What do you thik what the cheapest currencies in the world in 2017 are? Insider Monkey has recently published an interesting article about this topic. how do you know if one currency is weak or strong? Well, in order to realize it, it has to be first contrasted to another currency. Indeed, the exchange rate can be defined as “the ratio at which the principal unit of two currencies may be traded”. The usual parameters for all other currencies are Dollar or Euro, as they are mostly used. Moreover, currencies are often changing their values. Even though its strength is shown mainly through its stability, and currency’s stability is an indicator of a strong economy among others, it doesn’t always have to be the case that the cheap currency is bad for one country’s economy. Let’s see why. One of the reasons is that export could grow as one country’s goods are relatively cheaper compared to the goods of stronger currencies.
Now without a further ado let’s see what Insider Monkey has investigated for us. We have picked four currencies from their list.
The first currency is Costa Rican Colon. 1 USD = 565.285 CRC. Costa Rican Colon was introduced in 1896, by replacing Costa Rican Peso. The symbol is big letter C with two diagonal strokes. It is named after Christopher Columbus, known as Cristobal Colon in Spanish. The secong currency is Paraguayan Guarani. 1 USD = 5,575.07 PYG. Paraguayan Guarani is the national currency of Paraguay. It is divided into 100 Centimos, but because of the inflation, centimos are no longer used. Guarani was first introduced in 1944. The third currency is Guinean Franc. 1 USD = 9,018.04 GNF. First Guinean franc was issued in 1959, when it replaced the CFA franc which is short for West African CFA Franc and Central African CFA Franc – two currencies that were used in Africa, but guaranteed by France. Then in 1971, Franc was replaced with Syli, but reintroduced in 1985 and it has been in use until now. The last currency we are mentioning now is Indonesian Rupiah. 1 USD = 13,320.60 IDR. Rupiah is the official currency of Indonesia. The name “rupiah” come from a Hindustani word that in translation means silver. In addition, you can hear Indonesians use the word “perak”, which also means silver and it refers to rupiah, but in a more informal sense.
For any further interesting information read Insider Monkey’s article about 12 the cheapest currencies in the world in 2017.