The year 2023 was determined by numerous crises and uncertainties. This did not leave the foreign exchange market unaffected. The following currencies suffered the biggest losses in 2023.
Increasing global tensions, high key interest rates, stubborn inflation, great uncertainty on the markets. The list of stress factors in 2023 was long. This was also clearly noticeable on the foreign exchange market, as the following ranking shows. The currencies that have suffered the greatest losses against the US dollar in 2023 are listed. The status of the ranking is December 12, 2023.
Editorial team finanzen.net
11th place: The ranking
The year 2023 was filled with numerous ups and downs. The ongoing war in Ukraine, the renewed war in Israel, high key interest rates and persistent inflation caused great volatility on the markets. This was also clearly noticeable on the foreign exchange market. The following ranking lists the ten currencies that lost the most in value compared to the US dollar in 2023. The status of the ranking is December 12, 2022.
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10th place: Russian ruble
The ranking starts with the Russian ruble. The currency lost 19.12 percent of its value against the US dollar in 2023.
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9th place: Zambian Kwacha
The Zambian Kwacha will be ranked ninth in 2023. Zambia’s national currency fell by 25.45 percent against the US dollar.
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8th place: Turkish lira
The Turkish lira also lost value against the US dollar in 2023. So it went down 35.85 percent – eighth place in the ranking.
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7th place: Malawi Kwacha
Malawi’s currency, the Malawi Kwacha, will be in seventh place in the ranking in 2023. In 2023 it fell 39.8 percent against the US dollar.
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6th place: Kwanza
Angola’s currency, called Kwanza, also lost significant value in 2023. It fell 40 percent against the US dollar.
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5th place: Naira
Nigeria’s currency, the naira, also lost ground against the US dollar in 2023. It lost 40.91 percent of its value, which means it ranks fifth in the ranking.
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4th place: Venezuelan Bolivar Soberano
The Venezuelan Bolivar Soberano lost 50.64 percent against the US dollar during the period studied in 2023 due to high inflation in the country. However, this is not a new development; the Bolivar Soberano has experienced similar losses in value in recent years. With these values, the Venezuelan Bolivar Soberano takes fourth place in this ranking.
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3rd place: Argentine peso
The Argentine peso is in third place among the currencies with the greatest loss in value against the US dollar in 2023. Overall, the Argentine currency lost a whopping 52.63 percent against the US dollar.
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2nd place: Syrian pound
The war-torn country’s currency lost massively in value against the US dollar during the period examined – a full 75 percent fell. This means second place in the ranking.
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1st place: Lebanese pound
The Lebanese pound recorded its largest depreciation against the US dollar in 2023. Due to the severe economic crisis that is shaking the country, it fell by a full 89.85 percent by the deadline.
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