Argentina

worst currencies argentina peso 3

The Argentinian peso lost 34.6% against the dollar, making it the world's worst performing major currency.

The country's new government removed the peso's peg to the U.S. dollar in December, letting it float freely. Although the currency tanked, the government hopes that lifting the controls will encourage more foreign investment.

Argentina's economy is suffering from years of economic mismanagement, and it desperately needs foreign cash.

First published December 31, 2015: 6:45 PM ET