If you want to know the 10 cheapest currencies in the world in 2017, then you’ve come to the right place. Interest rates, inflation, public debt and political stability are just some of the factors that affect a nation’s currency. While it is oftentimes assumed that a weak currency is a sign of an ailing economy, it is important to note that this is not always the case. One sector that benefits from a cheap currency is the export industry. When exporters trade their goods in a low-currency environment, they get better market share, as products become relatively cheaper than those being sold from stronger currencies.
What does it really mean when we say “cheap” currency? Let’s look at it from a traveler’s perspective. If you come from the United States and visit a country with a so-called cheap currency, you can buy more things or services in that country with your buck than you could elsewhere, though there are exceptions of course, as certain things may be rarer in other countries, which makes them costlier there due to supply and demand factors. Cheap currencies should not be confused with “undervalued” currencies, which means those currencies are changing hands for less than they maybe should be due to various factors and economic conditions.
If you like this list of 10 cheapest currencies, you should also love our list of the 10 most expensive currencies in the world.
In this article, we combined this year’s weakest currencies as listed by The Telegraph and Naija Quest. From there, we picked out the 10 lowest-valued currencies against the US dollar using XE Currency Converter. The US dollar is one of the most popular global currencies, along with the Euro and Japanese yen, and is considered the benchmark currency against which all others are judged. It accounts for more than 60% of all recognized central bank foreign exchange reserves and is widely accepted in many international transactions.
Based on their value against the US dollar on June 30, 2017, the 10 cheapest currencies in the world in 2017 are the Belarusian Ruble (BYR), Cambodian Riel (KHR), Guinean Franc (GNF), Indonesia Rupiah (IDR), Iranian Rial (IRR), Lao Kip (LAK), Paraguayan Guarani (PYG), Sao Tomean Dobra (STD), Sierra Leonean Leone (SLL), and the Vietnamese Dong (VND).
See how they rank beginning on the next page. And for further reading, check out our list of the 10 most expensive currencies in the world in 2017.