This list is ranked as per their value against United States Dollar. Zimbabwean dollar was the most cheapest and most useless currency until 12 April, 2009. US$ 1 was equals to ZWR$ 300 000 000 000 000 until 2009 after that Zimbabwe suspended their currency and start using South African Rand and United States Dollar. Take a look at the list of top 10 cheapest currencies in the world. Also have a look at the list of Top 10 Most Expensive Currencies in the World. Don’t forget to leave comments.
10. Zambian Kwacha
USD 1 = ZMK 5,249.9
The kwacha was introduced in 1968 replacing the Zambian pound at that time 1.2 kwacha was equals to 1 US dollar. But as time passed the poor government lost the value of their currency rapidly. In 1 Jan 2013, Zambia will be rebasing their currency and the ISO code will also be changed from ZMK to ZMW.
9. North Korean won
USD 1 = KPW 6,300
North Korea first introduced the North Korean won on 6 December, 1947 replacing the Korean yen but only for North Korean citizens, they issue separate currency for visitors like other socialist states. North Korea issued the currency many time to get the value back but hyperinflation is still rusting the value of the currency.
8. Guinean franc
USD 1 = GNF 6,692.6
The Guinean franc was firstly introduced in 1959 replacing the CFA franc which was used by many African countries. The country lost and still losing the value of their currency because of poverty and inflation.
7. Lao kip
USD 1 = LAK 7,966.0
The Lao kip was introduced in 1952 and is used till now. Laos is doing good to get the value for their currency back. In 2009 USD 1 was equals to LAK 8,556.56 and now it is LAK 7,966 against USD 1.
6. Belarusian ruble
USD 1 = BYR 8,593.0
First Belarusian ruble was introduced after the collapse of the Soviet Union in May 1992. Because of the hyperinflation which is spread in the country and also the crisis of 2011 the value of the Belarusian ruble is still decreasing every year. The government is trying to get the some value to their currency and also to change the situation of Belarus which results the value of Belarusian ruble going up and down each year.
5. Indonesian rupiah
USD 1 = IDR 9,593.0
The Indonesian rupiah came into being during the revolutionary period of 1946 to 1949. The currency was recognized internationally in 1949 upon the independence of Indonesia. The value of the currency is down but the economy of the country is the largest in Southeast Asia with a strong emerging market. Indonesia will redominate the currency in 2013 and they will be removing two or three zeros from their currency.
4. São Tomé and Príncipe dobra
USD 1 = STD 18,770
I am sure that most of you don’t even know that this country exist. This is a small island nation in the western coast of Africa. The economy of the country was mainly based on cocoa until the discovery of oil which attracted many investors but still the value of the currency is going down every year.
3. Vietnamese dong
USD 1 = VND 20,837
The dong was introduced in 3 May, 1978. The economy is trying to become more strong and the market is also emerging. It has been predicted that by 2050 the economy of Vietnam will by 70% the size of the economy of United Kingdom and by 2025 it will be the fastest growing emerging economy.
2. Somali shilling
USD 1 = SOS 22,000
Somalia introduced the Somali shilling in 1962. After the breakdown of a civil war in the country the value of the currency devalued rapidly and is still going down, the value of the Somali shilling is also going down because of a new unrecognized country Somaliland and their own currency is being circulating in Somalia.
1. Iranian rial
USD 1 = IRR 24,576
After the Islamic Revolution new Iranian rial was introduced in 1979. The great fall in Iranian currency is a result of sanctions designed to put Iran in great pressure so that they would end their nuclear program and the biggest reason for the fall is the tension between Iran and USA (and its allies). The Iranian rial will continue to be the most devalued currency in the world for at least three years.