5 Worst Performing Currencies of 2023

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1. Lebanese Pound

Price Against 1 USD on January 2, 2023: 1507 

Price Against 1 USD on September 15, 2023: 15021

Percentage Decline in Price in 2023: 896%

The Lebanese Pound is the official currency of Lebanon, a country in the Middle East bordered by Syria and Israel. A combination of factors, including the impact of the COVID-19 pandemic, an explosion at an important port in 2020, and the Russian invasion of Ukraine, forced the central bank in the country to print more money, essentially erasing the value of the local pound and causing inflation and the US dollar to soar in value. The country pinned hopes on the IMF for a turnaround but the conditions set by the world lender have forced a rethink of policies in the government, leading to a slowdown in the economy that is expected to last for several months before the situation can be improved.  

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