In the intricate realm of global finance, Sierra Leone’s Leone finds itself grappling with economic challenges, alongside other struggling currencies. Diverse factors, including political instability and dependence on specific industries, contribute to their weakened state against major counterparts like the British Pound.
Exploring the top 10 weakest currencies unveils Sierra Leone’s Leone at number 3 and number 1 in Africa. With 1 GBP equaling approximately 18,000 SLL, the country faces hurdles amid primary exports such as diamonds, gold, and cocoa.
The economic landscape further showcases other nations facing currency devaluation, including Uganda’s Shilling (UGX) relying on agriculture, Paraguay’s Guarani (PYG) entwined with soybeans and beef exports, and Guinea’s Franc (GNF) rich in bauxite resources.
As the world grapples with shifting economic dynamics, these struggling currencies underscore the impact of global geopolitical issues and industry reliance on their monetary strength.
See full list below:
10. Ugandan Shilling (UGX)
The Ugandan Shilling faces challenges, with 1 GBP equaling approximately 5,300 UGX. Uganda relies on agriculture, with coffee being a major export, contributing significantly to its GDP.
9. Paraguayan Guarani (PYG)
Valued at around 15,000 PYG to 1 GBP, Paraguay’s Guarani struggles. Agriculture, including soybeans and beef exports, plays a crucial role in the nation’s economy.
8. Guinean Franc (GNF)
The Guinean Franc faces devaluation, with 1 GBP equaling around 14,000 GNF. Guinea is rich in natural resources, especially bauxite, which is a primary export.
7. Uzbekistani Som (UZS)
With 1 GBP equivalent to approximately 12,500 UZS, Uzbekistan relies on cotton and gold exports to sustain its economy.
6. Lebanese Pound (LBP)
The Lebanese Pound, trading at around 15,000 LBP to 1 GBP, reflects the country’s economic challenges. Lebanon has traditionally relied on banking and tourism, but political instability has hindered economic growth.
5. Indonesian Rupiah (IDR)
Indonesia faces currency devaluation, with 1 GBP equaling around 21,000 IDR. The country’s main exports include palm oil, coal, and natural gas.
4. Laotian Kip (LAK)
Valued at around 18,000 LAK to 1 GBP, Laos relies on hydropower, agriculture, and mining for economic sustenance.
3. Sierra Leonean Leone (SLL)
The Sierra Leonean Leone struggles, with 1 GBP equaling approximately 18,000 SLL. The country’s primary exports include diamonds, gold, and cocoa.
2. Vietnamese Dong (VND)
Vietnam’s Dong faces challenges, with 1 GBP equivalent to around 32,000 VND. The nation relies on manufacturing and exports of textiles, electronics, and seafood.
1. Iranian Rial (IRR)
Topping the list is the Iranian Rial, with 1 GBP exchanging for around 48,000 IRR. Iran, despite being one of the world’s largest oil exporters, faces economic sanctions impacting its currency.
Source: The Daily Express
