In June 2024, Forbes identified the Lebanese pound (LBP) as the weakest currency in the world. This distinction comes as the currency continues to depreciate against the US dollar, exacerbating Lebanon's economic woes.

As of June 12, 2024, one Lebanese pound is valued at a mere $0.000011. To put it in perspective, $1 equals 89,578 Lebanese pounds. This drastic devaluation underscores the severe economic crisis Lebanon has been facing for several years.

Lebanon has a service-based economy with key exports including precious stones, metals, chemical products, and food and beverages. Despite its strategic location and resources, Lebanon's economy has struggled under the weight of a multifaceted crisis.

The financial sector has been particularly hard hit. Since 2019, Lebanese banks have imposed informal capital controls, limiting withdrawals and transfers, which has eroded public trust. This has exacerbated economic conditions and led to widespread poverty and social unrest.

The continued devaluation of the Lebanese pound has far-reaching implications for Lebanon's economy and its citizens. The cost of living has skyrocketed, with basic goods becoming unaffordable for many. The banking crisis has eroded public trust in financial institutions, leading to a cash-based economy that is difficult to regulate.

Furthermore, political instability has hindered effective governance and economic reforms. Without substantial changes, Lebanon's economic situation is unlikely to improve in the near term. International aid and a concerted effort to address the root causes of the crisis are crucial for the country's recovery.

The Forbes list places the Lebanese pound ahead of other struggling currencies such as the Iranian rial (IRR) and the Vietnamese dong (VND). The Iranian rial, with $1 equating to 42,087 rials, has also suffered due to economic sanctions and political turmoil, including the recent death of President Ebrahim Raisi in a helicopter crash. Similarly, the Vietnamese currency, with $1 buying 25,442 dong, has been weighed down by restrictions on foreign exports and a slowdown in the export sector.

Other currencies in the top 10 list include the Laotian kip (LAK), Sierra Leonean leone (SLL), Indonesian rupiah (IDR), Uzbekistani som (UZS), Guinean franc (GNF), Paraguayan guarani (PYG), and the Malagasy ariary (MGA). These currencies face their own unique challenges, from economic sanctions and high inflation to political instability and external debt pressures.