Among the following which was the cheapest currency in the world at the end of 2024 ?

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  1. Iranian Rial
  2. Ugandan Shilling
  3. Vietnamese Dong
  4. Indonesian Rupiah

Answer (Detailed Solution Below)

Option 1 : Iranian Rial
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The correct answer is Iranian Rial.

Key Points

  • The Iranian Rial is considered the world's cheapest currency due to hyperinflation and severe economic sanctions.
  • As of the end of 2024, 1 USD was equivalent to a significantly high number of Iranian Rials, making it the least valued currency globally.
  • The devaluation of the Iranian Rial is primarily attributed to prolonged international sanctions, particularly over Iran’s nuclear program.
  • In 2020, the Iranian government approved a plan to replace the Rial with a new currency called the Toman; however, the implementation has faced delays.
  • The currency crisis has worsened the living standards for many Iranians, as the purchasing power of the Rial has drastically diminished.

Additional Information

  • Hyperinflation
    • It refers to an extremely high and typically accelerating inflation rate, which significantly diminishes the value of a country's currency.
    • Hyperinflation in Iran has been fueled by economic mismanagement, international sanctions, and political instability.
  • Economic Sanctions
    • Economic sanctions imposed by the United States and other nations have severely restricted Iran's access to international trade and finance.
    • These sanctions have targeted key sectors like oil, which is a primary source of revenue for Iran.
  • Currency Devaluation
    • Devaluation occurs when a country officially lowers the value of its currency relative to foreign currencies.
    • In Iran's case, the Rial has been repeatedly devalued due to economic pressures and lack of foreign exchange reserves.
  • Toman
    • The Toman is a proposed new currency intended to replace the Iranian Rial, where 1 Toman equals 10,000 Rials.
    • The move aims to simplify transactions and restore public confidence in the nation’s monetary system.
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