15 Weakest Currencies in Europe (2025): Ranked by Value

What Defines a “Weak” Currency?

A weak currency is one that has a low value compared to major currencies like the US dollar or the euro. In fact, the weakest currency in Europe 2025 requires hundreds of units to match a single U.S. dollar, reflecting its reduced purchasing power.

Several factors contribute to currency weakness. High inflation is one of the main causes, as it erodes the value of money over time. When prices rise quickly, the local currency loses credibility with both residents and foreign investors.

Political risk and economic instability also play a role. European countries with low currency value often face government uncertainty, conflicts, or fragile economies, which leads to depreciation.

These conditions reduce investor confidence and limit foreign investment, both of which are important for supporting a currency’s value. This is why understanding forex risk management is critical when trading in volatile regions.

What are the Weakest Currencies in Europe? 

Here’s the weakest currencies in Europe in 2025, ordered from weakest to relatively less weak, based on current exchange values as of September 25, 2025.

1. Hungarian Forint (HUF) 

2. Serbian Dinar (RSD) 

3. Albanian Lek (ALL) 

4. Macedonian Denar (MKD) 

5. Ukrainian Hryvnia (UAH) 

6. Turkish Lira (TRY) 

7. Moldovan Leu (MDL) 

8. Icelandic Króna (ISK)  

9. Czech Koruna (CZK)  

10. Swedish Krona (SEK)  

11. Norwegian Krone (NOK)  

12. Belarusian Ruble (BYN) 

13. Romanian Leu (RON) 

14. Polish Zloty (PLN)  

15. Georgian Lari (GEL) 

Weakest Currencies in Europe - Ranking & Exchange Rates 

Below is the table of the 15 weakest currencies in Europe as of 25 September 2025. 

Hungarian Forint (HUF)

Source: leftovercurrency.com

The Hungarian forint (HUF) is the official currency of Hungary. While Hungary is an EU member, it retains the forint rather than adopting the euro, and remains among the Hungary poorest country in EU debates because of its low currency value.

In 2025, the forint is the weakest currency in Europe. Factors like inflation, fiscal challenges, and external market pressures have contributed to its depreciation. The currency’s weakness impacts Hungary’s imports and purchasing power, although it can benefit exports.

USD/HUF Rate (25th September 2025):
1 USD = 333.54 HUF
1 HUF = 0.0030 USD

Serbian Dinar (RSD)

Source: simple.wikipedia.org

The Serbian dinar currency (RSD) is the official money of Serbia, a non-EU country in the Western Balkans.

The dinar’s weakness is linked to moderate inflation, external debt, and reliance on remittances and exports. The National Bank of Serbia manages the currency actively but struggles to achieve significant appreciation.

USD/RSD Rate (25th September 2025):
1 USD = 99.87 RSD
1 RSD = 0.010 USD

Albanian Lek (ALL)

Source: investopedia.com

The Albania currency, the lek (ALL), reflects the country’s small economy and reliance on remittances and tourism.

The lek remains weak in 2025 due to limited industrial output, a sizable informal economy, and external vulnerabilities. While tourism provides some support, the currency’s low value persists.

USD/ALL Rate (25th September 2025):
1 USD = 82.48 ALL
1 ALL = 0.012 USD

Macedonian Denar (MKD)

Source: leftovercurrency.com

The Macedonian denar (MKD) is North Macedonia's official currency. The country maintains a fixed exchange rate against the euro, but against the USD, the denar remains weak.

Limited foreign investment, political instability, and economic constraints contribute to the denar’s position among Europe’s weakest currencies.

USD/MKD Rate (25th September 2025):
1 USD = 52.46 MKD
1 MKD = 0.019 USD

Ukrainian Hryvnia (UAH)

Source: leftovercurrency.com

The Ukrainian hryvnia (UAH) is Ukraine’s official currency. Since the Russian invasion in 2022, the hryvnia has been under significant pressure.

War-induced economic strain, inflation, and infrastructure damage have weakened the currency. Although Ukraine has external financial support, the hryvnia continues to depreciate as the conflict endures.

USD/UAH Rate (25th September 2025):
1 USD = 41.49 UAH
1 UAH = 0.024 USD

Turkish Lira (TRY)

Source: mypivots.com

Despite interventions by the Central Bank of Turkey, the Turkey country currency continues to weaken in 2025, impacting consumer prices and investor confidence.

The lira remains highly volatile due to chronic inflation, unconventional monetary policy, and political risks. Despite interventions by the Central Bank of Turkey, the lira has weakened further in 2025, impacting consumer prices and investor confidence.

