“Zig” tops the list.. Learn about the worst currencies in 2024

“Zig” tops the list.. Learn about the worst currencies in 2024

2025-01-05 02:34

Shafaq News/ The list of the cheapest currencies against the US dollar did not witness any significant change last year, although the ranking of some countries changed, most notably the Lebanese pound, which reached low levels due to the difficult economic situation since 2019, which was exacerbated by the unrest after the Beirut port explosion .

Arab representation was present in the list of the worst performing countries during the current year, after the Lebanese pound and the Egyptian pound were included in the list, as the gold-backed Zimbabwean currency, the Zig, topped the list of the worst, with a decline of 954.2%.

1. Lebanese pound

The Lebanese pound witnessed one of its worst years last year, with the dollar exchange rate rising by about 500% to reach 89.56 thousand pounds to the dollar, which is the prevailing rate in the parallel market. This was one of the conditions set by the International Monetary Fund to address the banking imbalances and the deteriorating economic situation .

The Fund said in May 2024 that policy measures taken by the Ministry of Finance and the Central Bank of Lebanon – including the gradual elimination of monetary financing of the budget, the abolition of the Sayrafa platform and tight fiscal policy, and steps toward unifying exchange rates – helped contain the deterioration of the exchange rate, stabilize the money supply, and began to reduce inflationary pressures .

2. Iranian Rial

After the decline in the value of the Lebanese pound, the Iranian rial, which for years was the cheapest currency in the world, has become second, in light of the restrictions and sanctions imposed on Iran since the end of the nuclear agreement with America in 2015 .

During 2024, the US dollar rose against the rial by about 0.21% to reach 42.09 thousand Iranian rials per dollar, but in light of the tensions in Syria and the Middle East, the Iranian rial is likely to come under new pressure .

3. Vietnamese Dong

The Vietnamese dong (VND) has become one of the weakest currencies in the world as a result of restrictions on foreign exports, which have also seen a decline in volume, prompting the central bank of Vietnam to devalue the currency to boost export competitiveness .

Over the past year, the dollar rose against the Vietnamese dong by about 4.46%, ending the year at 25.46 thousand dong to the dollar .

4. Sierra Leonean leone

The Sierra Leone leone is affected by a range of factors, including high levels of debt and inflation, slow economic growth, and the long-term impact of major health crises such as the Ebola outbreak .

The dollar rose against the leone by about 1.43% to reach 22.79 thousand leone per dollar .

4. Laotian Kip

The Lao kip (LAK) is among the weakest currencies globally due to a combination of factors, including high inflation, slow economic growth, and increasing external debt .

In 2024, the dollar rose against the kip by about 6.44%, recording 21.82 thousand kip .

6. Indonesian Rupiah

Indonesia relies heavily on imports of goods and raw materials, including crude oil, so it has been among the countries most affected by the global inflation wave, which has raised commodity prices, boosted the import bill and deepened the country’s trade deficit .

On a yearly basis, the dollar rose 4.86% against the Indonesian rupiah, to $16.22 thousand .

7. Syrian pound

Despite its improvement in the last days of the year after the fall of Bashar al-Assad’s regime, the level of 13,000 Syrian pounds to the dollar remains one of the lowest currency rates in the world in light of the country’s suffering from the devastating effects of the conflict that has lasted for more than 14 years .

8. Uzbek sum

The Uzbek som has continued to face challenges in recent years, due to factors such as high unemployment, high inflation, slow economic growth, and corruption problems .

On an annual basis, the dollar rose against the som by 4.59% to 12.9 thousand liras.

9. Guinean franc

The Guinean franc began to decline after the country’s conflicts in the 1990s, and the currency remained one of the weakest in the world due to factors such as military unrest and high inflation. However, the currency has shown signs of recovery recently .

In terms of annual performance, the dollar rose 1.61% against the Guinean franc to record 8,645 thousand francs .

10. Paraguayan Guarani

Paraguay’s currency, the guaraní, suffers from persistent inflation and unemployment, making it one of the weakest currencies in the world, along with rampant corruption and counterfeit money .

On a yearly basis, the dollar rose against the currency by 7.55% to record 7.8 thousand guaranís per dollar .

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