COUNTRIES WHOSE CURRENCIES LOST THE MOST VALUE IN THE PAST YEAR (OCT. 9, 2007-OCT. 9, 2008)
This has been an unusual year so far for currencies around the world. Relatively few developing countries have seen much devaluation in their currencies, yet several rich nations have had substantial devaluation (partly because of the recent banking industry issues, such as in Iceland, though the US has had at least a temporary increase in its currency value). This list will be out of date fast (especially with rapid fluctuations in currencies the past few weeks), but it at least shows a snapshot of some strange currency bedfellows.
Only one currency, the Zimbabwe Dollar, has had hyperinflation during the past year (with bank notes effectively losing all their value, not just in a year, but usually in less than a month). In contrast, the strongest currency was the Georgian Lari, with a 25% increase in the past year, relative to the U.S. Dollar. The strongest major currency was the Japanese Yen, gaining 16.6% relative to the dollar.
* Later on Oct. 9, 2008, the Icelandic Krona took another nose-dive, possibly pushing this percentage rate to around 80%.
1. Zimbabwe Dollar
2. Iceland Krona*
3. South Korea Won
4. South Africa Rand**
5. Australia Dollar
6. Pakistan Rupee
7. Brazil Real
8. Gambia Dalasi
9. New Zealand Dollar
10. India Rupee
PERCENT DROP IN VALUE
OF CURRENCY COMPARED
WITH U.S. DOLLAR
** The Namibian Dollar, Lesotho Loti and Swaziland Lilangeni have similar rates of decline as they are pegged to the South African Rand.
Data Source: oanda.com (data typically from the close of the previous day). Rates are based on the official exchange rates.
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