Sierra Leone’s Leone Ranks as World’s Fourth Weakest Currency according to Forbes

Sierra Leone’s legal tender, the Leone has been ranked as the fourth weakest currency in the world. 

The ranking, by Forbes, was based on the amount of U.S. dollars that will buy one unit of each currency. With an exchange rate of 1 Leone equating to 0.000057 dollars, or $1 equaling 17,665 Sierra Leone Leones in May 2023 according to Forbes currency converter, the country’s currency faces significant challenges on the global financial stage.

The value of a country’s currency is often an indicator of its economic strength and stability. Unfortunately, Sierra Leone’s legal tender has been negatively affected by various factors, including high inflation, economic weaknesses, and substantial debt burdens. These issues have contributed to the devaluation of the currency, making it one of the weakest in the world.

Observers point to several key factors that have hampered Sierra Leone’s currency. The country continues to grapple with the aftermath of a devastating  Ebola outbreak in 2015, as well as the remnants of a previous civil war. These events have left a lasting impact on the nation’s economy and have hindered its ability to recover fully.

The World Bank, acknowledging the difficulties faced by Sierra Leone, emphasizes that the country’s economic development has been hindered by both global and domestic shocks. It is clear that the path to economic stability and a stronger currency will require comprehensive efforts and reforms to address these underlying issues.

Top three on the list of the world’s weakest countries include the Iranian Rial (IRR), Vietnamese Dong (VND), and Laotian Kip (LAK.) See full list here.