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10 Weakest European Currencies | Market Pulse
While the euro may have been adopted by many European nations, plenty still use their own currencies. Some are strong, such as the British pound and Swiss franc, while others are much weaker.
This FXOpen article explores ten of the weakest currencies in Europe in 2025, ranking them and discussing reasons for their low valuations.
10 Weakest Currencies in Europe in 2025
There are several weak currencies in Europe, but they aren’t all weak for the same reasons. Below, we’ll break down precisely why they’re so weak: economic struggles and mismanagement, geopolitical and political conflicts, and more.
The ten weakest currencies in Europe are:
- Hungarian forint (HUF)
- Icelandic króna (ISK)
- Serbian dinar (RSD)
- Albanian lek (ALL)
- Macedonian denar (MKD)
- Ukrainian hryvnia (UAH)
- Czech koruna (CZK)
- Moldovan leu (MDL)
- Norwegian Krone (NOK)
- Swedish Krona (SEK)
*The rates are effective on the 5th of December, 2025.
1. Hungarian Forint (HUF)
1 HUF = 0.0030 USD
The Hungarian forint is the weakest currency in Europe because of the country’s reliance on foreign-denominated loans and a high level of public debt. Hungary’s economic policy has often been a subject of debate. The economic measures, such as imposing special taxes on certain sectors, raise concerns among international investors and financial institutions. Hungary exports machinery and equipment, and it also has a developing tourism industry.
2. Icelandic Króna (ISK)
1 ISK = 0.0078
The Icelandic króna’s (ISK) weakness is a product of Iceland’s small, isolated position in Europe and a dependence on tourism and fish exports. In the 2008 financial crisis, Iceland’s banking sector collapsed and severely devalued the ISK. It has failed to recover since. Volatility in the ISK continues to be driven by a lack of economic diversification and capital controls.
3. Serbian Dinar (RSD)
1 RSD = 0.0099 USD
The Serbian dinar is affected by economic factors such as a trade deficit, high public debt, and political uncertainty. The currency struggled with inflation, historically leading to a decline in the purchasing power of the RSD. Serbia’s attempts at currency stabilisation have been met with mixed success, as it faces economic challenges like structural reforms and political tensions in the region.
4. Albanian Lek (ALL)
1 ALL = 0.0120 USD
The Albanian lek is the currency of Albania. The nation’s economic well-being relies significantly on the financial support sent back by Albanians employed overseas. Relatively high unemployment rate (8.1% in Q3 2025) have resulted in a greater-than-usual reliance on informal economic activity. Additionally, Albania has an unstable political environment, which has an impact on the value of the ALL.
5. Macedonian Denar (MKD)
1 MKD = 0.0189 USD
North Macedonia, where the denar is the official currency, has a relatively small and less diversified economy, which relies heavily on a few sectors, such as manufacturing and agriculture. This makes it vulnerable to economic shocks. Limited foreign direct investment inflow has been an issue for North Macedonia. The country faced periods of political instability and uncertainty, which negatively impacted investor confidence and economic stability. Frequent changes in government and political disputes contributed to this instability.
6. Ukrainian Hryvnia (UAH)
1 UAH = 0.0237 USD
The Ukrainian hryvnia (UAH) has been battered in recent years due to the Russia-Ukraine conflict. Industrial output has been severely limited, with key infrastructure damaged and Ukraine now dependent on international support. Along with a reliance on energy imports and agriculture exports, these factors have dragged the hryvnia down to an all-time low in November 2025. The UAH’s decline looks likely to continue as long as the conflict continues.
7. Czech Koruna (CZK)
1 CZK = 0.0480 USD
The Czech Koruna (CZK) is a weak currency but it experiences smaller price swings compared to others on this list. The Czech Republic is an export-driven economy with a strong manufacturing sector, and its performance is closely tied to broader European economic growth. Automotives and related parts dominate its exports, making the Czech Republic and demand for its currency sensitive to global boom-bust cycles.
8. Moldovan Leu (MDL)
1 MDL = 0.0588 USD
Moldova, one of Europe’s poorest nations, has the Moldovan leu (MDL) as its currency. The main challenges stem from its fragile economy and political instability. Many believe it is a region forgotten in time. The Moldovan leu’s weakness is further exacerbated by the country’s dependence on remittances from Moldovans working abroad. The economy also relies on the exports of agricultural products to a great extent.
9. Norwegian Krone (NOK)
1 NOK = 0.099 USD
You may be surprised that the Norwegian krone (NOK), a domestic currency of one of the wealthiest economies in Europe (according to the World Bank, the country has the highest Gross National Income), is one of the weakest currencies on the continent. The country’s dependence on oil and natural gas exports makes the NOK susceptible to fluctuations in commodity prices. As a result, the performance of NOK may be contrary to the country’s sustainable economic situation.
10. Swedish Krona (SEK)
1 SEK = 0.11 USD
Sweden is one of the advanced economies. However, despite its strong industrial base, its domestic currency isn’t strong. One of the reasons is the central bank’s (Riksbank) low-interest-rate monetary policy, which makes the currency less attractive for traders and investors. The main export sectors, such as machinery, vehicles, and telecommunications equipment, expose the economy to global risks.
Final Thoughts
Analysis of the value of the strongest and weakest currencies today is vital for decision-making. In Europe, conversion rate fluctuations are crucial factors for businesses operating in the continent, as they impact financial transactions. Additionally, converting the weakest legal tender in Europe to US currency can be a strategic move for traders looking to diversify their portfolios and manage exchange rate risks. However, it’s worth noting that weakness is relative, and the currencies mentioned in the article may still be strong compared to currencies in other parts of the world.
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FAQ
Which Currency Is the Least Valuable in Europe?
The Hungarian forint is currently the least valuable European currency relative to the US dollar. The forint has shown some stability in recent years; however, Hungary’s small economy and its limited influence on global markets have produced a weak currency.
What Are the 10 Weakest Currencies in Europe?
Some of the weakest include the Hungarian forint, Icelandic króna, Serbian dinar, Albanian lek, Macedonian denar, Ukrainian hryvnia, Czech koruna, Moldovan leu, Norwegian krone, and Swedish krona.
What Was the Euro’s Lowest Value?
The euro’s lowest ever value was 0.82 in October 2000, not long after it was introduced at the start of 1999.
What Is Europe’s Richest Country?
Luxembourg is Europe’s richest country by GDP per capita, thanks to a significant financial sector that accounts for over half of the nation’s GDP.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
