Currencies are rated according to the countries’ economies, level of employment, exports and imports, growth rate and their performances.If there is improvement in the economic growth, the currency will tend to be a bit higher,mostly compared to the US dollar.On the other hand, if the economic growth falls there will be a depreciation of the country’s currency making the US dollar to be highly appreciated.
Here are the top 10 cheapest currencies in the world:
Uranian Rial (Iran)-This is the highest depreciated currency in the whole world today with $1 going for 29,964.00 rials today.This depreciation occurred since last year and is still going on due to poor economic growth, thus leading to low level of employment and exchange rates.
2. Dobra (Sao Tome and Principe) -This is the second depreciated currency in the world with $1 going for 22,862.37 STD.
3. Dong (Vietnam)-This is the third depreciated currency in the world with $1 going for 22,420.00 Vietnamese Don today.Vietnam allowed its currency to depreciate to weaken by at least 1% following the devaluation of Chinese Yuan.
4. Rupiah (Indonesia)-This is the fourth depreciated currency in the world with $1 going for 13,705.50 Indonesian Rupiah today.The country’s economic growth is still low.lts said that its due to delayed infrastructure and tight monetary policy, but we expect vast growth in the coming few years.
5. Zambian Kwacha (Zambia)-This is the fifth depreciated currency in the world with $1 going for 13,540.00 ZMK. The.The devaluation of the currency is due to the poor growth in the economy, mostly on the copper production and their economic growth.
6.South Korean Won (South Korea)-This is the sixth depreciated currency in the world with $1 going for 11,66.19 South Korean Won. Even though its marked as one with the cheapest currencies in the world, it has shown vast growth in economy in the recent years.
7.Kip (Laos)-This is the seventh depreciated currency in the world with $1 going for 8,094.15 Laotian Kip. Its said that its due to corruption among the government officials, which has brought about degradation in the
public services thus devaluation in the country’s currency.
8. Guinean franc (Guinea)-This is the eighth depreciated currency in the world today with $1 going for 7,883.65 Guinean Franc.The major reason for poor economic growth in Guinea, is due to the refugees from neighboring Sierra Leone and Liberia because of the civil war around there.
9. Ugandan Shillings (Uganda)-This is the ninth depreciated currency in the world with $1 going for 3,480.00 Ugandan shillings.Uganda is currently facing poverty among citizens due to high prices in the basic needs.They must solve the major problems to encourage high growth in their economy.
10. Tanzania shilling (Tanzania)-This is the tenth depreciated currency in the world with $1 going for 2,137.05 Tanzanian Shillings.Shillings. Even though its marked as one of the top ten cheapest currency.lt has shown vast growth in their economy in the recent years.If it reaches our expectations in the next few years.
-The countries named above should try and grow economically for their currencies also to be highly appreciated as the US dollar.As the economy grow, the level of employment also grows which leads to more exports and imports.