{"site": "https://hyperinflation.rogzy.org", "cases": [{"id": "austria-1921-1922", "country": "Austria", "currency": "Krone", "periodStart": "1921", "periodEnd": "1922", "peakInflation": "129%", "peakMonthlyPct": 129, "peakMonth": "August 1922", "doubling": "25.5 days", "hkEpisode": "Oct 1921 – Sep 1922", "currencyReform": "1 schilling = 10,000 kronen", "cause": "Post-war collapse, a deficit paid with new money", "resolution": "League of Nations loan (Oct 1922) with budget control; schilling (1924)", "url": "https://hyperinflation.rogzy.org/austria-1921-1922/", "summary": "After 1918, Austria was a small country left with the capital of a large empire, cut off from the farmland and coal it used to rely on, and it ran its budget on the printing press. Inflation passed 50 % a month from October 1921. It peaked in August 1922 at 129 % in the month, with prices doubling every 25.5 days (H&K). By then, consumer prices were 14,000 times their pre-war level. A League of Nations loan in October 1922, conditional on budget control, stopped it within weeks.", "timeline": [{"date": "12 Mar 1919", "event": "The notes are stamped \"Deutschösterreich\"."}, {"date": "1920–1921", "event": "The money supply goes from 12 billion to about 147 billion kronen."}, {"date": "Oct 1921", "event": "Monthly inflation passes 50 % (H&K start)."}, {"date": "Aug 1922", "event": "The peak: 129 % (H&K). Prices are 14,000 times their pre-war level."}, {"date": "4 Oct 1922", "event": "The Geneva Protocols are signed. The League of Nations lends 650 million gold kronen, a League commissioner controls the budget, and an independent central bank is created."}, {"date": "20 Dec 1924", "event": "The schilling is adopted (10,000 K = 1 S) and enters circulation in 1925."}], "banknotes": [{"label": "10,000 kronen (1918), overprinted \"Deutschösterreich\"", "image": "https://hyperinflation.rogzy.org/assets/bills/web/10000_Kronen.jpg"}, {"label": "1,000 kronen (1902), overprinted \"Deutschösterreich\"", "image": "https://hyperinflation.rogzy.org/assets/bills/web/1000_Kronen.jpg"}], "exchangeRates": {"unit": "Kronen per 1 USD", "approximate": true, "notes": "Peak monthly inflation 129% in August 1922 (Hanke & Krus); prices were then 14,000 times their pre-war level. A League of Nations loan (Oct 1922) stabilised the krone at 14,400 paper kronen per gold krone; the schilling (10,000 kronen) followed. Approximate series, kept for its shape; individual points are not sourced one by one.", "sources": ["Oesterreichische Nationalbank", "ECAEF - Austrian Hyperinflation After WWI"], "points": [{"date": "1919-01", "rate": 16}, {"date": "1919-06", "rate": 30}, {"date": "1919-12", "rate": 105}, {"date": "1920-01", "rate": 140}, {"date": "1920-06", "rate": 180}, {"date": "1920-12", "rate": 280}, {"date": "1921-01", "rate": 310}, {"date": "1921-06", "rate": 595}, {"date": "1921-08", "rate": 1240}, {"date": "1921-10", "rate": 3300}, {"date": "1921-12", "rate": 5275}, {"date": "1922-01", "rate": 6100}, {"date": "1922-03", "rate": 8500}, {"date": "1922-05", "rate": 14500}, {"date": "1922-06", "rate": 22500}, {"date": "1922-07", "rate": 39000}, {"date": "1922-08", "rate": 77500}, {"date": "1922-09", "rate": 74000}, {"date": "1922-10", "rate": 71000}, {"date": "1923-05", "rate": 70800}]}, "sources": ["Hanke & Krus (2012) — episode, peak, doubling time.", "Wikipedia, \"Austro-Hungarian krone\" (read 2026-10-05): https://en.wikipedia.org/wiki/Austro-Hungarian_krone", "Fergusson, A. (1975), When Money Dies — Vienna chapters.", "Sargent, T. J."], "licence": "Text and data: MIT (c) 2026 Rogzy. Banknote images (c) David St-Onge, not covered by the MIT licence."}, {"id": "germany-1921-1923", "country": "Germany", "currency": "Papiermark", "periodStart": "1921", "periodEnd": "1923", "peakInflation": "29,500%", "peakMonthlyPct": 29500, "peakMonth": "October 1923", "doubling": "3.70 days", "hkEpisode": "Aug 1922 – Dec 1923", "currencyReform": "1 Rentenmark = 1 trillion marks", "cause": "Reparations and a deficit paid by the Reichsbank", "resolution": "Rentenmark (Nov 1923), Reichsbank barred from lending to the state", "url": "https://hyperinflation.rogzy.org/germany-1921-1923/", "summary": "The reference case. A lost war, reparations the state would not tax for, and a central bank that bought the government's bills without limit took the mark from 4.2 per dollar in 1914 to 4.2 trillion in November 1923. Prices peaked in October 1923, rising 29,500% in a single month and doubling every 3.70 days (H&K). It ended within weeks once the Reichsbank was barred from financing the state and a new unit, the Rentenmark, replaced the paper mark.", "timeline": [{"date": "1914–1918", "event": "War financed by debt; 4.2 → 7.9 marks per dollar."}, {"date": "May 1921", "event": "London Schedule: 132 bn gold marks of reparations."}, {"date": "mid-1922", "event": "320 marks per dollar; August 1922 inflation crosses 50%/month (H&K start)."}, {"date": "December 1922", "event": "7,400 marks per dollar."}, {"date": "January 1923", "event": "Occupation of the Ruhr; passive resistance financed by the press."}, {"date": "August 1923", "event": "Helfferich proposes a rye-backed \"Roggenmark\", the idea behind the Rentenmark."}, {"date": "October 1923", "event": "Peak: +29,500% in the month, prices doubling every 3.70 days (H&K)."}, {"date": "12 November 1923", "event": "Hjalmar Schacht becomes currency commissioner; the Reichsbank may no longer discount Treasury bills."}, {"date": "16 November 1923", "event": "The Rentenmark is introduced; twelve zeros cut."}, {"date": "20 November 1923", "event": "Reichsbank president Rudolf Havenstein dies; the dollar is at ≈ 4.2 trillion."}, {"date": "1924", "event": "Dawes Plan restarts reparations on a payable schedule; 30 August 1924 monetary law: 1 trillion paper marks = 1 Reichsmark (= 1 Rentenmark)."