Have you ever stopped to think about which is the most devalued currency in the world? Well, I received a photo from a friend traveling through Lebanon holding a bundle of bills that looked like Monopoly money—more than 50,000 Lebanese pounds, the equivalent of about R$ 3.00. That made me reflect a lot on how, while here in Brazil we complain about the dollar, there are countries where people live with currencies that have simply disappeared in value.

The real ended 2024 as the worst currency of the year among the major ones, with 21.52% devaluation, but honestly, that’s nothing compared to what you’re about to see. In 2025, the global situation of persistent inflation, political crises, and economic instability has turned several currencies into real examples of economic fragility.

But after all, what causes this? A weak currency is never an accident. It’s always a volatile combination: hyperinflation where prices double every month, chronic political instability with coups and wars, economic sanctions that cut the country off from the global financial system, international reserves that are far too low, and capital flight, where even citizens themselves no longer trust the national currency.

The Lebanese pound is the clear winner. Officially, it should be 1,507.5 per dollar, but since 2020 that no longer exists. In the real market, you need 90,000 pounds to buy 1 dollar. Banks limit withdrawals, and many stores only accept dollars. A journalist friend told me that Uber drivers in Beirut ask for payment in dollars because nobody wants pounds.

The Iranian rial comes in second—American sanctions have turned it into a third-world currency. With R$ 100, you become a millionaire in rials. The government tries to control it, but there are several parallel exchange rates, and many young Iranians have migrated to cryptocurrencies. Bitcoin and Ethereum have become a more reliable store of value than the national currency itself.

The Vietnamese dong is interesting because Vietnam has a growing economy, but the currency remains historically weak due to monetary policy. You withdraw 1 million dongs at the ATM and receive an amount fit for a TV series. Great for tourists, but for Vietnamese people it means expensive imports and limited international purchasing power.

Then we have the Laotian kip, the Indonesian rupiah, which has historically been among the weakest since 1998, the Uzbek som, reflecting decades of a closed economy; the Guinean franc, despite gold and bauxite; the Paraguayan guarani, which keeps Ciudad del Este cheap for us; the Malagasy ariary from Madagascar, one of the poorest nations; and the Burundian franc closing the ranking—so weak that for big purchases, people literally carry bags of money.

The truth is that which currency is the most devalued in the world changes depending on the crisis, but the pattern stays the same: unstable politics, a fragile economy, and destroyed trust. For Brazilian investors, there are a few clear lessons. Fragile economies involve enormous risks—cheap currencies may look like an opportunity, but most of those countries live through deep crises. There are opportunities in tourism for those who arrive with dollars or euros. And watching currencies plunge helps you understand, in practice, the effects of inflation, corruption, and instability.

Staying alert to these factors is a way to see how important trust, stability, and good governance are for any economy. One way to ensure your money holds value is to invest in assets that go beyond borders and are not subject to local inflation. Investing is a continuous process of economic and social learning.