Every day we hear the people comparing the currency of their country with US Dollar and expressing their concern about the weak value of their currency. We have also shared a list of strongest currencies in the world in another post.
Let us discuss several weakest currencies of the world as compared with US Dollar as a standard currency. The list of weakest currencies in the world is updated in the month of October 2018.
10. Ugandan Shilling with the currency code UGX is the official currency the Republic of Uganda. It is considered one of the top 10 weakest currencies in the world as 1 USD on October 2018 can be exchanged with 3,820 UGX.
Uganda’s economy is mainly based on imports of Coffee and Tea. It is one of the poorest countries in the world where per capita income is as low as USD 2,400 per annum. The highest denomination currency note issued by the Bank of Uganda is 50,000 Ugandan Shilling which is equivalent to 13.09 USD.
9. Cambodian Riel with the currency code KHR is the official currency of Cambodia. It is considered one of the top 10 weakest currencies in the world as 1 USD on October 2018 can be exchanged with 4,087 Cambodian riels.
Corruption has ruined important institutions of state such as Judiciary and Police. The per capita income of Cambodia is around USD 4,000. The highest denomination currency note issued by National Bank of Cambodia is 100,000 which is equivalent to 24.46 USD.
8. Paraguayan Guarani with the currency code PYG is the official currency of the Republic of Paraguay. It is considered one of the top 10 weakest currencies in the world as 1 USD on October 2018 can be exchanged with 5,890 PYG.
Inflation, a large and mostly uncontrollable black market, and trademark of Corruption are the main causes of this much decline of the economy. The highest denomination currency note issued by Banco Central del Paraguay is 100,000 Paraguayan Guarani which is equivalent to 16.98 USD.
7. Uzbekistani Som with the currency code UZS is the official currency of Uzbekistan. It is considered one of the top 10 weakest currencies in the world as 1 USD on October 2018 can be exchanged with 8,090 UZS.
The Uzbekistani Som has lost around 275% of its value in the exchange rate in the preceding 5 years. The per capita income of Uzbekistan is around USD 7,000. The highest denomination currency note issued by the Central Bank of the Republic of Uzbekistan is 50,000 UZS which equals to 6.18 USD.
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