}], "banknotes": [{"label": "100 billion marks (26 Oct 1923)", "image": "https://hyperinflation.rogzy.org/assets/bills/web/100_billion_mark.jpg"}, {"label": "10 billion marks (Sep 1923)", "image": "https://hyperinflation.rogzy.org/assets/bills/web/10_millards_mark.jpg"}, {"label": "1 billion marks, emergency money (Notgeld), Bielefeld (1923)", "image": "https://hyperinflation.rogzy.org/assets/bills/web/1_billion_Notgeld.jpg"}, {"label": "500 million marks (1 Sep 1923)", "image": "https://hyperinflation.rogzy.org/assets/bills/web/F2-4%20500_millions_mark.jpg"}, {"label": "2 million marks (9 Aug 1923)", "image": "https://hyperinflation.rogzy.org/assets/bills/web/million_mark.jpg"}, {"label": "20 million marks (1 Sep 1923)", "image": "https://hyperinflation.rogzy.org/assets/bills/web/_million_mark.jpg"}, {"label": "100,000 marks, emergency money (Notgeld), Stollberg (1 Sep 1923)", "image": "https://hyperinflation.rogzy.org/assets/bills/web/100k_mark.jpg"}, {"label": "100,000 marks (25 Jul 1923)", "image": "https://hyperinflation.rogzy.org/assets/bills/web/10k_Mark.jpg"}, {"label": "1,000 marks (15 Sep 1922)", "image": "https://hyperinflation.rogzy.org/assets/bills/web/1000_mark.jpg"}], "exchangeRates": {"unit": "Marks per 1 USD", "approximate": false, "notes": "Monthly averages, except the last point: 4.2 trillion marks per dollar in November 1923 (Wikipedia). Peak monthly inflation 29,500% in October 1923 (Hanke & Krus). The Rentenmark replaced 1 trillion paper marks.", "sources": ["Statistisches Reichsamt", "Historical Statistics of Germany"], "points": [{"date": "1921-01", "rate": 64}, {"date": "1921-02", "rate": 62}, {"date": "1921-03", "rate": 63}, {"date": "1921-04", "rate": 64}, {"date": "1921-05", "rate": 62}, {"date": "1921-06", "rate": 70}, {"date": "1921-07", "rate": 77}, {"date": "1921-08", "rate": 100}, {"date": "1921-09", "rate": 110}, {"date": "1921-10", "rate": 150}, {"date": "1921-11", "rate": 263}, {"date": "1921-12", "rate": 191}, {"date": "1922-01", "rate": 192}, {"date": "1922-02", "rate": 208}, {"date": "1922-03", "rate": 285}, {"date": "1922-04", "rate": 291}, {"date": "1922-05", "rate": 290}, {"date": "1922-06", "rate": 317}, {"date": "1922-07", "rate": 493}, {"date": "1922-08", "rate": 1134}, {"date": "1922-09", "rate": 1465}, {"date": "1922-10", "rate": 3180}, {"date": "1922-11", "rate": 7183}, {"date": "1922-12", "rate": 7589}, {"date": "1923-01", "rate": 17792}, {"date": "1923-02", "rate": 27918}, {"date": "1923-03", "rate": 21190}, {"date": "1923-04", "rate": 24475}, {"date": "1923-05", "rate": 47670}, {"date": "1923-06", "rate": 109966}, {"date": "1923-07", "rate": 353412}, {"date": "1923-08", "rate": 4620455}, {"date": "1923-09", "rate": 98860000}, {"date": "1923-10", "rate": 25260000000}, {"date": "1923-11", "rate": 4200000000000}]}, "sources": ["Hanke & Krus (2012), World Hyperinflations, Cato WP no. 8 — dates, peak, doubling time.", "Wikipedia, \"Hyperinflation in the Weimar Republic\" — rates, Ruhr, Rentenmark, Schacht,", "Fergusson, A. (1975), When Money Dies.", "Bresciani-Turroni, C. (1931; Eng. tr. 1937), The Economics of Inflation.", "Parsson, J. O. (1974), Dying of Money."], "licence": "Text and data: MIT (c) 2026 Rogzy. Banknote images (c) David St-Onge, not covered by the MIT licence."}, {"id": "soviet-russia-1921-1924", "country": "Soviet Russia", "currency": "Paper ruble (sovznak)", "periodStart": "1921", "periodEnd": "1924", "peakInflation": "212%", "peakMonthlyPct": 212, "peakMonth": "February 1924", "hkEpisode": "Jan 1922 – Feb 1924", "currencyReform": "1 gold ruble = 50 billion paper rubles", "cause": "Civil war and \"war communism\" paid with paper money", "resolution": "The gold-backed chervonets ran alongside, then replaced the paper ruble (1924)", "url": "https://hyperinflation.rogzy.org/soviet-russia-1921-1924/", "summary": "The Bolsheviks financed civil war and the state with paper money, and some of them saw that as a way to abolish money altogether (\"war communism\"). Hyperinflation in H&K's table runs from January 1922 to February 1924, peaking at 212 % in February 1924 (H&K). The way out was unusual: a new, gold-backed banknote, the chervonets (1922), circulated beside the collapsing paper ruble until the 1924 reform retired the paper. One gold ruble of 1924 was worth 50 billion rubles of the first Soviet issue.", "timeline": [{"date": "1919–1921", "event": "RSFSR \"settlement notes\" (raschetny znak) up to 100,000 rubles."}, {"date": "1922", "event": "Redenomination at 10,000 : 1; the gold chervonets is introduced alongside."}, {"date": "Jan 1922", "event": "Monthly inflation passes 50 % (H&K start)."}, {"date": "1923", "event": "Another redenomination, 100 : 1 (1 ruble of 1923 = 1,000,000 of the first issue)."}, {"date": "Feb 1924", "event": "Peak 212 % (H&K); the 1924 reform replaces the paper ruble with the gold ruble at 50,000 : 1."}], "banknotes": [{"label": "50,000 rubles, RSFSR settlement note (1921)", "image": "https://hyperinflation.rogzy.org/assets/bills/web/50k_Rouble.jpg"}], "exchangeRates": null, "sources": ["Hanke & Krus (2012) — episode and peak.", "Wikipedia, \"Soviet ruble\" (read 2026-10-05): https://en.wikipedia.org/wiki/Soviet_ruble"], "licence": "Text and data: MIT (c) 2026 Rogzy. Banknote images (c) David St-Onge, not covered by the MIT licence."}, {"id": "greece-1941-1944", "country": "Greece", "currency": "Drachma", "periodStart": "1941", "periodEnd": "1945", "peakInflation": "13,800%", "peakMonthlyPct": 13800, "peakMonth": "October 1944", "doubling": "4.27 days", "hkEpisode": "May 1941 – Dec 1945", "currencyReform": "1 new drachma = 50 billion old", "cause": "Occupation costs paid by the Bank of Greece", "resolution": "British support, gold sovereign sales, devaluation (1946)", "url": "https://hyperinflation.rogzy.org/greece-1941-1944/", "summary": "Under German, Italian and Bulgarian occupation, the Greek state could not tax but had to pay the occupiers' monthly costs in drachmas, and the Bank of Greece printed them. Prices rose for four years in waves. The worst month was October 1944, when the occupation ended: 13,800 %, with prices doubling every 4.27 days (H&K). A first redenomination in November 1944 (50 billion old drachmas = 1 new) failed. Stability only came in 1946, with British support and gold sovereigns sold to the public.", "timeline": [{"date": "Oct 1940", "event": "Italy invades, and borrowing from the central bank begins."}, {"date": "May 1941", "event": "Monthly inflation passes 50 % (H&K start)."}, {"date": "Nov 1942 – Feb 1943", "event": "Hermann Neubacher, an envoy of the occupiers, runs a programme that brings prices down by five-eighths (Wikipedia)."}, {"date": "Oct 1943", "event": "Prices rise more than 50 % a month again after Italy leaves the war."