|karma level 72714|
Most Valueless Currencies in the world
How would you like to be a billionaire? It's easy, just move to the countries below.
Zimbabwe as an example, this country's entire population of over 12,000,000 are billionaires. In fact, many are trillionaires, or even quadrillionaires. in case you're unfamiliar with "quadrillions, " a quadrillion is a million billion, or a 1 followed by 15 zerosThe least valued currency unit is the currency in which a single unit buys the least number of any given other currency or the smallest amount of a given good. Most commonly, the calculation is made against a major reserve currency such as the euro (EUR) or the United States dollar (USD
As Americans worry about the rate of inflation exceeding 4 percent, we should consider Zimbabwe, where the inflation rate broke the shocking 100,000 percent mark and the country released a 250 million-dollar note (now valued below $4 on the black market). But Zimbabwe's currency is hardly the only one inflated beyond reason.
Last month, a pint of milk (if you were lucky enough to find one in the store) cost Z$3 billion, a single egg, Z$4 billion. A pound of margarine cost Z$25 billion and a pack of 10 cookies costs Z$19 billion. That was last month. Prices are even higher today.
500,000-dong note. U.S. value: $31.37
An early-1980s U.S. embargo hobbled exports, leading to price controls and the printing of excess currency.
Early this month, the Vietnamese dong rate in the black market has strengthened towards the official level after the government released more dollars into the economy and cracked down on state banks' currency transactions, which traded at 16,849.50 per dollar.
100,000-rupiah note. U.S. value: $11.05
During the 1997 Asian financial crisis, the rupiah lost 80 percent of its value within months, sparking riots in Jakarta (and soon ending President Suharto's 32-year rule). From the years 2000 to 2008, the exchange rate has generally been between 8,000 and 11,000 rupiah to one United States dollar. As of June 2008, one United States dollar is worth approximately 9,300 Indonesian rupiah.
50,000-rial note. U.S. value: $5.35
Since the 1979 revolution, Iran's inflation rate has hovered around 15 percent, thanks in part to ever-rising oil prices.
Until 2002, Iran's exchange rate system was based on a multi-layered system, where state and para-state enterprises benefited from the preferred rate (1750 rial for $1) while the private sector had to pay the market rate (8000 rial for $1), hence creating an unequal competition environment. However, in March 2002, the multi-tiered system was replaced by a unified, market-driven exchange rate.
São Tomé (Sao Tome)
50,000-dobra note. U.S. value: $3.47.
This African island nation's economy is tied to the volatile price of its chief export, cocoa, and is measured against its trading partners' robust euro.
In late 2000, São Tomé qualified for significant debt reduction under the IMF-World Bank's Heavily Indebted Poor Countries (HIPC) initiative. The reduction is currently being reevaluated by the IMF, due to the attempted coup d'etat in July 2003 and subsequent emergency spending.Guinea
10,000-franc note. U.S. value: $2.33
In 2002, the mineral-rich African country refused to implement reforms mandated by the International Monetary Fund; foreign cash dried up, and the central bank printed too much money.
From an average value of about 2500 Guinean francs to the pound sterling during the year 2000, the value of the currency has fallen to a current level (April 2006) of about 8000 to the GBP and about 4500 to the United States dollar.
50,000-Lao Kip. U.S. value: $5.73
Laos is a landlocked country with an inadequate infrastructure and a largely unskilled work force. The country's per capita income in 2004 was estimated to be $1,900 on a purchasing power parity-basis.
The Asian financial crisis, coupled with the Lao Government's own mismanagement of the economy, resulted in spiraling inflation and a steep depreciation of the kip, which lost 87% of its value from June 1997 to June 1999.
10,000-manat note. U.S. value: $1.92
Since 1991 – the last year of existence of the USSR – up to 1993 – the last year of rouble zone existence – the rate of inflation was measured in tens, hundreds and even thousands per cent per year.
For the recent years the process of involving internal sources of investment into the sphere of currency turnover and currency accrual has become unprecedented in its scale.
Receive best posts in your inbox.