5 Surprising Examples of Countries Whose Currencies Are Devaluing Faster Than The Rand

Money Map

One thing I have noticed since Travelstart started expanding to multiple markets all over the world (10 currently, to be exact) is that everyone is hypercritical of their own countries. It doesn’t matter if you’re Nigerian, South African, Kenyan or even British or German, chances are you’ll think your country is worse off than everyone else in one way or another.

I recall an article I was reading about how the Chinese (with all their immensely fortunate predictions of eternal growth and world domination) fear that the end of their economic successes is nigh and are looking to buy citizenship in Europe to escape the inevitable collapse back home. No one is safe from pessimism, it seems. Granted, our fear of demise when looking at exchange rates is based on some facts: the Rand has fallen some 15% against the US Dollar, 26% against the Pound and 23% against the Euro in the last year. But what I found recently is that we are far from the worst off, and I’m not comparing ourselves to the likes of war ravaged Central African Republic or terrorist-haven Somalia. There are some pretty big economies out there with similar or worse performance vs the first world currencies.


Fellow BRICS pal and Football World Cup hosts Brazil have lost 35% vs the Dollar, 67% vs the Euro and 29% vs the British Pound over the past 12 months. The Economist cites protests, poor tax legislation and national debt at almost 70% of GDP, massive compared to SA’s less than 50%.


Another South American superstar now in the economic gutters is Argentina. This may seem surprising to many since Buenos Aires, dubbed “The Paris of the South,” bears little resemblance economically to its European nick-namesake. With a government often blamed for resting on the laurels of its predecessors just as much as ours is, they fare far worse on the currency markets. The Argentine Peso has lost a staggering 55% against the US Dollar in the past 12 months, 67% against the Euro and 71% against the Pound.


Another BRICS pal, although they’re in the dog box now, had seen huge weakening of its currency even before the latest invasion/liberation debacle. The Ruble lost 29% against the Pound while that’s not worse than SA, it has lost 16% against the Dollar and 24% against the Euro.


A massively popular destination for South Africans and millions of other tourists is likely to stay that way from an affordability standpoint. With protests and corruption scandals which make our local situation look positively Norwegian by comparison, it’s no wonder they’re in the same difficult position as us. The Turkish Lira has lost 22% against the Dollar in the last year and 32% and 34% against the Euro and Pound respectively.


South East Asia’s most populous nation and largest economy is no stranger to economic turbulence and as of late it’s been riding the same trough that we have. In the past 12 months it lost 25% against the Euro, 16% against the Dollar and 28% against the Pound.

Some developed countries are also suffering

While much of the developed world has suffered less than the countries listed above, there are a handful which have not had an entirely smooth ride. Over in the promised land for South Africans, the Australian Dollar has lost 13% against its US counterpart. If we expand the scope to 2 years, the Japanese Yen has lost over 21% and the Canadian Dollar over 12% against the US Dollar too. Now flip it around a bit and look at the US Dollar vs the British Pound and over the past 12 months the US Dollar has lost 15% of its value.

What I’m getting at is it’s all relative and before you turn to punch yourself in the nose as a South African, realise that we’re not alone in this ride and we’re most certainly not at the bottom of the exchange rate barrel!

Our Readers Comments

  1. Argentina is a good decision

  2. I spent Dec ’13 / Jan ’14 in Argentina. It’s true that the currency is devaluing quite rapidly – almost on a daily basis. There’s an official exchange rate and a “blue dollar” rate which gets you more pesos for your dollars (although it is not regarded as legal). When visiting Argentina, take US Dollars from SA!
    However, spending money in Argentina can be a little difficult. You’ll be advised to pay everything in cash. You get a lousy rate on your credit card. In Buenos Aires retailers and restaurants frown if you give them a 100 Argentinian peso bill – they prefer smaller bills. If you travel out of Buenos Aires (e.g. to Patagonia), you get a lower rate for the US Dollar, so exchange as much as you can in Buenos Aires. Once you figure this out, you can travel far and have an amazing time in Argentina

  3. While Brazil might have lost alot to the greater currencies, it is still far superior to the Rand, things were so expensive there I might as well have been in Europe!

  4. Who’s = who is
    Whose = belonging to who

  5. There must be others in the same boat.
    What about Myanmar and Bangladesh?
    Pity you did not include a direct comparison to the Rand.
    Thanks for the info anyway!

  6. Well written article with some great information.

  7. Thanks for great! article! What about Croatia, Spain and Portugal? Are those countries expensive to travel to? Id love to go to some little island in Croatia.
    Many thanks

    • hey there always willing to give positive feedback on croatia. its a destination well worth visiting. at the moment you can find accomadation at good rates living very close to the coastline. close as in walking distance. the kuna feels costly but for some reason a bit more economical than the euro and because things generally are a bit cheaper than the rest of europe it feels your money goes a bit further. put all economic set backs aside it will be destination you will not regret maybe not a rare gem anymore but get out there before it becomes another overpopulated tourist destination.

  8. The fact remains, ones earned R SA Rand when internet transfer in my instance to Australia, I am only receiving 1/10th of Australian $’s in exchange value. It’s near impossible to exist on such terms. Gannet.

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