}, {"date": "Aug 1944", "event": "534 % in the month."}, {"date": "Oct 1944", "event": "Peak: 13,800 % (H&K). Athens is liberated on 12 October."}, {"date": "11 Nov 1944", "event": "The Waley plan sets the new drachma at 50 billion old ones, convertible at 600 to the pound sterling."}, {"date": "4 Jun 1945", "event": "A second stabilisation plan (Varvaressos)."}, {"date": "Dec 1945", "event": "Monthly inflation is above 120 % again (Wikipedia). The H&K episode ends."}, {"date": "1946", "event": "A Currency Committee is set up; Britain writes off £46 million of wartime loans; the drachma is devalued by 50 %; gold sovereigns are sold to the public."}], "banknotes": [{"label": "100 billion drachmas (3 Nov 1944)", "image": "https://hyperinflation.rogzy.org/assets/bills/web/100_milliards_Drachma.jpg"}, {"label": "2 billion drachmas (11 Oct 1944)", "image": "https://hyperinflation.rogzy.org/assets/bills/web/2000_millions_drachma.jpg"}, {"label": "500 million drachmas (1 Oct 1944)", "image": "https://hyperinflation.rogzy.org/assets/bills/web/500_millions_drachma.jpg"}], "exchangeRates": {"unit": "Drachmas per 1 USD (estimated from price indices)", "approximate": true, "notes": "Occupation from April 1941 to October 1944. Peak 13,800% in October 1944, prices doubling every 4.27 days (Hanke & Krus). Largest note: 100 trillion drachmas. On 11 November 1944, 50 billion old drachmas became 1 new drachma. Approximate series, kept for its shape; individual points are not sourced one by one.", "sources": ["Bank of Greece", "Makinen, G. (1986) The Greek Hyperinflation"], "points": [{"date": "1941-04", "rate": 150}, {"date": "1941-12", "rate": 1100}, {"date": "1942-06", "rate": 6500}, {"date": "1942-12", "rate": 19000}, {"date": "1943-06", "rate": 95000}, {"date": "1943-12", "rate": 2000000}, {"date": "1944-03", "rate": 35000000}, {"date": "1944-06", "rate": 1500000000}, {"date": "1944-08", "rate": 50000000000}, {"date": "1944-09", "rate": 1500000000000}, {"date": "1944-10", "rate": 245000000000000}, {"date": "1944-11", "rate": 4000000000000000}]}, "sources": ["Hanke & Krus (2012), World Hyperinflations, Cato WP no. 8 — episode, peak, doubling time.", "Wikipedia, \"Greek hyperinflation\" (read 2026-10-05): https://en.wikipedia.org/wiki/Greek_hyperinflation", "Makinen, G. E. (1986), \"The Greek Hyperinflation and Stabilization of 1943–1946\", Journal of", "Palairet, M. (2000), The Four Ends of the Greek Hyperinflation of 1941–1946, Museum Tusculanum Press."], "licence": "Text and data: MIT (c) 2026 Rogzy. Banknote images (c) David St-Onge, not covered by the MIT licence."}, {"id": "philippines-1942-1945", "country": "Philippines", "currency": "Japanese Occupation Peso", "periodStart": "1942", "periodEnd": "1945", "peakInflation": "60%", "peakMonthlyPct": 60, "peakMonth": "January 1944", "doubling": "44.9 days", "hkEpisode": "Jan – Dec 1944", "currencyReform": "Withdrawn at liberation (1945)", "cause": "Occupation money printed by the Japanese army", "resolution": "Liberation; the occupation peso became worthless", "url": "https://hyperinflation.rogzy.org/philippines-1942-1945/", "summary": "The Japanese occupiers paid for what they took with a peso they printed themselves, which Filipinos nicknamed \"Mickey Mouse money\". Hyperinflation was measured: 60 % in January 1944, prices doubling every 44.9 days (H&K, who call the currency \"Japanese War Notes\"). By 1944 a box of matches cost more than 100 of these pesos. At liberation the currency was withdrawn and worth nothing.", "timeline": [{"date": "1942", "event": "The occupation peso is issued (1 centavo to 10 pesos)."}, {"date": "1943–1945", "event": "100, 500 and 1,000-peso notes are added as prices climb."}, {"date": "Jan 1944", "event": "The peak month, 60 % (H&K)."}, {"date": "Dec 1944", "event": "The episode ends in the H&K table."}], "banknotes": [{"label": "10 centavos, Japanese occupation (1942)", "image": "https://hyperinflation.rogzy.org/assets/bills/web/10_centavos_Japan_Occupation.jpg"}], "exchangeRates": null, "sources": ["Hanke & Krus (2012) — episode, peak, doubling time.", "Wikipedia, \"Japanese government-issued Philippine peso\" (read 2026-10-05):"], "licence": "Text and data: MIT (c) 2026 Rogzy. Banknote images (c) David St-Onge, not covered by the MIT licence."}, {"id": "hungary-1945-1946", "country": "Hungary", "currency": "Pengő", "periodStart": "1945", "periodEnd": "1946", "peakInflation": "41.9 quadrillion %", "peakMonthlyPct": 4.19e+16, "peakMonth": "July 1946", "doubling": "15 hours", "hkEpisode": "Aug 1945 – Jul 1946", "currencyReform": "1 forint = 4×10²⁹ pengő", "cause": "War destruction, reparations, deficit paid by the central bank", "resolution": "Forint (1 Aug 1946) with a balanced budget", "url": "https://hyperinflation.rogzy.org/hungary-1945-1946/", "summary": "The worst hyperinflation on record. After a war that destroyed most of its industry and transport, and under Soviet occupation and reparations, Hungary financed the state with the printing press. In July 1946 prices rose 4.19 × 10¹⁶ % in one month — they doubled every 15 hours (H&K). The pengő was replaced on 1 August 1946 by the forint, at 400 octillion (4 × 10²⁹) pengő to 1.", "timeline": [{"date": "Aug 1945", "event": "Monthly inflation crosses 50% (H&K start); 1,320 pengő per dollar."}, {"date": "Dec 1945", "event": "128,000 pengő per dollar."}, {"date": "1 Jan 1946", "event": "The adópengő (\"tax pengő\") is introduced as an indexed unit of account for taxes and bank deposits, re-pegged to the pengő daily."}, {"date": "31 May 1946", "event": "4.2 × 10¹⁶ pengő per dollar."}, {"date": "9 Jul 1946", "event": "Adópengő tax bills become legal tender."}, {"date": "Jul 1946", "event": "Peak: 4.19 × 10¹⁶ % in the month, prices doubling every 15 hours (H&K); 4.6 × 10³⁰ pengő per dollar on 10 July."}, {"date": "1 Aug 1946", "event": "The forint replaces the pengő at 4 × 10²⁹ to 1."}], "banknotes": [{"label": "10 million b.-pengő = 10¹⁹ pengő (3 Jun 1946)", "image": "https://hyperinflation.rogzy.org/assets/bills/web/TizMillio_B_Pengo.jpg"}, {"label": "1 million b.