British Pound Sterling, Swiss Franc (Swissie), US Dollar, Euro – these currencies are the most stable, as well as the countries issuing them.

But it is pretty hard to put the least valuable currencies in proper order, since the economic situation is changing rapidly in all these countries.

However, it is possible to identify certain devalued national currencies at the moment. Thus, let’s look at the 10 cheapest foreign currencies against the US Dollar and Euro.

By May 2020, Iran was experiencing rapid inflation, and its currency had lost 600% of its value. To address this, the government chose to replace the Rial with the Toman, removing four zeros from its value. This means 10,000 old Rials are now equivalent to 1 Toman.

The Iranian Rial is known as the world’s least valuable currency. This started in 1979 following the Islamic Revolution, a time when numerous businesses abandoned Iran due to political instability. This situation worsened with the Iran-Iraq War and economic sanctions imposed due to Iran s nuclear activities. Additionally, the Iranian government limited its citizens  access to foreign currencies, resulting in a substantial black currency market. These factors collectively harmed the economy and led to an almost 400% devaluation of the Iranian Rial.

In 2015, Iranian government reached an agreement on nuclear issues with several countries, including the U.S., France, UK, China, Russia, and Germany. This agreement aimed to reduce sanctions on Iran. As a result, the situation improved, leading to the stabilization of Iran’s local currency.

However, in 2018 the U.S. claimed that Iran proceeds its nuclear program. The sanctions were sharpened, restricting the country s access to the world commodity markets. Iran could no longer export its petroleum, which brought about 69% of income annually. It created a critical deficit in its national budget. The sanctions also covered other industries, including petrochemistry and metallurgy.