The Cheapest Currency In The World
Currencies around the world show different exchange values due to economic factors, purchasing power factors, exchange rate changes, etc., and the following is based on different periods of exchange rate interception and listing of the world’s “least valuable” currencies, due to exchange rate changes, ranking for reference only, respectively, introduced as follows: cheapest currency in the world 2021
Zimbabwe Simbawe Yuan
US$1 s 642 gigabit simbawyd (reference value).
The Zimbabwean dollar ( Simbawe dollar ) is the currency issued by the Reserve Bank of Zimbabwe and is the legal tender of Zimbabwe , divided into 100 cents (cents) for every 1 yuan. The ripples on the shield symbolize Zimbabwe’s vast waters.
Zimbabwe has had inflation before, its prices are getting higher and thinner, inflation makes many people shout, a bill with a denomination of 10 million Zimbabwean dollars, then can only change to 1.5 yuan, while in Zimbabwe to buy a chicken for 13 million Zimbabwean dollars, poor People have to pick up at least two months of garbage, do not eat or drink to buy a chicken.
“Government grants are simply not enough, so I have to pick up garbage, make money to pay rent, and have a place to sleep, ” said Sophia, a waste picker. A 10 million Zimbabwean dollar note is equivalent to $1.50 , and inflation in some parts of Zimbabwe is 24447%, up to 66000% .
In the supermarket , a packet of potato chips is nearly 5 million Zimbabwean dollars , and even so , it is still a flash in the blue , and inflation is making people miserable . For example , the international community has only been able to learn about the tip of the iceberg in Zimbabwe through CNN . cheapest currency to usd
Simbawe,”Here we are all millionaires, but a millionaire who can’t afford anything” is what their locals say. Unemployment in the country is as high as 60 per cent, and many people cannot afford to take buses.
When the Simbawe bought things , in Simbawe , all transactions were made at sky-high prices , and they went to restaurants for a meal , accompanied by piles of banknotes , which took more than an hour to count . The maximum face value of Simbawe money is 100 trillion yuan, the face value is outrageous.
It is worth mentioning that Simbawe ( Zimbabwe ) was once a mineral-rich and fertile southern African country ,independent in1980 , zimbabwe before the economic strength of South Africa , once known as the African bread basket , Currency ranking food from Simbawe to feed the hungry people in Africa . But since President Robert Mugabe’s radical land reforms in 2000 forced the confiscation of white farmers’ land and allocated them to their own “black brothers”, Simbawe’s agriculture, tourism and mining industries have plummeted and the economy has come to a near collapse.
The Zimbabwean dollar was as valuable as the dollar, for example, when it became independent in 1980, at 1:1.47 against the dollar. Especially after the land reform, because of the economic collapse, the government’s financial income is not enough, so began to print money.
Second, The Somalya shilling
US$ 1 shilling (reference value) of 35,000 Somalis Venezuela currency
The Somalia shilling is the official currency of Somalia. The first shilling notes were issued in 1962, with one edition from 62 to 71, one edition from 76 to 81, 50 shillings issued in 1986 to 1000 shillings issued in 1990, no currency issued since the outbreak of civil war in Somalia in 1991, all banks collapsed and the government collapsed until the formation of a transitional government in 2004. It is worth mentioning that the country’s currency has been devalued since 1962.
The only positive point of the official figure for Somalia is that there is no official figure for inflation Very high. The previous exchange rate against the U.S. dollar was 1387.77:1. Reason for the devaluation of the Somalia currency: In 1991, after the fall of the Somalia regime, its entire system collapsed, some Region Even set up their own central line. The Somalia monetary system is flooded with counterfeit currency due to the lack of a central regulatory body ,Safest currency with investors setting their own rules and exchange rates . It is worth mentioning that the Central Bank is no longer printing paper money , and investors and warlords are in Canada and Southeast Asia Make a new shilling on your own and ship it back to the country for use again. As a result, the World Bank has previously predicted that 80% of the currency in circulation in the country is counterfeit or reprinted. So in Somalia, 500 shillings can only drink a cup of tea.
Third, Turkmenistan Manat heapest Currency
US$1 s 24,000 manats (reference value).
Manat , a monetary unit of Turkmenistan and Azerbaijan. Turkmenistan, once one of the former Soviet republics, began using its own currency, Manat, to replace the Russian ruble, and former President Niyazov put his avatar on all of the country’s currencies.
According to the Astana News Agency on January 3, 2015, Turkmenistan’s central bank on the 1st local time, the local currency Manat devalued 18.6%, its website published the exchange rate from 2.85 manat to 3.50 manat to 3.50. cheapest currency in the world 2020 Turkmenistan’s Ministry of Oil and Gas Industry and Mineral Resources announced earlier that gasoline prices had risen by 60%. Analysts believe this may be Russia’s economic crisis ,” the fish. The Russian ruble has fallen against the dollar, weighed down by falling oil prices and a succession of Western sanctions. In 2014, the ruble fell 41% against the dollar, hitting the Russian economy hard. Manat’s sharp devaluation reflects the contagious effects of the ruble crisis on neighbouring countries. Turkmenistan holds the world’s fourth largest natural gas reserves.
