Currency

Now, in turbulent times for the whole world, the currencies of different countries are very unstable. The dollar fluctuates, the euro is getting more expensive, and inflation is swallowing the currencies of Asian and Latin American countries.

Unstable currency: records of different currencies for 2021-2022

Many economic factors dictate the weight of money. The value is influenced by:

• supply and demand for a specific currency;

• the amount of money printed in the country;

• GDP growth – through production, exports or ownership of important raw materials (oil, gas, coal, gold, diamonds, etc.).

As of 2022, the most expensive currency in the world is the Kuwaiti dinar. Just 1 dinar is worth more than 3 dollars – this is explained by the huge volume of oil on Kuwait's territory.

The cheapest money in the world is the Iranian rial. For 1 dollar at an exchange office, you can get more than 42 thousand rials.

The highest inflation was recorded by the Venezuelan bolivar – for several years in a row it has been rapidly falling in value – inflation reached 700 thousand percent. At the beginning of 2021, bolivar inflation was almost 3000%.

Turkey's currency, the lira, is also gaining momentum in inflation; due to ambiguous economic policy, it has lost 36% of its value. Of course, these figures are not as large compared to Venezuela, but they are still quite significant.

Exchange rates of the largest countries against the dollar

Below is the approximate value of the money of different countries compared to the dollar as of February 2022:

• Euro – 88 euro cents;

• Japanese yen – 115 yen;

• Chinese currency (Renminbi yuan) – 6.3 yuan per;

• British pound sterling – 74 pence;

• Korean currency (South Korean won) – 1197 won;

The Ukrainian hryvnia fluctuates around 28–29 hryvnias per 1 USD. This is due to the unstable situation in the east and inflation.