What are the weakest currencies in the world? (2024)

Ever wondered which is the weakest currency in the world?

A weak currency can be defined as one with a low or decreasing value in comparison to other currencies.

There are many things that can cause currency depreciation, including central bank intervention, a rise in imports, lower export revenues, inflation rate changes and political instability.

Below, we’ll run through the list of the 10 weakest currencies in the world in 2024. You may be surprised as to what comes out on top.

So, let’s dive right in.

What are the top 10 weakest currencies?

Here are the top 10 weakest global currencies (based on their value in comparison with USD in 2024), with the weakest on top:¹

Position	Currency	Country	Code
1	Lebanese pound	Lebanon	LBP
2	Iranian rial	Iran	IRR
3	Vietnamese dong	Vietnam	VND
4	Laotian kip	Laos	LAK
5	Sierra Leonean leone	Sierra Leone	SLL
6	Indonesian rupiah	Indonesia	IDR
7	Uzbekistan som	Uzbekistan	UZS
8	Guinean franc	Guinea	GNF
9	Paraguayan guarani	Paraguay	PYG
10	Malagasy ariary	Madagascar	MGA

We’ll cover each currency in the list, but first, want to know what the strongest currencies in the world are?

📚Read: Top 10 strongest currencies

1. Lebanese pound

The Lebanese pound (LBP) is the world’s weakest currency, and has been at or near the top of this list for a few years. This is mainly because of high inflation and a depressed economy, as well as political instability. The country has also been suffering from a banking crisis since 2019.

Explore live LBP exchange rates.

Guide to Lebanon

Lebanon is a narrow strip of a country in the Middle East, next to the Mediterranean sea. It also borders Syria and Israel.

It has lots of appeal to tourists, including nature reserves, incredible food and the beautiful capital city of Beirut. This is a diverse city which attracts expats from around the world.

However, the country is currently experiencing major armed conflict, so it’s not currently safe to travel there.

• Population: 5,805,960²
• Main language: Arabic
• National dish: Kibbeh.

2. Iranian rial

The Iranian rial (IRR) has been suffering ever since the US-Iran nuclear deal fell through back in 2015 - when heavy sanctions were also imposed. The rial went into freefall, stabilised in recent years and then experienced new pressure due to flaring tensions in the Middle East.

Compare today’s IRR exchange rates.

Guide to Iran

Located on the Persian Gulf, Iran shares a border with both Afghanistan and Iraq. It is a country known for its delicious food and many UNESCO World Heritage Sites, although tourism is relatively low. Some expats do live there, mainly working in the oil and gas industries.

• Population: 91,567,700²
• Main language: Persian (Farsi)
• National dish: Chelow kabab.

3. Vietnamese dong

Third on the list of the world’s weakest currencies is the Vietnamese dong (VND). This is mainly because of restrictions on foreign experts, which have also slowed in volume. The country’s Central Bank has also devalued the dong in recent years, as part of efforts to boost exports.

Read more about money and banks in Vietnam.

Explore live VND exchange rates.

Guide to Vietnam

Located next to the South China Sea, Vietnam shares borders with Cambodia, Laos and China. It’s known as a staggeringly beautiful country, with its stunning scenery, vibrant food and low cost of living attracting both tourists and expats in their droves.

• Population: 100,988,000²
• Main language: Vietnamese
• National dish: Phở

4. Laotian kip

The Lao or Laotian kip (LAK) is one of the weakest global currencies due to a combination of factors. These include high inflation, slow economic growth and increasing foreign debt.

Explore live LAK exchange rates.

Guide to Laos

The Southeast Asian country of Laos is bordered by China, Vietnam, Thailand and Cambodia.

It’s known for its charming French colonial architecture, rugged mountainous scenery and the mighty Mekong River which runs through it. It’s a must-visit for tourists looking for off the beaten track adventures, while its capital Vientiane is also home to a growing expat community.

• Population: 7,769,820²
• Main language: Lao
• National dish: Larb/laap.

5. Sierra Leonean leone

The Sierra Leonean leone (SLL) is similar to the Laotian kip in that its value has been affected by a combination of different factors. These include high levels of debt and inflation, and slow economic growth - as well as the lasting after-effects of major health crises such as the Ebola virus outbreak.

Compare today’s SLL exchange rates.

Guide to Sierra Leone

The West African country of Sierra Leone has Liberia and Guinea as its neighbours. It has a rich culture, with multiple ethnic groups all with their own unique languages and traditions.

Sierra Leone is a popular choice for adventure-seeking travellers, who love its wildlife, beautiful beaches and wild rainforests. However, the country does have high levels of violent crime, so visitors will need to be very cautious.

• Population: 8,642,020²
• Main language: English/Krio
• National dish: Cassava leaf stew/soup.

6. Indonesian rupiah

The Indonesian rupiah (IDR) is one of the world’s weakest currencies in 2024 due to two main factors. These are high inflation, and fears that the economy may go into recession. Both of these depress the currency, despite the fact that Indonesia is one of the largest countries in Southeast Asia by GDP.

Read more about money and banks in Indonesia.

Explore live IDR exchange rates.

Guide to Indonesia

The island nation of Indonesia in Southeast Asia has a whopping 17,000+ islands, so visitors will have plenty of stunning beaches, towns and cities to explore.

Expats are drawn to its low cost of living, tropical climate and outstanding natural beauty, as well as the growing job and business opportunities in thriving cities such as Jakarta and Surabaya.

• Population: 283,488,000²
• Main language: Bahasa Indonesia
• National dish: Nasi goreng.

7. Uzbekistan som

Despite Uzbekistan having substantial oil and gas reserves (which is a key feature of countries with some of the world’s strongest currencies) the Uzbekistan som (UZS) has continued to struggle in recent years. This is likely due to factors such as high unemployment, high inflation, low economic growth and issues with corruption.