It is worth mentioning that the exchange rate encounter of Central Asian countries such as Turkmenistan is a replica of the exchange rate path of many emerging economies around the world. Especially in times of turmoil in external markets, their currency vulnerability is exposed. The reason is that many developing economies are highly dependent on external markets, while the domestic economic base is not strong, many problems, therefore, once the external market turmoil intensified, quickly followed by suffering, and the strength of the domestic market is not enough to make it withstand or resolve external risks. As a result, the five Central Asian countries, which have long relied heavily on the Russian market, have been baptized by sharp shocks. Such a property is doomed to the high risk of the Central Asian market.
Fourth, the Vietnamese dong
US$ 1 s 16975 guilders (reference value).
Vietnamese dong, the currency unit of Vietnam. Before becoming a French colony, copper was the name of the main currency in circulation and the currency unit was created. After Vietnam’s independence, north and south Vietnam each issued their own currency, both known as “shields”. After the reunification of Vietnam, the name “dun” is still used. Global exchange rate
In July 1997, a massive financial crisis began to spread in Asia as a result of a massive global attack on the Thai baht. By 2008, financial regulators in East Asia were alarmed to find that their monetary systems were once again exposed to huge risks as crude oil and commodity prices soared. The only difference was that Vietnam was the most likely domino to fall.
Vietnam Inflation rose to a 13-year high of 25.2% in May of that year; The stock market fell by 55% in 2008; Vietnam’s central bank expects the current account deficit to be 5% of GDP in 2008 and 7.5% in 2009. According to the World Bank, Vietnam’s external debt will account for 30.2% of GDP in 2008; Traders expected the dong to fall by more than a third against the dollar over the next 12 months. On May 28, 2008, Morgan Stanley said Vietnam was heading for a “currency crisis” similar to the one faced by the Thai baht in 1997.
In Vietnam, for historical reasons, anything is often required to be paid in dollars.
V. Sao Tome Principe Dobra
US$1 s 14350 Dobra (reference value).
The currency name of the Democratic Republic of Sao Tome and Principe. The country is a southeastern island nation in the Gulf of Guinea on the west-central tip of Africa, consisting of 14 small islands, including Sao Tome, Principe and Lolas and Caruso. Sao Tome Principe is a small island country on the west coast of Africa and the second smallest country in Africa
It became a Portuguese colony in 1522. It was occupied by the Netherlands and France from the 17th to the 18th centuries. It was ruled again by Portugal in 1878. In 1951 it became an overseas province of Portugal. Independence was declared on 12 July 1975.
Due to limited foreign aid and investment, the continued devaluation of the currency and rising prices, the country’s finances continue to be constrained and the standard of living of the population is deeply polarized, with more than 50 per cent of the population living below the poverty line. As a result of the country’s severe devaluation of its currency, 100 yuan was once convertible into more than 320,000 of the country’s currencies. It can be seen what the scene is of the country’s national shopping. If you can’t swipe your card , you can often only go shopping with a large bundle of money , estimated to weigh tens of pounds .
Sao Tome and Principe are on the United Nations list of least developed countries. For example, Africa 34 poor countries: Angola, Benin, Burkina Faso, Burundi, Central Africa, Chad, Congo (DRC), Djibouti, Eritrea, Ethiopia, Gambia, Guinea-Bissau, Lesotho, Liberia, Madagascar, Malawi, Mali, Mauritania, Mozambique, Niger, Rwanda, Sao Tome and Principe, Sierra Leone, Somalia, Sudan, Togo, Uganda, Tanzania, Zambia, Equatorial Guinea, Comoros, Senegal, South Sudan.
Six, Indian Rupee
US$1 s 11198.40 rupees (reference value).
Indonesia is the world’s largest Muslim country, and its capital, Jakarta, is the largest city in Southeast Asia, with a population comparable to that of New York. The Indonesian rupiah (Indonesian rupee) is the legal tender of Indonesia and is one of the smallest and largest denominations of any currency in circulation in the world. After Indonesia’s independence in 1945, the government stopped using the currency left behind by the Netherlands, so it changed its currency to use the Indonesian rupee as the legal tender of Indonesia instead of the “Indonesian rupiah”.
Due to the severe current deficit of the Indonesian project in previous years and the obvious capital outflow, the devaluation of the Indonesian rupiah has been severe. The rupiah has become one of Asia’s most devalued currencies. Therefore, in order to improve the international trade balance, the Indonesian government has tried to reduce the value of imports, one of which is to adopt “non-tariff barriers to trade” to control excessive import activity.
