By FX TRADER
We have all read about the recent strong performance of the US dollar and the Japanese Yen on Forex exchanges. Forex traders and investors are flocking to these two currencies to avid risk in volatile Forex markets. Both the British Pound and the Euro have fallen drastically against the Dollar. Even though the Pound and the Euro are troubled there are currencies so worthless that Forex traders and investors avoid them like the plague. For your enjoyment and amusement here are the world’s 10 worst currencies.
1. It takes 642,371,437,695,221,000 Zimbabwean dollars to purchase 1 US dollar. Most Forex traders have given up tracking the fall of this currency. To give the reader an idea of commodity prices in Zimbabwe, an egg cost 35 billion Zimbabwean dollars! The German firm that prints currency for Zimbabwe has refused to print more money for them. The economic chaos in Zimbabwe is blamed on mismanagement by President Mugabe.
2. Somalian Shilling. It takes 35,000 Shillings to purchase one US dollar. The shilling has been the official currency since 1962 but the breakdown of the government has rendered the currency of this war torn country almost worthless on Forex exchanges.
3. The Manat from Turkmenistan. It takes 24,000 Turkmen Manat to purchase one US dollar. This is another currency that sends chills down the spine of Forex traders and investors. The country got its own currency when it broke away from the former Soviet Union. Turkmenbashi, president for life has placed his image on all Turkmenistan’s currency. Despite large reserves of oil and natural gas the country remains impoverished.
4. The Vietnamese currency is the Dong and it takes 16,975.00 Dong to purchase one US dollar. The country has an emerging tourist economy and visitors are asked to pay for goods and services in dollars.
5. Sao Tome and Principe are islands off the west coast of Africa. The currency is called the Dobra and it takes 14,350 Dobra to purchase one US dollar. Most Forex traders have probably never heard of this former Portuguese colony. The second smallest nation in Africa it exports coffee, palm kernels, and cocoa.
6. The thriving nation of Indonesia surprisingly has one of the most worthless currencies in the world. It takes 11,198.40 Rupiah to purchase one US dollar. Despite increased industrialization its currency is one of the least valuable in the world.
7. Iran has impressive reserves of oil and yet its currency remains unimpressive to Forex traders. It takes 10,179 Iranian Rial to purchase one US dollar. Despite Iran’s reserve of petro dollars its currency does not perform well on Forex exchanges.
8. Laos has been developing a tourist economy but its currency remains one of the most worthless in the world. It would take 8,640.75 Laotian Kip to purchase one US dollar. Laos remains a popular tourist destination because of its exotic wildlife and inexpensive accommodations.
9. The African nation of Guinea has the ninth worst currency in the world. It takes 5,115.00 Guinean Francs to purchase one US dollar. Although this nation is rich in aluminum ore bauxite, diamonds and gold, its currency is shunned by Forex traders and investors.
10. Paraguay is an impoverished South American nation with an unimpressive currency. It takes 4,615.00 Guarani to purchase one US dollar. 35% of the population of Paraguay lives in poverty and the unemployment rate is a whopping 16%. On the bright side, the capital city Asuncion is ranked as the cheapest city in the world. Most Forex traders are reluctant to handle this nation’s currency.
At present, these third world nations have the world’s most worthless currencies. These currencies are usually avoided by both Forex traders and investors. Many of these nations are rich in natural resources but for whatever reasons [corruption, dictatorship, bag governance] have failed to adequately develop and market them. At the present time these currencies are not widely traded in Forex markets but should these nations develop their resources they could join the ranks of first world currencies on Forex markets.
By FX TRADER