Compare today’s UZS exchange rates.

Guide to Uzbekistan

Uzbekistan is located in central Asia, and is bordered by Afghanistan, Kazakhstan, Kyrgyzstan, Turkmenistan and Tajikistan.

The country is home to some of the world’s oldest cities - Samarkand, Bukhara and Khiva. Its UNESCO treasures, along with its reputation for safety, makes Uzbekistan a popular choice for tourists. It’s also a top pick for expats, particularly due to its low costs of living.

• Population: 36,361,900²
• Main language: Uzbek
• National dish: Palov/plov.

8. Guinean franc

The Guinean Franc (GNF) began its decline following conflicts in the 1990s. It remains one of the world’s weakest currencies due to factors such as military unrest and high inflation. However, the GNF has been showing recent signs of stabilising.

Explore live GNF exchange rates.

Guide to Guinea

A former French colony, Guinea is located in sub-Saharan Africa and borders both Sierra Leone and Liberia.

It doesn’t have an enormous amount of tourists and expats, partly due to difficulties with poorly maintained infrastructure which can make it hard to get around. But those that do visit this beautiful country discover friendly people, a rich and diverse cultural heritage and stunning natural landscapes.

• Population: 14,754,800²
• Main language: French
• National dish: Poulet Yassa.

9. Paraguayan guarani

Paraguay’s currency guarani (PYG) has suffered from persistent issues with inflation and unemployment, making it one of the world’s weakest. The PYG is also hampered by corruption and counterfeit currency.

Explore live PYG exchange rates.

Guide to Paraguay

Landlocked South American country Paraguay has Argentina, Brazil and Bolivia as its neighbours. It is something of a hidden gem from a tourism perspective, with no risk of crowds in its lively cities and natural beauty spots.

The country is known for its incredibly diverse wildlife, rich cultural sites and fabulous capital city of Asunción.

• Population: 6,929,1502²
• Main language: Paraguayan Guarani/Spanish
• National dish: Sopa paraguaya.

10. Malagasy ariary

Last on the list but still one of the world’s lowest value currencies, we have the Malagasy ariary (MGA). Madagascar’s currency experienced a significant drop in value around 2009, caused by a mix of natural disasters, political instability and the fallout of the global financial crisis.

In recent years, the situation has only worsened, with the MGA being made weaker by high inflation and an unwillingness for foreign investors to invest in Madagascar.

Explore live MGA exchange rates.

Guide to Madagascar

The island nation of Madagascar sits off the southeast coast of Africa. It’s of course famous for its unique animals and plants, including its many characterful lemur species.

This makes it a haven for wildlife lovers and conservationists, including many who move to the capital Antananarivo to work on research projects. Madagascar also boasts pristine beaches, national parks and lush rainforests, although getting around on the country’s poorly maintained roads can be a challenge.

• Population: 31,965,000²
• Main language: Malagasy
• National dish: Romazava.

Manage your money in 40+ currencies with Wise

Love to travel, have family overseas or work abroad? If you need to manage your money in some of the world’s major currencies, do it with Wise.

Open a Wise account online and you can send, receive, convert and spend in 40+ currencies, all from one powerful account. You’ll only pay low, transparent fees*, and are guaranteed the mid-market exchange rate when converting currencies.

There’s even a Wise debit card for spending like a local in 150+ countries worldwide.

And for businesses that trade internationally, there’s even a dedicated Wise Business account.

Weakest global currency FAQs

Here are some related FAQs on the topic of weakest currencies:

What is the strongest currency in the world?

The strongest currency in the world in 2024 is the Kuwait dinar (KWD).³

What was the worst exchange rate historically?

One of the worst exchange rates in history happened in post-WW1 Germany. At the end of 1923, extreme hyperinflation pushed the rate up to 4.2 trillion Deutsche Mark (DEM) to the US dollar (USD).⁴

What is the least traded currency in the world?

The least traded currency in the world is the Lebanese pound (LBP), as it is the least valuable and the weakest currency.

How is foreign currency priced?

There are two main ways that foreign currency is priced. The first uses a floating rate, which is determined by the open market through global supply and demand. If the currency is in demand, its value usually increases.

The second pricing method is a fixed rate, also known as a pegged rate. This is determined by the government through its central bank, and is set against another major global currency (such as USD or EUR, for example).

What is the weakest currency pair?

Some of the worst performing currency pairs over the last 5 years include the following (given in currency symbols):⁵

• NZD/CHF
• AUD/CHF
• EUR/CHF
• GBP/CHF
• CAD/CHF
• USD/CHF.

How do I know which currency is weaker?

One of the easiest ways to work out which currency is weaker is to compare one currency to another, using exchange rates. A lower exchange rate suggests that a currency is weaker compared to the other.

You can be alerted if anything changes using the Wise exchange rate alerts tool.

In what country is GBP worth the least?

To determine where GBP is worth the least, you would typically look at exchange rates against other currencies. But remember that exchange rates fluctuate constantly based on factors such as economic conditions, interest rates and geopolitical events.

What is the most stable currency in the world?

The Swiss franc (CHF) is generally considered to be the most stable currency in the world in 2024.⁶

---

Sources used:

1. Forbes Advisor - Top 10 weakest global currencies in 2024
2. World Population Review - Country populations
3. Unbiased - The top 10 strongest currencies in the world
4. Smithsonian Magazine - how hyperinflation predicted fall of German democracy
5. TradeThatSwing - best and worst performing Forex pairs over the last 3, 6, 12 months, and 5 years
6. FXSSI - stable currencies in 2024

Sources last checked on date: 24-Oct-2024