The 10 worst performing currencies in the world in 2022.. Among them is the currency of an Arab country

suffered foreign exchange markets From a difficult journey in 2022, but in some countries, a combination of geopolitical pressures and central bank errors has pushed currencies into a “death spiral”.

The dollar’s rally throughout the year, as investors flock to the traditional “safe haven” amid a flood of geopolitical and macroeconomic shocks, has weighed heavily on many emerging market currencies.

Johns Hopkins University applied economics professor, Steve Hanke, publishes a regular list of the year’s worst performing currencies – in which the Ghanaian cedi is close to the top, according to CNBC and Al

“Al-Sidi” recorded a new record low against the dollar on Wednesday of last week, at some point, recording 14.24 before recovering slightly. The general trading started at just over 6 “cedi” against the dollar, according to Refinitiv data, which means the US currency has appreciated more than 1.3 times against the West African nation’s currency.

Hanke said on Twitter last week that the “cedi” is “undesirable currency for the central bank” and suggested the country “stop its central bank and install a currency board” in order to restore order.

Zimbabwe and Cuba

However, the decline of the “Cedi” makes it the third worst performing currency in the world this year.

In second place is the Cuban peso, which has fallen 56.36% against the dollar, behind the Zimbabwean dollar, which has lost 76.74% of its value against the dollar since January. Both Zimbabwe and Cuba have severe inflation levels.

“Zimbabwe’s economic death spiral continues to spin,” Hanke said last week. National statistics agency ZimStat reports that inflation in the country was 268 percent annually in October, but Hanke’s own estimate puts it at 417%. Like Ghana, the authorities in Zimbabwe have tried to shore up the local currency and fight inflation by clamping down on Zimbabwean dollar payments.

Sky-high inflation is also a central problem in Cuba, where the Hanky ​​model puts increases in consumer prices at 166% annually.


The Egyptian pound fell against the dollar last week to a new low, falling to 24.42, making its way to Hanke’s list of the 10 worst performing currencies in 2022.

In turn, Fitch Ratings recently lowered the country’s credit outlook to negative citing a deteriorating external liquidity position and the risk of diminishing access to the bond market. Meanwhile, Egypt’s foreign exchange reserves depleted to less than $32 billion in October from $35 billion in March.

Fitch indicated that the financing problems in Egypt are exacerbated by the 6 billion dollars of maturities of the upcoming foreign debts next year and another 9 billion dollars in 2024.

“Despite the financial deals announced at the COP27 conference in Sharm El Sheikh this week, the continued exit of investors in general is likely to further weaken the Egyptian pound against the dollar in the coming days,” said AZA Finance trader Mitch Diedrick.

Other currencies on the list as of last week include the Sri Lankan rupee, Venezuelan bolivar, Sierra Leone leone, Myanmar kyat, Laotian kip and Ukrainian hryvnia.

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