As of January 15, 2024, several countries have experienced significant depreciation against the US dollar in the past year. Lebanon tops the list with a staggering 896.35% depreciation, followed by Syria at 417.72% and Argentina at 350.21%. Nigeria, Venezuela, Angola, Malawi, South Sudan, Türkiye (Turkey), and Zambia also feature on the list, with depreciations ranging from 42.07% to 111.68%.
This data reflects the economic challenges faced by these nations, likely attributed to various factors such as political instability, inflation, and economic mismanagement. The severe depreciation of their currencies against the US dollar can have profound effects on their economies, including rising import costs, inflationary pressures, and potential difficulties in servicing foreign debt.
The situation in Lebanon, for instance, is particularly dire, with the country facing a severe economic and financial crisis. The Lebanese pound’s dramatic depreciation indicates the depth of the economic turmoil the nation is currently enduring. Similarly, Syria’s currency depreciation reflects the ongoing conflict and economic instability in the region, while Argentina’s struggles have been influenced by long-standing economic issues.
Nigeria, a major oil-producing nation, has grappled with exchange rate pressures due to fluctuations in global oil prices. Venezuela’s economic woes, including hyperinflation and political instability, have led to significant currency devaluation. Angola faces challenges due to its heavy reliance on oil exports, and South Sudan’s currency depreciation reflects the economic disruptions caused by years of conflict.
Turkey, despite being an emerging market, has experienced currency depreciation, likely due to a range of economic and geopolitical challenges. Zambia’s currency has also faced pressure, potentially linked to debt sustainability concerns and economic imbalances.
Here is a list of top 15 worst currencies against the US Dollars in 2024
|
Country |
Depreciation |
|
Lebanon |
896.35% |
|
Syria |
417.72% |
|
Argentina |
350.21% |
|
Nigeria |
111.68% |
|
Venezuela |
85.27% |
|
Angola |
67.34% |
|
Malawi |
65.58% |
|
South Sudan |
63.81% |
|
Türkiye |
60.14% |
|
Zambia |
42.07% |
|
Burundi |
38.42% |
|
Congo |
32.91% |
|
Belarus |
29.70% |
|
Kenya |
29.04% |
|
Russia |
27.58% |