Top 10 Weakest Currencies

One fourth of the global currencies have values of more than 100 units per dollar, according to UN Operational Rates of Exchange on October 01, 2020. Most of the countries that have strong currencies against the dollar are liberal economies that have positive relationships with Western countries and the Breton woods institutions, while economies that have the weakest currencies are by large labeled as socialist countries. In fact, countries like China are accused by the West of devaluing their currency intentionally, in a bid to boost their export competitiveness. Oil exporting countries have strong currencies against the dollar.

Currencies of most African countries are in large variance with the dollar, according to the data. This is largely attributed to weak export competitiveness.

Ethiopia’s Birr stood at ETB36 against the dollar, while the parallel market jumped to ETB52, following the Birr note replacement on September 14, 2020. EBR

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9th Year • Oct 16 – Nov 15 2020 • No. 91