On July 17, Forbes Advisor reported that the Uzbek som has been listed among the top ten weakest currencies in the world for 2023. The currency holds the seventh position, with 1 Uzbek som being equivalent to 0.000087 dollars or 11,516 soums for the American currency. Despite recent reforms in Uzbekistan, the country's economy continues to face challenges such as low economic growth, high inflation, unemployment, and corruption.
The Iranian rial was identified as the weakest currency globally, with only 0.000024 dollars being exchanged for one unit of the currency, resulting in 42,273 Iranian rials equaling $1. Iran's economy is impacted by sanctions, political instability, and high inflation.
The Vietnamese dong and the Laotian kip secured the second and third positions, respectively. The Vietnamese dong faced difficulties due to restrictions on attracting foreign investment, a slowdown in exports, and increasing interest rates in the United States. The Laotian kip is experiencing pressure from factors such as low economic growth, mounting external debt, and high inflation.
Other currencies in the top ten weakest currencies ranking include those of Sierra Leone, Indonesia, Lebanon, Guinea, Paraguay, and Uganda.
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