-pengő = 10¹⁸ pengő (3 Jun 1946)", "image": "https://hyperinflation.rogzy.org/assets/bills/web/F2-5%201_million_B-Pengo.jpg"}, {"label": "1 billion milpengő = 10¹⁵ pengő (3 Jun 1946)", "image": "https://hyperinflation.rogzy.org/assets/bills/web/1_millard_MilPengo.jpg"}, {"label": "100 million milpengő = 10¹⁴ pengő (3 Jun 1946)", "image": "https://hyperinflation.rogzy.org/assets/bills/web/100_millions_MilPengo.jpg"}], "exchangeRates": {"unit": "Pengő per 1 USD", "approximate": false, "notes": "Worst hyperinflation on record: prices rose 4.19×10¹⁶ % in July 1946 and doubled every 15 hours (Hanke & Krus). The forint replaced the pengő on 1 August 1946 at 4×10²⁹ pengő to 1.", "sources": ["Wikipedia, \"Hungarian pengő\" (rates of 31 Aug, 31 Oct, 31 Dec 1945, 31 May and 10 Jul 1946)"], "points": [{"date": "1945-08", "rate": 1320}, {"date": "1945-10", "rate": 8200}, {"date": "1945-12", "rate": 128000}, {"date": "1946-05", "rate": 4.2e+16}, {"date": "1946-07", "rate": 4.6e+30}]}, "sources": ["Hanke & Krus (2012), World Hyperinflations, Cato WP no. 8 — dates, peak, doubling time.", "Wikipedia, \"Hungarian pengő\" — exchange rates, notes, adópengő, forint (read 2026-10-05):", "Bomberger, W. A. & Makinen, G. E."], "licence": "Text and data: MIT (c) 2026 Rogzy. Banknote images (c) David St-Onge, not covered by the MIT licence."}, {"id": "bolivia-1984-1985", "country": "Bolivia", "currency": "Peso boliviano", "periodStart": "1984", "periodEnd": "1985", "peakInflation": "183%", "peakMonthlyPct": 183, "peakMonth": "February 1985", "doubling": "20.3 days", "hkEpisode": "Apr 1984 – Sep 1985", "currencyReform": "1 boliviano = 1,000,000 pesos (1987)", "cause": "Debt crisis, a deficit paid by the central bank", "resolution": "Decree 21060 (Aug 1985): free exchange rate, budget cuts", "url": "https://hyperinflation.rogzy.org/bolivia-1984-1985/", "summary": "When the foreign credit of the 1970s stopped and tin prices fell, Bolivia's government kept spending and paid with the central bank. Hyperinflation ran from April 1984 to September 1985 and peaked at 183 % in February 1985, prices doubling every 20.3 days (H&K). The central bank could not print notes fast enough and issued bank cheques (cheques de gerencia) as cash. Decree 21060 of August 1985 (the \"New Economic Policy\") stopped it within weeks.", "timeline": [{"date": "Apr 1984", "event": "Monthly inflation passes 50 % (H&K start)."}, {"date": "1984", "event": "50,000 and 100,000-peso notes, then bank cheques used as cash."}, {"date": "Feb 1985", "event": "Peak, 183 % (H&K)."}, {"date": "Sep 1985", "event": "The episode ends (H&K)."}, {"date": "1 Jan 1987", "event": "The boliviano replaces the peso at 1 : 1,000,000."}], "banknotes": [{"label": "500,000 pesos bolivianos, bank cheque (5 Jun 1984)", "image": "https://hyperinflation.rogzy.org/assets/bills/web/500k_pesos.jpg"}], "exchangeRates": null, "sources": ["Hanke & Krus (2012) — episode, peak, doubling time.", "Wikipedia, \"Bolivian peso\" (read 2026-10-05): https://en.wikipedia.org/wiki/Bolivian_peso", "Sachs, J."], "licence": "Text and data: MIT (c) 2026 Rogzy. Banknote images (c) David St-Onge, not covered by the MIT licence."}, {"id": "nicaragua-1987-1990", "country": "Nicaragua", "currency": "Córdoba", "periodStart": "1986", "periodEnd": "1991", "peakInflation": "261%", "peakMonthlyPct": 261, "peakMonth": "March 1991", "doubling": "16.4 days", "hkEpisode": "Jun 1986 – Mar 1991", "currencyReform": "1 córdoba nuevo = 1,000 córdobas (1988)", "cause": "Civil war, US embargo, a deficit paid by the central bank", "resolution": "Peace, foreign aid, the dollar-linked córdoba oro", "url": "https://hyperinflation.rogzy.org/nicaragua-1987-1990/", "summary": "During the Contra war and the US trade embargo, the Sandinista government financed defence and subsidies with the central bank. Hyperinflation lasted almost five years (H&K: June 1986 – March 1991), one of the longest on record. The worst month came at the very end: 261 % in March 1991, prices doubling every 16.4 days (H&K). A 1988 reform cut three zeros; within two years notes were overprinted up to a million córdobas. The dollar-linked córdoba oro ended it.", "timeline": [{"date": "Jun 1986", "event": "Monthly inflation passes 50 % (H&K start)."}, {"date": "14 Feb 1988", "event": "Operación Berta: córdoba nuevo at 1,000 : 1."}, {"date": "1988–1990", "event": "Notes overprinted from 10,000 up to 1,000,000 córdobas."}, {"date": "1990", "event": "The córdoba oro is introduced at par with the dollar."}, {"date": "Mar 1991", "event": "Peak 261 % (H&K) during the conversion; the episode ends."}], "banknotes": [{"label": "200,000 córdobas, overprinted on a 1,000 córdobas of 1985", "image": "https://hyperinflation.rogzy.org/assets/bills/web/200k_nicaragua.jpg"}], "exchangeRates": {"unit": "Córdobas (pre-1988) per 1 USD (córdoba nuevo converted back, ×1,000)", "approximate": true, "notes": "\"Operación Berta\" (14 Feb 1988) replaced 1,000 córdobas with 1 córdoba nuevo; later points are converted back into old córdobas. Hyperinflation ran from June 1986 to March 1991 and peaked at 261% in March 1991 (Hanke & Krus). Approximate series, kept for its shape; individual points are not sourced one by one.", "sources": ["Banco Central de Nicaragua"], "points": [{"date": "1987-01", "rate": 70}, {"date": "1987-06", "rate": 1000}, {"date": "1987-12", "rate": 5500}, {"date": "1988-02", "rate": 10000}, {"date": "1988-06", "rate": 90000}, {"date": "1988-12", "rate": 920000}, {"date": "1989-06", "rate": 15000000}, {"date": "1989-12", "rate": 45000000}, {"date": "1990-02", "rate": 180000000}, {"date": "1990-06", "rate": 1500000000}, {"date": "1990-12", "rate": 3200000000}]}, "sources": ["Hanke & Krus (2012) — episode, peak, doubling time.", "Wikipedia, \"Nicaraguan córdoba\" (read 2026-10-05): https://en.wikipedia.org/wiki/Nicaraguan_c%C3%B3rdoba"], "licence": "Text and data: MIT (c) 2026 Rogzy. Banknote images (c) David St-Onge, not covered by the MIT licence."