A number of emerging and frontier market currencies recorded steep losses against the U.S. dollar in the first half of 2025, with Venezuela and several African nations at the forefront of global currency depreciation.
According to the latest figures, the Venezuelan bolívar topped the list, plummeting by a staggering 51%.
Meanwhile, the South Sudanese pound dropped by 15%, followed by the Burundian franc (13%), Nigerian naira (11%), and Tunisian dinar (9%).
In the first half of 2025, the Venezuelan bolívar suffered the sharpest depreciation against the U.S. dollar, plunging by a staggering 51%, amid the country’s continued economic crisis.
Two other currencies — the South Sudanese pound and the Argentine peso — followed with a steep decline of 15% each, reflecting deepening fiscal and inflationary challenges.
The Turkish lira also experienced significant pressure, weakening by 13%, while the Libyan dinar fell by 9%, driven by political and monetary instability.
Among sub-Saharan African currencies, the Tanzanian shilling and the Liberian dollar each dropped by 8%, placing them among the most devalued currencies globally. The Surinamese dollar declined by 7%, while the Ethiopian birr and the Rwandan franc recorded smaller but notable declines of 6% and 5%, respectively.
These currency losses underscore the growing vulnerabilities of emerging and frontier markets, particularly in the face of global financial tightening, rising inflation, and mounting debt obligations.
As the U.S. dollar remains relatively strong, these economies continue to struggle with capital outflows, limited foreign reserves, and fragile investor confidence.
Top 10 Most Devalued Currencies vs. U.S. Dollar – H1 2025
| Rank | Currency | Decline (%) |
| 1 | Venezuelan Bolívar | –51% |
| 2 | South Sudanese Pound | –15% |
| 3 | Argentine Peso | –15% |
| 4 | Turkish Lira | –13% |
| 5 | Libyan Dinar | –9% |
| 6 | Tanzanian Shilling | –8% |
| 6 | Liberian Dollar | –8% |
| 8 | Surinamese Dollar | –7% |
| 9 | Ethiopian Birr| –6% |
| 10 | Rwandan Franc | –5% |
These declines reflect a combination of high inflation, currency instability, debt pressures, and political uncertainty in many of the affected countries. With global interest rates elevated and U.S. dollar strength persisting, several emerging market currencies remain under pressure.
In particular, African currencies dominate the list, highlighting structural economic vulnerabilities and the urgency of reform and stabilization efforts in the region.
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