As early as 2018, Indonesia, Southeast Asia’s largest economy, continues to face pressure to devalue its currency, the Indonesian rupiah, which has fallen to its lowest level against the dollar since the Asian financial crisis. According to the Bank of Indonesia , as of September 5 , 2018 , the rupiah will close at 14927 rupiah to the dollar , the lowest level since 1998 . To stabilize the local currency, Indonesia’s central bank has raised interest rates four times since May and used its foreign exchange reserves to intervene in the exchange rate.
Seven, Iranian rials
US$1 s 10179 riyals (reference value).
The Iranian rial is the name of the original Iranian currency. The unofficial name is Tuman. One Tuman equals ten riyals, and Iran has seven currencies, the smallest being 100 riyals and the largest being 1 million riyals. It is worth mentioning thatfrom the end of 2011 to the beginning of 2012, the United States and Europe announced sanctions against Iran, which eventually led to a significant devaluation of the rial,which hasfallen by about 60% since 2012. By October 10, 2012, Iran’s currency had lost more than 40 percent of its value in a week, and prices had doubled in 40 days.
Steve Hanke, a professor of economics at Johns Hopkins University and a senior fellow at the Cato Institute, once said that based on an analysis of Iran’s black market exchange rate, prices in Iran have risen sharply, draining not only ordinary Iranians’ savings but also their purchasing power, especially in cities. The black market price of the Iranian currency, the rial, has also fallen to an all-time low of 40,000 riyals per dollar, having lost more than 40% of its value in a week.
Eight, Laos Kip
US$1 s 8640.75 kip (reference value).
Laos, also known as Laos (Laos are home to the majority of the ethnic Yi people). The Lao Kip is the legal currency of circulation in Laos since 1952.
Lao Economic Daily interviewed Puton Shaxi, a well-known wealthy businessman and chairman of shaxi Drum Group, about the group’s operations since 2020. According to Puton, affected by the outbreak, beer sales have plummeted since 2020, while the fall in the old currency’s exchange rate has also left the company on thin ice.
Since most of the raw materials needed to be imported from abroad, and the currency used for settlement was foreign currency, the collapse in the old currency meant that more money was needed to buy raw materials than ever before, and it would be unwise to raise prices in the domestic market when sales were ally low, Mr. Puton said. Thus, on the one hand, bear the high costs brought about by the fall of the old currency exchange rate, on the other hand, in the face of the challenge of the domestic market downturn also dare not rush to adjust prices, the company’s profits in 2020 a large-scale decline. In the interview, Puton said: “Sometimes the exchange rate in the morning a price, a price in the evening, the price negotiated in the morning, the afternoon changed again!” ”
How serious is inflation in Laos? It is understood that in2020, the daily needs of Laos almost the entire price increase, including the staple rice rose 16.08 percent, pork rose 19.38 percent, do not underestimate the increase of less than 20%, especially for Laos, a less developed country, has been a rather scary thing, meaning that the quality of life of the Lao people at the bottom will be greatly reduced.
It is worth mentioning that most of Laos’ living goods depend on imports, and because of the constant fluctuations in the international exchange rate, the Lao currency has further depreciated, so they need to spend more money to buy goods, which is also the main cause of inflation.
Nine, Guinean franc
US$ 1 s 5115 Guinean francs (reference value).
The African country of Guinea, once one of the least developed countries declared by the United Nations, has a poor economy and a very low currency exchange rate. The maximum face value of the Guinean franc is 20,000 francs, and the Guinean economy is dominated by agriculture and mining, with a weak industrial base. Food cannot be self-sufficient. Bauxite, coffee, cocoa and rubber are the main pillars of several economies, but cash crop development is small emanation to compete with other agricultural powerhouses in West Africa. Due to limited export varieties and balance-of-payments imbalances, the vast majority of consumer goods are entirely dependent on imports.
Guinea was originally a French colony, using the currency as the colonial franc. On 18 December 1946, for the first time, the colonial franc was set at 0.0126839 grams, with an official exchange rate of 1 colonial franc equal to 1.70 French francs.
Guinea’s currency is unstable, having previously fallen significantly and affecting corporate earnings particularly from 2002 to 2007, when the exchange rate fell by 75% over a five-year period.
Ten, Guarani, Paraguay
US$1 s 4615 Guarani (reference value).
Paraguay, the second-poorest country in South America, has a weak industrial base, particularly in light industry and agro-pastoral products processing. And the factory size is small, most of the industrial products are produced by the family workshop. Tourism is also underdeveloped, with roads as the main area of transport. It is worth mentioning that the unemployment rate in the country was once as high as 16%, and more than 35% of the population lived in poverty.
What is the weakest dollar in the world?
Iranian Riyal – the weakest currency in the world
Iranian Riyal is the lowest, weakest, cheapest and poorest currency in the world. 1 USD = 42,105 IRR. The highest denomination currency note = IRR 100,000. IRR 100,000 = USD 2.38
Which currency has highest value?
Kuwaiti dinar You will receive just 0.30 Kuwait dinar after exchanging 1 US dollar, making the Kuwaiti dinar the world’s highest-valued currency unit per face value, or simply ‘the world’s strongest currency’.
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