}, {"id": "brazil-1986-1994", "country": "Brazil", "currency": "Cruzado / Cruzeiro", "periodStart": "1986", "periodEnd": "1994", "peakInflation": "82.4%", "peakMonthlyPct": 82.4, "peakMonth": "March 1990", "doubling": "35.1 days", "hkEpisode": "Dec 1989 – Mar 1990", "currencyReform": "1 real = 2,750 cruzeiros reais", "cause": "Indexed economy, deficits, failed price freezes", "resolution": "Plano Real: the URV unit of account, then the real (1 Jul 1994)", "url": "https://hyperinflation.rogzy.org/brazil-1986-1994/", "summary": "Brazil lived with inflation of several thousand percent a year for a decade. A heavily indexed economy made it bearable, and five price-freeze plans each failed. By the strict 50 %-a-month definition, hyperinflation lasted only from December 1989 to March 1990, with a peak of 82.4 % in March 1990, doubling every 35.1 days (H&K). The Collor plan then froze 80 % of the country's money in bank accounts. The cure that held was the Plano Real (1994): a unit of account (the URV) first, the new currency after.", "timeline": [{"date": "28 Feb 1986", "event": "The Cruzado Plan: a price freeze and the new cruzado."}, {"date": "12 Jun 1987", "event": "The Bresser Plan."}, {"date": "15 Jan 1989", "event": "The Summer Plan (Plano Verão) and the cruzado novo."}, {"date": "Dec 1989", "event": "Monthly inflation passes 50 % (H&K start)."}, {"date": "16 Mar 1990", "event": "The Collor Plan freezes about 80 % of all liquidity in bank accounts; the cruzeiro returns. Monthly inflation falls from 81.3 % (March) to 11.3 % (April). It rises again after July 1990."}, {"date": "1993", "event": "The cruzeiro real."}, {"date": "Feb – Jun 1994", "event": "The URV, a virtual unit of account adjusted daily, while prices move to it."}, {"date": "1 Jul 1994", "event": "The URV becomes the real."}], "banknotes": [{"label": "1,000 cruzados, overprinted \"1 cruzado novo\" (1989)", "image": "https://hyperinflation.rogzy.org/assets/bills/web/1000_Cruzados.jpg"}], "exchangeRates": {"unit": "Cruzados per 1 USD (later currencies converted back into cruzados)", "approximate": true, "notes": "Six currencies in eight years: cruzado (1986), cruzado novo (1989, = 1,000 cruzados), cruzeiro (1990, at par), cruzeiro real (1993, = 1,000 cruzeiros), real (1 Jul 1994, = 2,750 cruzeiros reais). Every point is shown in cruzados so the redenominations do not look like recoveries: one real = 2.75 billion cruzados. Approximate series, kept for its shape; individual points are not sourced one by one.", "sources": ["Banco Central do Brasil"], "points": [{"date": "1986-03", "rate": 14}, {"date": "1986-12", "rate": 15}, {"date": "1987-06", "rate": 28}, {"date": "1987-12", "rate": 72}, {"date": "1988-06", "rate": 185}, {"date": "1988-12", "rate": 560}, {"date": "1989-01", "rate": 1000}, {"date": "1989-06", "rate": 2500.0}, {"date": "1989-12", "rate": 9000}, {"date": "1990-01", "rate": 15000}, {"date": "1990-03", "rate": 73000}, {"date": "1990-06", "rate": 95000}, {"date": "1990-12", "rate": 180000}, {"date": "1991-12", "rate": 1050000}, {"date": "1992-12", "rate": 9800000}, {"date": "1993-08", "rate": 100000000}, {"date": "1993-12", "rate": 400000000}, {"date": "1994-06", "rate": 2750000000}, {"date": "1994-07", "rate": 2750000000}]}, "sources": ["Hanke & Krus (2012) — episode, peak, doubling time.", "Wikipedia, \"Brazilian real\" (read 2026-10-05): https://en.wikipedia.org/wiki/Brazilian_real", "Wikipedia, \"Hyperinflation in Brazil\" (read 2026-10-05): https://en.wikipedia.org/wiki/Hyperinflation_in_Brazil"], "licence": "Text and data: MIT (c) 2026 Rogzy. Banknote images (c) David St-Onge, not covered by the MIT licence."}, {"id": "peru-1988-1990", "country": "Peru", "currency": "Inti", "periodStart": "1988", "periodEnd": "1990", "peakInflation": "397%", "peakMonthlyPct": 397, "peakMonth": "August 1990", "doubling": "13.1 days", "hkEpisode": "Sep 1988 · Jul – Aug 1990", "currencyReform": "1 nuevo sol = 1,000,000 intis", "cause": "Price controls, a deficit paid by the central bank", "resolution": "The \"Fujishock\" (Aug 1990), then the nuevo sol (1991)", "url": "https://hyperinflation.rogzy.org/peru-1988-1990/", "summary": "The inti was created in 1985 to replace a sol already worn down by inflation. Under price controls, a debt-service cap and deficits financed by the central bank, it went into hyperinflation twice: 114 % in September 1988, then 397 % in August 1990 — the month of the stabilisation shock itself — with prices doubling every 13.1 days (H&K). In 1991 one nuevo sol replaced a million intis.", "timeline": [{"date": "1 Feb 1985", "event": "The inti replaces the sol de oro at 1,000 : 1."}, {"date": "Sep 1988", "event": "A devaluation package; prices rise 114 % in the month (H&K)."}, {"date": "28 Jul 1990", "event": "Alberto Fujimori takes office."}, {"date": "Aug 1990", "event": "Prices rise 397 % in the month (H&K)."}, {"date": "1 Jul 1991", "event": "The nuevo sol replaces the inti at 1 : 1,000,000."}], "banknotes": [{"label": "1 million intis (5 Jan 1990)", "image": "https://hyperinflation.rogzy.org/assets/bills/web/1_million_Intis.jpg"}], "exchangeRates": {"unit": "Intis per 1 USD", "approximate": true, "notes": "Two hyperinflation episodes: September 1988 (114%) and July–August 1990, peak 397% in August 1990 (Hanke & Krus). The nuevo sol replaced 1,000,000 intis on 1 July 1991. Approximate series, kept for its shape; individual points are not sourced one by one.", "sources": ["Banco Central de Reserva del Perú"], "points": [{"date": "1988-01", "rate": 33}, {"date": "1988-06", "rate": 250}, {"date": "1988-09", "rate": 900}, {"date": "1988-12", "rate": 2000}, {"date": "1989-03", "rate": 5500}, {"date": "1989-06", "rate": 15000}, {"date": "1989-09", "rate": 35000}, {"date": "1989-12", "rate": 75000}, {"date": "1990-03", "rate": 145000}, {"date": "1990-06", "rate": 250000}, {"date": "1990-07", "rate": 350000}, {"date": "1990-08", "rate": 500000}]}, "sources": ["Hanke & Krus (2012) — episodes, peak, doubling time.", "Wikipedia, \"Peruvian inti\" (read 2026-10-05): https://en.wikipedia.org/wiki/Peruvian_inti"], "licence": "Text and data: MIT (c) 2026 Rogzy. Banknote images (c) David St-Onge, not covered by the MIT licence."