Sierra Leonean Leone (SLL) Listed Among 2024’s Weakest Currencies Worldwide – Forbes

Forbes has identified Sierra Leonean Leone (SLL) as one of the world’s weakest currencies in 2024. According to the American Business Magazine’s latest rankings Leone holds the third position, trailing behind the Iranian rial (IRR) and Vietnamese dong (VND). 

Other currencies listed among the weakest include the Laotian kip (LAK), Indonesian rupiah (IDR), Lebanese pound (LBP), Uzbekistani som (UZS), Guinean franc (GNF), Paraguayan Guarani (PYG), and Ugandan shilling (UGX).

Forbes assesses currency strength based on exchange rates with the US dollar. At present, an astonishing 20,833 Leones are required to acquire a single dollar, underscoring the substantial devaluation of the currency.

Introduced in 1964 and operating freely in the market, the Leone has grappled with various economic challenges. Factors such as rampant inflation exceeding 40 per cent, a significant debt burden, sluggish economic growth, and lingering consequences from the COVID-19 pandemic and other global crises have collectively contributed to the devaluation of the Leone. 

With the recent denomination of the Leones, this depreciation directly affects the citizens of Sierra Leone, leading to increased costs for everyday purchases and a decline in purchasing power.

Sierra Leone is a resource-rich country with exports like timber, diamonds, gold, and industrial metals. Despite these resources, currency stability has remained elusive, leaving both the government and many Sierra Leoneans to confront the repercussions of a depreciating Leone.