NO.1 Turkish LiraTurkish President Recep Tayyip Erdogan's current strategy is to transform Turkey into a manufacturing powerhouse with a cheaper lira. So he cut interest rates as countries raised them and fired a succession of central bank officials who refused to do so. As a result of his series of manoeuvres, in 2021, the lira lost 44% of its value against the dollar, almost decimating it.
NO.2 Argentine PesoIn 2021, the country's inflation rate exceeds 50%. Between 4 January 2021 and 5 January 2022, the Argentine peso ranks second among the 10 currencies that have fallen the most against the US dollar, with a depreciation of 17.85%.
NO.3 Chilean PesoIn 2021, the Chilean peso fell by as much as 16.88% against the US dollar. At the end of the year, policy instability due to the presidential election affected investor confidence, further weakening the Chilean peso, pushing up the cost of imports and increasing price inflation.
NO.4 Colombian pesosIn 2021, the Colombian peso will depreciate by 15.90% against the US dollar, and the import trade will be severely affected, with the retail market facing a shortage of some imported goods and high prices.
NO.5 Thai BahtThe Thai baht was the worst performing currency in Asia in 2021, falling from 30 baht per US dollar at the start of the year to 33 baht per US dollar at the end of the year. At the same time, the Chinese Yuan climbed against the Thai Baht and broke the 5.0 barrier, reaching as high as 5.3 at one point.
NO.6 Korean wonThe Korean won is the second worst performing currency in Asia in 2021. The won has been under pressure over the last year as the US dollar has strengthened and the South Korean authorities have imposed a wide-ranging embargo to curb the rise in infection cases, with the won depreciating by up to around 4.8% since last August and the US dollar to won exchange rate breaching the important psychological mark of 1200 at one point.
NO.7 Romanian leiAt the beginning of 2021, the exchange rate between the US dollar and the Romanian leu is 3.9, rising to 4.3 by the end of 2021.
NO.8 Saul, PeruAt the beginning of 2021, the US dollar was trading at 3.6 against the Peruvian sol, and at one point in late 2021, it broke the 4.0 barrier, setting new all-time highs throughout the year.
NO.9 Forint, HungaryThe Hungarian economy has been in a bit of a mess over the last year, with the forint weakening and prices rising, and life after "forints for euros" has not been as good as it could have been.
NO.10 Zloty, PolandAt the beginning of 2021, the USD-Polish zloty exchange rate was 3.7, rising to 4.0 by the end of the year.