}, {"id": "argentina-1989-1990", "country": "Argentina", "currency": "Austral", "periodStart": "1989", "periodEnd": "1990", "peakInflation": "197%", "peakMonthlyPct": 197, "peakMonth": "July 1989", "doubling": "19.4 days", "hkEpisode": "May 1989 – Mar 1990", "currencyReform": "1 peso = 10,000 australes", "cause": "Debt crisis, a deficit paid by the central bank", "resolution": "Convertibility: 10,000 australes = 1 US dollar (1991)", "url": "https://hyperinflation.rogzy.org/argentina-1989-1990/", "summary": "The austral was launched in 1985 as the new, strong unit of the Plan Austral and was briefly worth more than a dollar. Deficits came back, and by 1989 Argentina was in hyperinflation: 197 % in July 1989, doubling every 19.4 days (H&K). President Alfonsín handed power to Carlos Menem months early. Two more waves followed before the Convertibility Plan of 1991 fixed 10,000 australes to the dollar by law; a year later the new peso replaced the austral.", "timeline": [{"date": "15 Jun 1985", "event": "Plan Austral: the austral replaces the peso argentino at 1,000 : 1."}, {"date": "Jul 1989", "event": "Peak: 197 % (H&K)."}, {"date": "Mar 1990", "event": "The H&K episode ends."}, {"date": "1 Jan 1992", "event": "The peso replaces the austral at 10,000 : 1."}], "banknotes": [], "exchangeRates": {"unit": "Australes per 1 USD", "approximate": true, "notes": "Hyperinflation from May 1989 to March 1990, peak 197% in July 1989 (Hanke & Krus). The Convertibility law (1991) fixed 10,000 australes to 1 US dollar; the peso replaced the austral on 1 January 1992. Approximate series, kept for its shape; individual points are not sourced one by one.", "sources": ["Banco Central de la República Argentina"], "points": [{"date": "1989-01", "rate": 18}, {"date": "1989-03", "rate": 55}, {"date": "1989-05", "rate": 180}, {"date": "1989-06", "rate": 350}, {"date": "1989-07", "rate": 650}, {"date": "1989-09", "rate": 950}, {"date": "1989-12", "rate": 1950}, {"date": "1990-02", "rate": 5500}, {"date": "1990-03", "rate": 5800}, {"date": "1990-06", "rate": 5100}, {"date": "1990-09", "rate": 5600}, {"date": "1990-12", "rate": 5100}, {"date": "1991-04", "rate": 10000}]}, "sources": ["Hanke & Krus (2012) — episode, peak, doubling time.", "Wikipedia, \"Argentine austral\" (read 2026-10-05): https://en.wikipedia.org/wiki/Argentine_austral"], "licence": "Text and data: MIT (c) 2026 Rogzy. Banknote images (c) David St-Onge, not covered by the MIT licence."}, {"id": "poland-1989-1990", "country": "Poland", "currency": "Złoty", "periodStart": "1989", "periodEnd": "1990", "peakInflation": "77.3%", "peakMonthlyPct": 77.3, "peakMonth": "January 1990", "doubling": "36.8 days", "hkEpisode": "Oct 1989 – Jan 1990", "currencyReform": "1 new złoty = 10,000 old (1995)", "cause": "End of communism, indexed wages, a deficit paid with money", "resolution": "Balcerowicz Plan (1 Jan 1990): budget fix, dollar anchor", "url": "https://hyperinflation.rogzy.org/poland-1989-1990/", "summary": "As communism ended in 1989, controlled prices were freed while wages stayed indexed and the budget was financed by the central bank. Prices rose more than 50 % a month from October 1989. The peak was 77.3 % in January 1990, doubling every 36.8 days (H&K): the month the Balcerowicz Plan freed nearly every price at once, made the złoty convertible and fixed it to the dollar. After that month the hyperinflation was over.", "timeline": [{"date": "Sep 1989", "event": "Tadeusz Mazowiecki's government; Leszek Balcerowicz becomes finance minister."}, {"date": "Oct 1989", "event": "Monthly inflation passes 50 % (H&K start). On 6 October the plan is presented on television."}, {"date": "Dec 1989", "event": "The Sejm passes ten laws, signed on 31 December."}, {"date": "Jan 1990", "event": "Peak 77.3 % (H&K); real wages fall more than 40 % over two months."}, {"date": "1995", "event": "The new złoty removes four zeros."}], "banknotes": [{"label": "10,000 złotych (1 Dec 1988)", "image": "https://hyperinflation.rogzy.org/assets/bills/web/10k_Zlotych.jpg"}], "exchangeRates": {"unit": "Złoty per 1 USD", "approximate": true, "notes": "Hyperinflation from October 1989 to January 1990, peak 77.3% in January 1990 (Hanke & Krus). From 1 January 1990 the złoty was fixed to the dollar (9,500 in 1990) under the Balcerowicz Plan. In 1995, 10,000 old złoty became 1 new złoty. Approximate series, kept for its shape; individual points are not sourced one by one.", "sources": ["National Bank of Poland", "IMF - Moderate Inflation in Poland"], "points": [{"date": "1989-01", "rate": 510}, {"date": "1989-03", "rate": 780}, {"date": "1989-06", "rate": 1200}, {"date": "1989-08", "rate": 2150}, {"date": "1989-10", "rate": 4500}, {"date": "1989-12", "rate": 6500}, {"date": "1990-01", "rate": 9500}, {"date": "1990-06", "rate": 9500}, {"date": "1990-12", "rate": 9500}, {"date": "1991-05", "rate": 11100}]}, "sources": ["Hanke & Krus (2012) — episode, peak, doubling time.", "Wikipedia, \"Polish złoty\" (read 2026-10-05): https://en.wikipedia.org/wiki/Polish_z%C5%82oty", "Wikipedia, \"Balcerowicz Plan\" (read 2026-10-05): https://en.wikipedia.org/wiki/Balcerowicz_Plan"], "licence": "Text and data: MIT (c) 2026 Rogzy. Banknote images (c) David St-Onge, not covered by the MIT licence."}, {"id": "turkey-1990-2005", "country": "Turkey", "currency": "Lira", "kind": "chronic", "periodStart": "1990", "periodEnd": "2005", "peakInflation": "Never ≥ 50%", "peakMonth": "—", "currencyReform": "1 new lira = 1,000,000 old (2005)", "cause": "Chronic deficits — high inflation for decades, never a hyperinflation", "resolution": "Independent central bank, six zeros removed (2005)", "url": "https://hyperinflation.rogzy.org/turkey-1990-2005/", "summary": "This is not a hyperinflation. Turkey had decades of chronic high inflation, tens of percent a year with crises (1994, 2001), but it never reached 50 % in one month, so it is absent from the H&K table. The lira went from 80 per dollar in 1980 to 1,350,000 in 2005. It was the world's least valued currency in 1995–96 and again in 1999–2004, until six zeros were removed on 1 January 2005. It is a contrast case: what inflation does without ever turning into a hyperinflation.", "timeline": [{"date": "1 Jan 2005", "event": "The new Turkish lira removes six zeros."