First Bank monitors 10 most declining currencies against US dollar since the end of 2022, LBP, ARS, NGN and EGP at the front

Global markets have suffered several consecutive crises in the recent period, beginning with the outbreak of the coronavirus "COVID-19" in early 2020, the Russian-Ukrainian war and its economic and political repercussions affecting various countries around the world, as well as the supply chains crisis that pushed inflation to unprecedented levels.

These various variables have led to multiple economic phenomena, including continuous declines in economic growth rates, growing debt challenges in developing countries and emerging markets, and following growing protective measures, leading to a global trade war.

As a result of all the above, the currency exchange markets in various countries of the world have experienced considerable fluctuations, leading to the decline of some currencies against the US dollar and the rise of others. The First Bank ranking center reveals the 10 most declining currencies against the US dollar from the end of 2022 to March 7, 2024.

The Lebanese pound recorded the highest decline against the US dollar after the exchange rate of the US dollar against the Lebanese pound rose by 5,858% in 14 months. The exchange rate of the US dollar recorded about LBP 1505.5 on 31 December 2022, while the exchange rate on 7 March 2024 was about LBP 89,700, making it the world's worst performing currency during the period under analysis.

The Argentine peso came second, following the rise in the exchange rate of the US dollar against the Argentine peso at a rate of 375.4% in the period under analysis. The exchange rate of the US dollar recorded ARS 178.10 on 31 December 2022, while the exchange rate on 7 March 2024 was about ARS 846.74.

The Nigerian Naira was third in the 10 most declining currencies against the US dollar, after the exchange rate for the US dollar jumped by about 255.01% during the period under analysis. The exchange rate of the US dollar registered about NGN 447.580, while its exchange rate at the end of March 7 reached NGN 1589.10.

The Egyptian pound was the fourth most declining currency against the US dollar, after the dollar's exchange rate against the Egyptian pound rose by 99.84% during the period under analysis. The exchange rate of the US dollar recorded about EGP 24.67 at the end of 2022, while the exchange rate by the end of the defined period recorded about EGP 49.30 at the end of March 7, 2024.

The Turkish lira was in fifth position on the 10 most declining currencies against the US dollar, given that the US dollar's exchange rate against the Turkish lira rose by 70.12% during the period under analysis. The US dollar exchange rate was around TRY 18.7148 by the end of 2022, while the exchange rate recorded about TRY 31.837 by the end of March 7, 2024.

The Russian ruble's exchange rate against the US dollar jumped by 27.36% from the end of 2022 to March 7, making it the world's sixth most declining currency, with its exchange rate against the US dollar recorded RUB 71.1375 at the end of 2022, while its exchange rate on March 7 recorded about RUB 90.6025.

Ghanaian Cedi was the seventh most declining currency against the US dollar, after its exchange rate against the US dollar rose by 23.79% from the end of 2022 to March 7 as its exchange jumped around GHS 10.30 against the end of December 2022, while its exchange rate on March 7, 2024 was around GHS 12.75.

The Pakistani Rupee was eighth in the 10 most declining currencies against the US dollar, after the US dollar exchange rate jumped by about 23.45% during the period under analysis, with the exchange rate against the US dollar rising to PKR 226.40 by the end of 2022, while the exchange rate was around PKR 279.50 by the end of March 7, 2024.

The Kenyan Shilling was the ninth most declining currency against the US dollar due to a strong rise in the exchange rate against the Kenyan shilling of 15.07% during the period under analysis. The US dollar's exchange rate recorded about KES 123.40 by the end of December 2022, while its exchange rate was KES 142 at the end of March 7, 2024.