Least valued currency unit

The 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 United States dollar (USD) or the euro (EUR). Sub-units are not considered when looking for the least valued currency: for example, while a British pound sterling might be considered, a British penny would not be.

Current least valued currency units

As of September 22, 2008, there were 26 currencies for which 1 USD was worth over 1,000 units.

In addition:
* If black market rates were used, some of the items would rank differently. The North Korean won is believed to be worth about 2,500 to the US dollar [http://www.foreignpolicy.com/story/cms.php?story_id=3880] as of June 2008, the Myanmar kyat is worth about 1,150 to the US dollar [http://www.reliefweb.int/rw/rwb.nsf/db900sid/EDIS-7FHMYF?OpenDocument] as of June 2008, the Somali shilling approximately 34,000 to the US dollar [http://www.irinnews.org/report.aspx?ReportId=78049] as of May 2008, and the Vietnamese dong about 18,500 to the US dollar [http://www.vnbusinessnews.com/2008/06/dong-little-changed-on-steady-official.html] as of June 2008.

* As of April 2008, a "commercial rate" separate from the official exchange rate exists in Turkmenistan available only within its borders at 17,600 manats for the sale of US dollars and 17,430 manats for the purchase of US dollars by the central bank. [http://www.iwpr.net/index.php?apc_state=hen&s=o&o=l=EN&p=rca&s=f&o=344356]

* Somaliland, not widely recognised as an independent sovereign state, issues its own currency, the Somaliland shilling. The [http://www.somalilandgov.com/bank.htm Somaliland Central Bank] currently has no official exchange rate. Unofficial exchange rates have fluctuated between 5,750 and 6,250 shillings per dollar since late 2004 with the rate approximately at 6,000 shillings to the US dollar as of June 2008 [http://www.fsausomali.org/fileadmin/uploads/1313.ppt#272,7,Slide 7] .

* The Zimbabwean dollar had 10 zeros cut off on 1 August 2008. Therefore, the exchange rate of Z$70 billion (Z$750 billion parallel rate) was cut to Z$7 (Z$75 parallel rate).

; Notes : + – Redenomination is currently being considered.: ‡ – The least valued currency of any OECD member state

Historical least valued currencies

Many currencies are not permitted to float on the foreign exchange market, to prevent capital flight or for political reasons. As a result, the parallel market (black market) price of a currency may deviate substantially from its official value.

ee also

*Highest valued currency unit
*Devaluation
*Inflation
*Hyperinflation
*Denomination (currency)

References

* [http://www.xe.com www.xe.com]
* [http://www.oanda.com www.oanda.com]
* [http://www.bloomberg.com/markets/currencies/americas_currencies.html Bloomberg.com: World Currencies]