ECONOMY DOING STUPID: Uganda currency ranked among lowest in the world

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The Ugandan Shilling has been ranked among the weakest currencies in the world. The Ugandan Currency now stands at the 11th position among the weakest currencies in the world. A report released this February shows that, One US Dollar equals 3,582 shillings approximately. Citing the fact that the highest denomination currency note of Ugandan Shilling is 50,000 which is equivalent to 13.96 USD the report warns that Uganda is headed for hard times. Internationally the currencies of countries are compared to the US Dollar .
The list of weakest currencies in the world updated in the month of February 2017 by the Asian leading economic blog ,Life in Saudi-Arabia blogspot gives reasons why countries find themselves with currencies that are very volatile and possible reason of weakening of currencies of any particular country.
Iran has the weakest currency rate in the world as compared with US Dollar. Iranian Riyal is shortly written as IRR and the highest denomination currency note of Iranian Riyal is 100,000 which is equivalent to 3.09 USD. These days one US Dollar is equal to 32,366 Irani Riyals.
The sanctions imposed on Iran have damaged its economic situation and is the major reason for the downfall of her Currency as well. The banking system of Iran is totally cut off from the global system of banking. The sanctions include a ban on trade of Irani oil, resultantly Iran is either unable to sell the black gold to other countries or if they’re willing to trade, Iran is not in position to trade fairly. The situation is exacerbated by USA threatening whoever is willing to trade with Iran.
Dobra ranks at number 2 among the weakest currencies of the world. It is the currency of Democratic Republic of São Tomé and Príncipe, shortly written as STD. One US Dollar is equal to 22,893 STD. The economy is based on imports. The highest denomination currency note of Dobra is 100,000 which is equivalent to 4.37 USD.
Vietnam DongDong ranks at number 3 among the list of the world’s weakest currencies. Almost every one of the generation living in their 30’s knows well about the famous war of Vietnam. That war was a defeat for the super powers but it ruined the economy of Vietnam at large. At the moment 1 US Dollar equals 22,592 Dong Indonesian Rupiah denoted as Rp is ranked no. 4 among the weakest currencies of the world. One unit of US Dollar is equal to 13,376 Rp.
The highest denomination currency note of Indonesian Rupiah is 100,000 which is equivalent to 7.48 USD. Laotian Kip ranks at no.5 on this list and is the official currency of Laos from 1952. Currently 8,220 units of this currency are required to replace one unit of US Dollar. Inflation and the Financial Crisis that occurred in Asia in 1997 are the main reasons of the decline this country’s economy.
The highest denomination currency note of Laotian Kip is 100,000 which is equivalent to 12.17 USD. Guinean Franc ranks at no.6 on the list and is the Currency of the Republic of Guinea. 1 US Dollar equals 9,298 Guinean Francs. Since it’s Independence in year 1958, the country is facing political instability and corruption which have led to loss of the country’s Valuable minerals. The highest denomination currency note of Guinean Franc is 10,000 which is equivalent to 1.08 USD.
Paraguayan Guarani ranks at no.7 on the list of weakest currencies. Guarani is the currency of the Republic of Paraguay. 5,810 units of Guarani equal One US Dollar. Inflation, a large and mostly uncontrollable black market, and trade mark of Corruption are the main causes of this much decline this economy.
The highest denomination currency note of Paraguayan Guarani is 100,000 which is equivalent to 17.21 USD. Sierra Leonean Leone ranks no. 8 among the weakest currencies of the world. Official currency of Sierra Leone is Leone. 1$ is equal to 7,466 Leones. The long civil war is the main cause of decline of this economy. It is a great loss that cannot be repaired by the money received in exchange of export of diamonds.
The highest denomination currency note of Sierra Leonean Leone is 10,000 which is equivalent to 1.34 USD. Cambodian Riel ranks at no. 9 on this list. This is the official currency of the Kingdom of Cambodia. One US Dollar is equal to 4,058 Riel. Cambodia is one of the countries highly affected by corruption. Corruption has ruined important institutions of the state including the Judiciary and Police.
The highest denomination currency note of Cambodian Riel is 100,000 which is equivalent to 24.64 USD. The Malagasy Ariary is the official currency of Madagascar and is ranked no. 10 among the world’s weakest currencies. The Malagasy Ariary was introduced in the year 2005. It is a very weak currency as you can exchange 3,207 Malagasy Ariary with 1 USD. The highest denomination currency note of The Malagasy Ariary is 10,000 and is equivalent to 3.12 USD.
The Zimbabwean Dollar didn’t attract any ranking since it’s believed that the country no longer have a currency in the true economic sense. The reason given for the ever depreciating Ugandan Shilling is that general Uganda has nothing to sell in the International markets after losing out with her formally traditional cash crops Coffee and Tea .”Uganda’s economy was mainly based on exports of Coffee and tea which have been on a decline in the recent decades.
The country is experiencing broad day graft, theft of public funds and an outright dictatorship. The highest denomination currency note of Ugandan Shilling is 50,000 which is equivalent to 13.96 USD”,the reports says.
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