}], "banknotes": [{"label": "1 million Turkish lira", "image": "https://hyperinflation.rogzy.org/assets/bills/web/1_million_Lira.jpg"}], "exchangeRates": {"unit": "Lira per 1 USD", "approximate": true, "notes": "Chronic high inflation, never 50% in a month: not a hyperinflation. The lira was the world's least valued currency in 1995–96 and 1999–2004 (Wikipedia). On 1 January 2005, 1,000,000 old lira became 1 new lira. Approximate series, kept for its shape; individual points are not sourced one by one.", "sources": ["Central Bank of Turkey", "World Bank", "FRED - Federal Reserve Economic Data"], "points": [{"date": "1990-01", "rate": 2310}, {"date": "1990-12", "rate": 2930}, {"date": "1991-12", "rate": 5080}, {"date": "1992-12", "rate": 8560}, {"date": "1993-12", "rate": 14500}, {"date": "1994-04", "rate": 38000}, {"date": "1994-12", "rate": 38500}, {"date": "1995-12", "rate": 59500}, {"date": "1996-12", "rate": 107500}, {"date": "1997-12", "rate": 205000}, {"date": "1998-12", "rate": 314500}, {"date": "1999-12", "rate": 545500}, {"date": "2000-12", "rate": 677000}, {"date": "2001-02", "rate": 960000}, {"date": "2001-10", "rate": 1650000}, {"date": "2002-12", "rate": 1650000}, {"date": "2003-12", "rate": 1400000}, {"date": "2004-12", "rate": 1340000}]}, "sources": ["Wikipedia, \"Turkish lira\" (read 2026-10-05): https://en.wikipedia.org/wiki/Turkish_lira", "Hanke & Krus (2012) — its absence from the table."], "licence": "Text and data: MIT (c) 2026 Rogzy. Banknote images (c) David St-Onge, not covered by the MIT licence."}, {"id": "zaire-1991-1994", "country": "Zaire", "currency": "Zaïre", "periodStart": "1991", "periodEnd": "1994", "peakInflation": "250%", "peakMonthlyPct": 250, "peakMonth": "November 1993", "doubling": "16.8 days", "hkEpisode": "Oct 1991 – Sep 1992 · Nov 1993 – Sep 1994", "currencyReform": "1 nouveau zaïre = 3,000,000 zaïres", "cause": "A state financed by the printing press, collapsing exports", "resolution": "Two episodes; the Congolese franc replaced the zaïre in 1998", "url": "https://hyperinflation.rogzy.org/zaire-1991-1994/", "summary": "Two hyperinflations in three years, under a regime that financed itself, its army and its patronage with the printing press while copper output collapsed. The first ran from late 1991 to 1992; the second followed the botched launch of the nouveau zaïre (October 1993, three million old zaïres for one new) and peaked at once: 250 % in November 1993, doubling every 16.8 days (H&K).", "timeline": [{"date": "Oct 1991", "event": "Monthly inflation passes 50 % (H&K start); peak 114 % in Nov 1991."}, {"date": "Late 1992", "event": "A 5,000,000-zaïre note."}, {"date": "Oct 1993", "event": "The nouveau zaïre at 3,000,000 : 1."}, {"date": "Nov 1993", "event": "Peak 250 % (H&K)."}, {"date": "Sep 1994", "event": "The H&K episode ends."}, {"date": "May 1997", "event": "Mobutu falls; the country becomes the DR Congo again."}, {"date": "1 Jul 1998", "event": "The Congolese franc replaces the nouveau zaïre at 1 : 100,000."}], "banknotes": [{"label": "500,000 nouveaux zaïres (25 Oct 1996, after the episode)", "image": "https://hyperinflation.rogzy.org/assets/bills/web/500k_Zaire.jpg"}, {"label": "100,000 zaïres (4 Jan 1992)", "image": "https://hyperinflation.rogzy.org/assets/bills/web/100k_Zaire.jpg"}], "exchangeRates": {"unit": "Zaïres per 1 USD (nouveau zaïre converted back, ×3,000,000)", "approximate": false, "notes": "Two hyperinflations: Oct 1991–Sep 1992 and Nov 1993–Sep 1994, peak 250% in November 1993 (Hanke & Krus). The nouveau zaïre (Oct 1993) was worth 3,000,000 old zaïres; later points are converted back. Rates of 1991, Dec 1992 and Mar 1993 from Wikipedia (\"Zairean zaire\"); the rest approximate.", "sources": ["Wikipedia, \"Zairean zaire\"", "Banque du Zaïre"], "points": [{"date": "1990-01", "rate": 719}, {"date": "1990-12", "rate": 3000}, {"date": "1991-06", "rate": 8500}, {"date": "1991-08", "rate": 15300}, {"date": "1991-12", "rate": 55000}, {"date": "1992-06", "rate": 450000}, {"date": "1992-12", "rate": 1990000}, {"date": "1993-03", "rate": 2529000}, {"date": "1993-10", "rate": 3000000}, {"date": "1993-12", "rate": 330000000}, {"date": "1994-06", "rate": 7500000000}, {"date": "1994-09", "rate": 2250000000000}]}, "sources": ["Hanke & Krus (2012) — both episodes, peak, doubling time.", "Wikipedia, \"Zairean zaire\" (read 2026-10-05): https://en.wikipedia.org/wiki/Zairean_zaire", "Beaugrand, P."], "licence": "Text and data: MIT (c) 2026 Rogzy. Banknote images (c) David St-Onge, not covered by the MIT licence."}, {"id": "angola-1991-1999", "country": "Angola", "currency": "Kwanza", "periodStart": "1991", "periodEnd": "1999", "peakInflation": "84.1%", "peakMonthlyPct": 84.1, "peakMonth": "May 1996", "doubling": "34.5 days", "hkEpisode": "Dec 1994 – Jan 1997", "currencyReform": "1 kwanza = 1,000,000,000 novos kwanzas", "cause": "Civil war, a deficit paid by the central bank", "resolution": "Two redenominations; the war ended in 2002", "url": "https://hyperinflation.rogzy.org/angola-1991-1999/", "summary": "During the civil war between the MPLA government and UNITA, and with an economy living on oil, the state paid for the war with the central bank. The kwanza was reformed three times in a decade. Hyperinflation in the strict sense ran from December 1994 to January 1997. It peaked at 84.1 % in May 1996, doubling every 34.5 days (H&K).", "timeline": [{"date": "25 Sep 1990", "event": "The novo kwanza; people may exchange only 5 % of their old notes, so most savings are wiped out at a stroke."}, {"date": "1991", "event": "A 500,000-kwanza note."}, {"date": "Dec 1994", "event": "Monthly inflation passes 50 % (H&K start)."}, {"date": "1 Jul 1995", "event": "The kwanza reajustado (1,000 : 1)."}, {"date": "May 1996", "event": "The peak, 84.1 % (H&K)."}, {"date": "Jan 1997", "event": "The H&K episode ends."}, {"date": "1 Dec 1999", "event": "The kwanza (1,000,000 : 1)."}, {"date": "2002", "event": "The war ends."}], "banknotes": [{"label": "500,000 kwanzas (4 Feb 1991)", "image": "https://hyperinflation.rogzy.org/assets/bills/web/500_Angola.jpg"}], "exchangeRates": null, "sources": ["Hanke & Krus (2012) — episode, peak, doubling time.", "Wikipedia, \"Angolan kwanza\" (read 2026-10-05): https://en.wikipedia.org/wiki/Angolan_kwanza"], "licence": "Text and data: MIT (c) 2026 Rogzy. Banknote images (c) David St-Onge, not covered by the MIT licence."