of its national currency, the Central Bank of the Republic of Guinea issued a revised banknote for 10,000 francs and a new banknote for 2,000 francs.

Currently, the smallest denomination in circulation is the 500 franc note due to low purchasing power. As of 01 Sep 2023, 1 euro is equal to 9,167 Guinean francs, meaning that the highest valued banknote of 20,000 francs is worth less than 3 euros.

06. Uzbekistani Sums (UZS)

Uzbekistani Sums new 50k note
Value: 1 USD = 12,206 UZS
  • Symbol: сум

The som is the official currency of Uzbekistan in Central Asia. In the Soviet Union, speakers of Kazakh, Kyrgyz and Uzbek called the ruble som, and the name appeared on the back of banknotes among the texts on the value of bills in all 15 official languages of the Union.

Additionally, the som is the seventh weakest currency in the world by 2023. It takes 12,206 UZS to buy 1 USD. Uzbekistan replaced the ruble at par on November 15, 1993.

The government of Uzbekistan has adopted several measures to improve the country’s economy. But none of these have proved successful.

The pandemic has had an impact on the country’s economy as it has on many others, but data indicates that the country’s internal operations have resumed.

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05. Indonesian Rupiahs (IDR)

Indonesian Rupiahs one of the weakest currencies in the world
Value: 1 USD = 15,401 IDR
  • Symbol: Rp

The rupiah is the official currency of Indonesia, the fifth weakest circulating currency in the world 2023, with one United States dollar equivalent to Rp 15,401.

Sometimes, Indonesians also informally use the term “perak” (“silver” in Indonesian) to refer to rupiah in coins. The rupee is subdivided into 100 sen, although high inflation has made all coins and banknotes obsolete.

The currency has not improved even a bit in the last seven years. The factors that have led to the devaluation of the currency also include its declining foreign exchange reserves.

Given that Indonesia is heavily dependent on the export market, falling commodity costs have further devalued its currency value.

Additionally, the value of the currency has further diminished due to falling commodity prices. Foreign investors hold 35 to 40 percent of rupiah sovereign bonds, putting capital flows at risk.

04. Sierra Leonean Leones (SLL)

Sierra Leonean Leones one of the weakest currencies in the world
By: Dr.Trex – Own work
Value: 1 USD = 19,750 SLL
  • Symbol: L

Leone is the official currency of Sierra Leone which is among the top 10 weakest currencies in the world in 2023. It is divided into 100 cents, but denominations in cents are no longer in use due to the low value of the currency.

Due to inflation, a 20,000 leone banknote has been introduced. The Leone is an African currency highly affected by poverty. Africa has a history of financial scandals, corruption and conflict, including a brutal civil war in the West African region.

The country has a long history of scams and corruption. It has also witnessed a devastating civil war, among other wars in the countries of West Africa. All this has resulted in a decline in both the country’s economy and the value of its currency.

The Leon was introduced on 4 August 1964. It replaced the British West African pound at a rate of 1 pound = 2 leones. With the introduction of decimal currency in 1964, a new series of banknotes was introduced by the Bank of Sierra Leone.

03. Lao Kips (LAK)

Lao Kips one of the weakest currencies in the world
Value: 1 USD = 20,135 LAK
  • Symbol: ₭ or ₭N

The kip has been the official currency of Laos since 1955. It is not a depreciating currency, but rather a currency that has had a low rate since its inception. Kip is ranked 3rd among the top 10 weakest currencies in the world in 2023.

Buying one US dollar costs approximately 20,135 Laotian Kip or LSK. The positive side is that the value of the currency has increased over time.

Additionally, a railway is also planned that will connect Beijing to Laos, which could attract investors to this small country. Although it is the cheapest currency, it is still promising towards improving its value.

Historically, one kip was divided into 100 att. A 100,000 kip banknote was issued on 15 November 2010 to commemorate the 450th anniversary of the founding of the capital Vientiane and the 35th anniversary of the founding of the Lao People’s Democratic Republic.

In 1945–1946, the Free Lao government in Vientiane issued a series of paper money in denominations of 10, 20 and 50 att and 100 kip, before the French authorities took control of the territory.

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02. Vietnamese Dongs (VND)

Vietnamese Dongs one of the weakest currencies in the world
Value: 1 USD = 24,340 VND
  • Symbol: ₫/đ U+20AB ₫ DONG SIGN

The dong is the official currency of Vietnam since 3 May 1978. The Vietnamese dong is the second weakest currency in the world in 2023, with one United States dollar equivalent to approximately 24,340 dong.

It is issued by the State Bank of Vietnam. The dong was also the currency of the predecessor states of North Vietnam and South Vietnam, replacing the previously used French Indochinese piastre.

The Vietnamese dong has increasingly moved towards exclusively using banknotes, with lower denominations printed on paper and denominations over 10,000, approximately 40¢ to the dollar or euro, printed on polymer, with coins no longer used until 2023.

In general, Vietnam is moving towards digital payments. The country has long followed a centralized economy. Although the country has embarked on the path of building a market economy, it still has a long road to go.

At present the currency has been highly devalued but considering the improvement in the economy, there is a high possibility of the currency improving. Currently, a significant devaluation of the Vietnamese dong is occurring.

01. Iranian Rial (IRR)

Iranian riel a weakest currency in the world
Value: 1 USD = 42,240 IRR
  • Symbol:

The Iranian Rial is the official currency of Iran. It tops the list of weakest currencies in the world with one United States dollar equivalent to 42,240 Iranian Rials.

The decline in the value of a currency can be explained by a variety of factors. To begin with, the end of the Islamic Revolution in 1979 led to the withdrawal of foreign investors from the country.

It is a result of factors such as political unrest in the country. The Iran–Iraq War and the nuclear program also played a large role.

There is no official symbol for the currency but the Iranian standard ISIRI 820 defines a symbol for use on typewriters.

Two Iranian standards ISIRI 2900 and ISIRI 3342 define the character codes used for this. A compatibility character defined in the Unicode standard is U+FDFC ﷼ RIAL SIGN.

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