Money is the greatest invention in the world. Therefore we no longer have to worry about the need to barter or exchange goods. Now the problem is if the value of the currency falls, as is happening in Venezuela today. People no longer use money to buy things. They instead exchanged items such as water bottles to buy fresh fish. Interested in seeing the coverage? Let's see here
Today, barter is happening in Venezuela.
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Theoretical Background
So, when it comes to theory. Then the exchange rate of a Currency or Exchange Rate is basically on the principle of Supply (Supply) and Demand (Demand). The higher the demand, the higher the exchange rate. But on the other hand, more supply than demand will cause the exchange rate of a country's currency to be low.
What is meant by the lowest currency is the currency of a country whose unit is low in value compared to the currency of another country or the amount of certain goods that can be purchased. The causes of low currency exchange rates include the trade balance deficit, low interest rates and public debt and the economic and political conditions of a country. The Lowest Currency Exchange Rate is often referred to as the Cheapest Currency.
The lowest currency in the world 2009
Previously, precisely in 2009, the lowest currency value in the world was the Zimbabwean dollar, which is a country on the African continent. Its exchange rate against one United States Dollar US$ is Z$300,000,000,000,000,000. Wow, how do you calculate that? However, on April 12, 2009, the Government of Zimbabwe officially abandoned the Zimbabwean Dollar and used Foreign Currency as Transaction Currency within its country. Some of the currencies used by Zimbabwe include the South African Rand, Botswana Bula, Indian Rupee, Pound Sterling, Euro, Yuan and United States Dollar.
The world's lowest currencies 2018 and 2019
Currently, the lowest currency value in the world is the Iranian Rial which is abbreviated as IRR. The Iranian Rial Exchange Rate against 1 United States Dollar (USD) is 42,104 Iranian Rials (IRR) according to Google Finance Converter on 02 March 2019.
The Vietnamese currency, the Dong, ranks second as the World's Lowest Currency with an exchange rate of USD 1 = VND 23,199.50. The currency of the Republic of Indonesia, namely the Rupiah, is also included in the list of the 10 lowest currencies in the world. According to Google Finance Converter, our Rupiah currency requires Rp. 14,178.50 to get US$1.
List of 10 Lowest Currencies in the World
The following is a list of the 10 Lowest Currencies in the World along with their currency codes and exchange rates against the United States Dollar (USD) and Indonesian Rupiah (IDR). The exchange rates below are based on Google Finance Converter as of March 02, 2019.
1. Rial Iran
Iran is basically a country rich in oil. They control the second source of oil after Saudi Arabia. Unfortunately, due to differences in political views with the United States, the Iranian economy is often embargoed and ostracized from allies of the United States. However, Iran can still survive without cooperation with western countries. This is because Iranian oil is still being bought by other super powers such as Russia.
Therefore, when compared to the dollar, the value of the Iranian Rial is very low. Besides, having the Iranian Rial if you are outside the country of Iran will not be very useful. Because of the difficulty of transferring money out of Iran.
Code : IRR
Symbol :
Country : Iran
Central Bank : Central Bank of the Islamic Republic of Iran
Continent : Asia
Exchange Rate to US Dollars (US$1): 42.105 IRR Exchange Rate to Indonesian Rupiah (Rp.1) : 2.99 IRR
2. Dong Vietnam
Code : VND
Symbol :
Country : Vietnam
Central Bank : State Bank of Vietnam
Continent : Asia
Exchange Rate to US Dollar (US$1) = 23,199.50 VND Exchange Rate to Indonesian Rupiah (Rp1) = 1.64 VND
3. Indonesian Rupiah
Code : IDR
Symbol : Rp
Country : Indonesia
Central Bank : Bank Indonesia
Continent : Asia
Exchange Rate with US Dollar (US$1) = 14,178.50 IDR
4. Guinea Franc
Code : GNF
Symbol : FG
Country : Guinea
Central Bank : Central Bank of the Republic of Guinea
Continent : Africa
Exchange Rate with US Dollar (US$1) = 9,230 GNF
Exchange Rate with Indonesian Rupiah (Rp1) = 0.65 GNF
5. Leone Sierra Leone
Code : SLL
Symbol : Le
Country : Sierra Leone
Central Bank : Bank of Sierra Leone
Continent : Africa
Exchange Rate with US Dollar (US$1) = 8,700 SLL
Exchange Rate with Indonesian Rupiah (Rp1) = 0.61 SLL
6. Chicken Laos
Code : LAK
Symbol :
Country : Laos
Central Bank : Bank of the Lao PDR
Continent : Asia
Exchange Rate to US Dollars (US$1) = 8,575 LAK
Exchange Rate to Indonesian Rupiah (Rp1) = 0.60 LAK
7. Uzbekistan Som (UZS)
Code : UZS
Symbol :
Country : Uzbekistan
Central Bank : Central Bank of the Republic of Uzbekistan
Continent : Asia
Exchange Rate with US Dollars (US$1) = 8,400 UZS
Exchange Rate with Indonesian Rupiah (Rp1) = 0.59 UZS
8. Guaranteed
Code : PYG
Symbol :
Country : Paraguay
Central Bank : Banco Central del Paraguay
Continent : South America
Exchange Rate with US Dollar (US$1) = 6,089.80 PYG
Exchange Rate with Indonesian Rupiah (Rp1) = 0.43 PYG
9. Cambodian Riel
Code : KHR
Symbol :
Country : Cambodia
Central Bank : National Bank of Cambodia
Continent : Asia
Exchange Rate with US Dollar (US$1) = 3,850 KHR
Exchange Rate with Indonesian Rupiah (Rp1) = 0.27 KHR
10. Shilling Uganda
Code : UGX
Symbol : USh
Country : Cambodia
Central Bank : National Bank of Cambodia
Continent : Asia
Exchange Rate to US Dollar (US$1) = 3,704.55 UGX
Exchange Rate to Indonesian Rupiah (Rp1) = 0.26 UGX
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