Lowest-Valued Currency in the World: Here are the top 10 least valuable currencies globally and the factors behind their declining value in 2024.

*Data based on the current international stock exchange as of July 26, 2024.*

1. Iranian Rial (IRR):

Iran‘s official currency, the Iranian Rial (IRR), is currently the world’s least valuable currency, with 1 Malaysian ringgits (MYR) equaling 9014.81 IRR. This depreciation is primarily influenced by political unrest, the lasting effects of the Iran-Iraq war, and the country‘s nuclear programme. 

2. Vietnamese Dong (VND):

Vietnam’s official currency, the Vietnamese Dong (VND), is the second least valued currency, with 1 MYR equaling 5427.13 VND. This devaluation can be attributed to Vietnam’s transition from a centralised economy to a market economy, a process that has presented challenges and uncertainties.

3. Lao Kip (LAK):

The official currency of Laos, the Lao Kip (LAK), is valued at 4750.805 against 1 Malaysian ringgits. Established in 1952, the Lao currency has shown gradual appreciation over time, reflecting the country’s economic progress.

4. Leone (SLL):

With 1 Malaysian ringgits equivalent to 4823.396 SLL, Sierra Leone’s currency, the Leone, faces significant challenges stemming from poverty, corruption, and historical conflicts. These factors have contributed to the economic struggles faced by Sierra Leone, impacting both the currency’s value and the overall economy.

5. Indonesian Rupiah (IDR):

The official currency of Indonesia, the Indonesian Rupiah (IDR), stands at 3495.171 against 1 Malaysian ringgits owing to various factors such as declining reserves, heavy reliance on commodity exports, and external investments.

6. Uzbekistani Som (UZS):

At a rate of 2710.668 UZS to 1 Malaysian ringgits, Uzbekistan’s Uzbekistani Som reflects the economic challenges faced by the country. However, despite recent difficulties, there are indications of economic recovery in the country.

7. Guinea-Franc (GNF):

With 1 Malaysian ringgits equaling 1835.587 GNF, Guinea’s official currency, the Franc, has been adversely affected by corruption and political instability. Guinea continues to grapple with economic challenges that impact the value of the currency.

8. Paraguayan Guarani (PYG):

The Paraguayan Guarani (PYG) is valued at 1627.547 against 1 Malaysian ringgits. Paraguay’s currency has been impacted by economic collapse, inflation, corruption, and poverty, leading to challenges in maintaining its value.

9. Ugandan Shilling (UGX):

Uganda’s Ugandan Shilling (UGX) has a value of 800.472 against 1 Malaysian ringgits, as the currency has a history of economic challenges, including difficulties during Idi Amin’s rule, though recent improvements have been observed in the currency’s value, reflecting the positive developments in the country’s economy.

10. Iraqi dinar (IQD):

At a rate of 280.962 IQD to 1 Malaysian ringgits, Iraq’s currency, the Iraqi Dinar, has faced inflation and political unrest, impacting its exchange rate.