The economy of the world is the main topic that most often worries the world community. People study it, analyze the economic systems of various countries, keep statistics on the most successful, as well as the cheapest currencies in the world. Rising inflation and lack of resources for some countries is the main reason why their currencies become cheaper and unclaimed. The economic crisis hit the world again, and currencies began to rapidly lose ground. This compilation contains the 10 cheapest currencies in the world. They have such a low cost that even one dollar can be a fortune for the locals.
Zambian Kwacha (1 USD= 5249.9 ZMK)
This Zimbabwean currency appeared in 1986. Initially, its cost was quite high, and 1.2 kwachas were equal to 1 US dollar. But the country began to lose its economic status, and Kwacha’s performance began to deteriorate. Due to this fall, the Zimbabwean government changed the ISO currency code from ZMK to ZMW. Many efforts have been made to prevent the collapse of the Zimbabwe national currency, but the government still has a long way to go.
North Korean Won (1 USD= 6,300 KPW)
Issued in 1947, the North Korean won replaced the Korean yen in the country. The currency was issued only for local citizens of North Korea, and other money was valid for those visiting the country. The government has reissued the won several times, but all attempts have been in vain, and it still remains one of the least valuable currencies in the world.
Guinean Franc (1 USD= 6,692.6 GNF)
Used mainly by African countries, the Guinean franc was introduced in early 1959. It replaced the CFA franc but failed miserably. The currency began to lose its quality due to high inflation and progressive poverty in African countries. The government has a real feat to accomplish if they want to overcome the economic crisis and increase the value of their currency.
Lao Kip (1 USD= 7,966.0 LAK)
This is the only currency that was initially issued at a low value and has shown growth in the future. The currency was first issued in 1952. Back then, one US dollar was equal to 8,556.56 lao kip, but now the exchange rate is 7,996. According to economists, the country’s currency will further improve its performance in the next twenty years.
Belarusian ruble (1 USD= 10,700 BYR)
This currency appeared in 1992, and since then it has been losing ground every year. The government made many efforts to stabilize and increase the value of this currency, but all efforts were in vain. The main reason for this decline is the high level of inflation and the poverty of the economy. There is little chance that the currency will show growth in the coming years.
Indonesian rupiah (1 USD= 9,593 IDR)
When Indonesia became independent in 1949, the Indonesian rupiah was introduced. At first, the currency was in demand on the market, but soon its capital decline began. Indonesia is an economically stable country in Southeast Asia, and many are surprised that its currency has such a low value. The Indonesian government is making efforts to strengthen the rupiah, and by the end of 2014, the currency will strengthen, losing several zeros.
Dobra Sao Tome (1 USD= 18,770 STD)
It is unlikely that you have heard the name of this currency before, as well as the name of this country. Dobra Sao Tome belongs to a small island located in western Africa. The country’s economy has been stable in recent years, based on cocoa production. But the recent discovery of oil fields will also help in the economic growth of the island, and most likely will affect the strengthening of the local currency.
Vietnamese dong (1 USD= 20,837 VND)
Economists have predicted a good future for Vietnam. Although the current economic situation is not yet very impressive, the country is trying to improve its economic stability. Dong was introduced in the country in 1978 and quickly depreciated. However, the economy is now developing, and according to forecasts, over the next thirty to forty years, it will have a powerful leap.
Somali shilling (1 USD= 22,000 SOS)
Somalia’s original currency appeared in 1962. The country’s economic status was stable at the time, but soon after the start of the civil war, economic breakdown followed. This led to the depreciation of the currency. Since then, Somalia has tried hard to regain its lost economic power, but has failed every time.
Iranian rial (1 USD= 24,576 IRR)
The Islamic Revolution is one of the most important events in the history of the world. Many changes have taken place around the world since then, including the birth of a new currency, the Iranian Rial in 1979. According to most opinions, the main reason for the collapse of the Iranian Rial is the competition between the US and Iran.