USD/TRY Rate (25th September 2025):
1 USD = 41.45 TRY
1 TRY = 0.024 USD

Moldovan Leu (MDL)

Source: leftovercurrency.com

The Moldovan leu (MDL) is the national currency of Moldova, one of Europe’s poorest countries.

The leu is weak due to Moldova’s small economy, reliance on remittances, and limited export capacity. Political instability and economic dependency on Russia and the EU further pressure the currency.

USD/MDL Rate (25th September 2025):
1 USD = 16.58 MDL
1 MDL = 0.060 USD

Icelandic Króna (ISK)  

The Icelandic Króna has one of the lowest nominal values among world currencies, largely due to the country’s small population and economic structure.

After the 2008 banking crisis, which severely impacted Iceland’s financial sector, the Króna underwent significant devaluation.

Although Iceland maintains a high standard of living and a stable economy today, the Króna continues to trade weakly per unit compared to major global currencies.

USD/ISK Rate (25th September 2025):
1 USD = 121.26 ISK
1 ISK= 0.0082 USD

Czech Koruna (CZK)  

The Czech Koruna reflects the strength of the Czech Republic’s industrialized and export-driven economy.

While the nation’s economy is robust and competitive within Europe, the Koruna itself has a low nominal value, requiring multiple units to equal one US dollar.

This low face value does not undermine its relative stability, as it remains a widely used and trusted currency in Central Europe.

USD/CZK Rate (25th September 2025):
1 USD = 20.73 CZK
1 CZK= 0.048 USD

Swedish Krona (SEK)  

The Swedish Krona is the currency of Sweden, one of the most advanced and innovative economies in Europe.

Despite Sweden’s global reputation for strong industries, high living standards, and technological leadership, the Krona has a relatively low nominal value against the US dollar.

This is not a sign of weakness but rather a result of how the currency is structured, as Sweden’s economy remains highly competitive and stable.

USD/SEK Rate (25th September 2025):
1 USD = 9.41 SEK
1 SEK = 0.011 USD

Norwegian Krone (NOK) 

The Norwegian Krone is backed by one of the world’s wealthiest economies, driven by vast oil and gas reserves as well as diversified industries. Norway’s strong fiscal management and sovereign wealth fund ensure long-term financial stability.

However, the Krone’s nominal value against the dollar remains relatively low, reflecting currency denomination rather than economic strength, as Norway continues to rank among the richest nations globally.

USD/NOK Rate (25th September 2025):
1 USD = 9.95 NOK
1 NOK = 0.010 USD

Belarusian Ruble (BYN)

Source: simple.wikipedia.org

The Belarusian ruble (BYN) is the official currency of Belarus. The ruble is under strain from Western sanctions, economic isolation, and alignment with Russia.

The country's monetary policy is tightly controlled, but structural economic weaknesses and inflation keep the BYN undervalued.

USD/BYN Rate (25th September 2025):
1 USD = 3.39 BYN
1 BYN = 0.29 USD

Romanian Leu (RON)

Source: simple.wikipedia.org

The Romanian leu currency (RON) is Romania’s official money. While Romania is part of the EU, it has not adopted the euro.

The leu’s relative weakness stems from persistent inflation, fiscal deficits, and political uncertainty. However, its EU ties provide some financial stability compared to non-EU currencies.

USD/RON Rate (25th September 2025:
1 USD = 4.33 RON
1 RON = 0.23 USD

Georgian Lari (GEL)

Source: advantour.com

The Georgian lari (GEL) is Georgia's national currency. Georgia’s economy relies on tourism, wine exports, and remittances.

The lari remains fragile due to trade imbalances, regional instability, and a small economic base, though reforms continue to support gradual improvements.

USD/GEL Rate (25th September 2025):
1 USD = 2.70 GEL
1 GEL = 0.37 USD

Georgian Lari (GEL)

Source: advantour.com

The Georgian lari (GEL) is Georgia's national currency. Georgia’s economy relies on tourism, wine exports, and remittances.

The lari remains fragile due to trade imbalances, regional instability, and a small economic base, though reforms continue to support gradual improvements.

USD/GEL Rate (25th September 2025):
1 USD = 2.70 GEL
1 GEL = 0.370 USD

Polish Zloty (PLN)  

The Polish Zloty serves as the currency of Poland, the largest economy in Eastern Europe. Poland has experienced consistent economic growth and integration into the broader European market.

However, the Zloty still carries a relatively low nominal value against stronger global currencies.

This low per-unit value does not detract from the Zloty’s stability, which is underpinned by Poland’s expanding industrial base and growing role within the European Union.

USD/BAM Rate (25th September 2025):
1 USD = 3.64 PLN
1 PLN = 0.28 USD

*Note: The Turkish Lira (TRY) is often included due to its strong FX ties with Europe.

Why These Currencies Are Weak

Several currencies in Europe remain weak because of a mix of inflation, devaluation, war, and unstable monetary policies. Let’s look at Belarus, Ukraine, and Turkey to understand the key drivers behind their currency depreciation.

In Belarus, the ruble has been under pressure due to its deep economic ties with Russia. Belarus faces inflationary risks and economic isolation from Western markets, mainly because of sanctions linked to its support for Russia’s war in Ukraine.

The country is heavily dependent on Russian financial and energy support, which leaves the Belarusian ruble vulnerable to Russia’s own economic instability.

Ukraine’s hryvnia has also weakened significantly. The war with Russia continues to weigh on its economy despite international financial support. The Ukrainian central bank raised interest rates to 15.5% in early 2025 to control inflation, which was still high at 14.6% in March.

The hryvnia lost around 10% of its value against the US dollar since it was unpegged in October 2023. Energy shortages, war-related damage, and labour constraints have slowed Ukraine’s economic growth to 3.3% in 2025, further limiting the currency’s strength.

Turkey’s lira remains one of the weakest currencies in Europe, driven by persistently high inflation, which stood at nearly 45% in early 2025. The central bank kept interest rates high at 47.5%, yet the lira continues to slide.

A lack of investor confidence in Turkey’s monetary policy, alongside political risks and a history of currency interventions, have worsened the lira’s position against major currencies like the US dollar and euro.

These examples show how different factors, conflict, inflation, and policy decisions, combine to weaken national currencies in the region.

Weak vs Strong: EUR, CHF & GBP in Comparison

The euro (EUR), Swiss franc (CHF), and British pound (GBP) consistently hold higher value and stability compared to weaker European currencies. Their strength is supported by solid economic fundamentals, controlled inflation, and investor confidence.

To measure strength effectively, traders often use a currency strength meter to compare performance across multiple pairs.

• EUR: Maintains a firm position against the US dollar, reflecting steady growth prospects and balanced monetary policy in the eurozone.

• CHF: Known as a safe-haven currency, the Swiss franc retains strength thanks to low inflation and Switzerland’s reputation for financial stability.

• GBP: Although the pound has faced periods of weakness, its long-term resilience comes from a stable financial system and credible fiscal policy.
   

These stronger currencies benefit from:

• Higher market trust: Investors prefer them during times of uncertainty.

• Predictable monetary policy: Central banks provide clearer guidance on interest rates.

• Stronger investment flows: Economic and political stability attract more capital.

Consequences of Currency Weakness

When a currency weakens, one of the most immediate effects is a loss of purchasing power. Everyday goods that depend on imports become more expensive, raising the overall cost of living for consumers.

A weaker currency also makes imports costlier for businesses. This can lead to higher production costs, especially in countries that rely on importing energy, machinery, or raw materials. Over time, this pushes prices up domestically.

For foreign investors, a depreciating currency signals economic instability. This reduces confidence, as investments in local assets may lose value when converted back to stronger currencies.

As a result, foreign direct investment (FDI) can decline, limiting growth opportunities. A common strategy to protect returns in such environments is applying forex trading risk management to hedge against currency volatility.

In tourism, residents from countries with weaker currencies find it more expensive to travel abroad, curbing outbound tourism. On the other hand, inbound tourism may benefit, as visiting becomes cheaper for foreigners.

Lastly, a weak currency can sometimes boost exports, as locally-produced goods become cheaper for foreign buyers. However, if the economy suffers from broader instability or inflation, this advantage may not materialize fully.

Currency Ranking by Exchange Rate to USD

This table highlights the top 10 weakest currency in Europe, showing how each compares against the U.S. dollar.

Conclusion

In 2025, many European currencies are still struggling with inflation, economic challenges, and the effects of war or political instability.

The Hungarian Forint, Serbian Dinar, and Ukrainian Hryvnia are among the weakest. It's important to note that a low nominal value (like that of the Swedish Krona) does not always equate to a weak economy.

Recovery for the most troubled currencies will depend on inflation control, political stability, and structural reforms. Meanwhile, stronger currencies like the euro and Swiss franc remain stable thanks to healthier economies and more trust from investors.