}, {"id": "yugoslavia-1992-1994", "country": "Yugoslavia", "currency": "Dinar", "periodStart": "1992", "periodEnd": "1994", "peakInflation": "313 million %", "peakMonthlyPct": 313000000.0, "peakMonth": "January 1994", "doubling": "1.41 days", "hkEpisode": "Apr 1992 – Jan 1994", "currencyReform": "1 novi dinar = 1 Deutsche Mark", "cause": "War, sanctions, a deficit paid by the central bank", "resolution": "Novi dinar pegged to the Deutsche Mark (24 Jan 1994)", "url": "https://hyperinflation.rogzy.org/yugoslavia-1992-1994/", "summary": "The breakup of Yugoslavia, war, and UN sanctions (from May 1992) left the rump federation of Serbia and Montenegro with a collapsing tax base and a state that paid with the press. Prices peaked in January 1994, rising 313 million % in one month and doubling every 1.41 days (H&K) — the second-worst month on record after Hungary 1946. It ended on 24 January 1994 with the \"super dinar\", pegged one-to-one to the Deutsche Mark.", "timeline": [{"date": "May 1992", "event": "UN sanctions."}, {"date": "1 Jul 1992", "event": "Redenomination, 10 : 1."}, {"date": "1993", "event": "24 new banknotes in a year, up to 500 billion dinara; the 500 bn note is worthless two weeks after printing (Wikipedia, dinar)."}, {"date": "1 Oct 1993", "event": "Redenomination, 1,000,000 : 1."}, {"date": "1 Jan 1994", "event": "Redenomination, 1,000,000,000 : 1."}, {"date": "Jan 1994", "event": "Peak: 313 million % in the month, 62% a day (H&K · Wikipedia)."}, {"date": "24 Jan 1994", "event": "The novi dinar (\"super dinar\"), 1 : 1 with the Deutsche Mark; the programme of Dragoslav Avramović, governor of the National Bank."}], "banknotes": [{"label": "50 billion dinars (1993)", "image": "https://hyperinflation.rogzy.org/assets/bills/web/50_millards_dinar.jpg"}, {"label": "5 billion dinars (1993)", "image": "https://hyperinflation.rogzy.org/assets/bills/web/5_milliard_dinar.jpg"}], "exchangeRates": {"unit": "Dinars per 1 USD (approximate)", "approximate": true, "notes": "Peak 313 million percent in January 1994, prices doubling every 1.41 days (Hanke & Krus). Redenominations of 10:1 (Jul 1992), 1,000,000:1 (Oct 1993) and 1,000,000,000:1 (Jan 1994); the novi dinar was pegged to the Deutsche Mark on 24 January 1994. Approximate series, kept for its shape; individual points are not sourced one by one.", "sources": ["National Bank of Yugoslavia", "Lyon, J. (1996) Yugoslavia's Hyperinflation 1993-1994: A Social History"], "points": [{"date": "1992-03", "rate": 100}, {"date": "1992-06", "rate": 900}, {"date": "1992-09", "rate": 5000}, {"date": "1992-12", "rate": 15000}, {"date": "1993-01", "rate": 35000}, {"date": "1993-03", "rate": 150000}, {"date": "1993-06", "rate": 1200000}, {"date": "1993-09", "rate": 30000000}, {"date": "1993-10", "rate": 500000000}, {"date": "1993-11", "rate": 35000000000}, {"date": "1993-12", "rate": 1775998646615}, {"date": "1994-01", "rate": 13000000000000000}]}, "sources": ["Hanke & Krus (2012), World Hyperinflations, Cato WP no. 8 — dates, peak, doubling time.", "Wikipedia, \"Hyperinflation in Serbia and Montenegro\" (read 2026-10-05):", "Wikipedia, \"Yugoslav dinar\" — redenominations, 500 bn note, novi dinar (read 2026-10-05):", "Petrović, P., Bogetić, Ž. & Vujošević, Z."], "licence": "Text and data: MIT (c) 2026 Rogzy. Banknote images (c) David St-Onge, not covered by the MIT licence."}, {"id": "russia-1992-1994", "country": "Russia", "currency": "Ruble", "periodStart": "1992", "periodEnd": "1994", "peakInflation": "245%", "peakMonthlyPct": 245, "peakMonth": "January 1992", "doubling": "17.0 days", "hkEpisode": "Jan 1992", "currencyReform": "1 ruble = 1,000 old rubles (1998)", "cause": "Price liberalisation releasing a Soviet money overhang", "resolution": "One month above 50%, then years of high inflation", "url": "https://hyperinflation.rogzy.org/russia-1992-1994/", "summary": "When the Soviet Union ended, prices had been fixed for decades while savings and money piled up with nothing to buy. On 2 January 1992, Russia lifted most price controls. Prices jumped 245 % in January 1992 (H&K; doubling every 17.0 days), and that single month is the whole hyperinflation by the 50 % definition. But inflation stayed in the thousands of percent for the year, about 2,500 % in 1992, and the ruble kept falling until \"Black Tuesday\" in October 1994.", "timeline": [{"date": "2 Jan 1992", "event": "\"shock therapy\" begins under Yegor Gaidar: most prices are freed."}, {"date": "Jan 1992", "event": "Prices rise 245 % in the month (H&K). Wikipedia reports \"300 %\", and about 1,000 % in the first quarter."}, {"date": "1992", "event": "2,509 % for the year."}, {"date": "11 Oct 1994", "event": "Black Tuesday, the ruble crash."}, {"date": "1998", "event": "Redenomination at 1,000 : 1, on the brink of the August 1998 crisis (Wikipedia, Russian ruble)."}], "banknotes": [{"label": "1,000 rubles, USSR State Bank", "image": "https://hyperinflation.rogzy.org/assets/bills/web/1000_Rouble.jpg"}], "exchangeRates": {"unit": "Rubles per 1 USD", "approximate": true, "notes": "Prices freed on 2 January 1992 rose 245% that month (Hanke & Krus): the only month above 50%. Inflation in 1992 was 2,509% (Wikipedia). In 1998, 1,000 old rubles became 1 new ruble. Approximate series, kept for its shape; individual points are not sourced one by one.", "sources": ["Central Bank of Russia", "IMF Working Paper - Exchange Rate Determinants in Russia 1992-1993"], "points": [{"date": "1992-01", "rate": 110}, {"date": "1992-04", "rate": 125}, {"date": "1992-07", "rate": 125}, {"date": "1992-10", "rate": 350}, {"date": "1992-12", "rate": 415}, {"date": "1993-03", "rate": 680}, {"date": "1993-06", "rate": 1050}, {"date": "1993-09", "rate": 1165}, {"date": "1993-12", "rate": 1250}, {"date": "1994-03", "rate": 1750}, {"date": "1994-06", "rate": 1980}, {"date": "1994-09", "rate": 2200}, {"date": "1994-10", "rate": 3926}, {"date": "1994-12", "rate": 3550}]}, "sources": ["Hanke & Krus (2012) — episode, peak, doubling time.", "Wikipedia, \"Russian ruble\" (read 2026-10-05): https://en.wikipedia.org/wiki/Russian_ruble", "Wikipedia, \"Economy of Russia\" §1990s (read 2026-10-05): https://en.wikipedia.org/wiki/Economy_of_Russia"], "licence": "Text and data: MIT (c) 2026 Rogzy. Banknote images (c) David St-Onge, not covered by the MIT licence."}, {"id": "georgia-1993-1994", "country": "Georgia", "currency": "Kuponi", "periodStart": "1993", "periodEnd": "1994", "peakInflation": "211%", "peakMonthlyPct": 211, "peakMonth": "September 1994", "doubling": "18.6 days", "hkEpisode": "Sep 1993 – Sep 1994", "currencyReform": "1 lari = 1,000,000 kuponi", "cause": "Civil war, a deficit paid with the kuponi", "resolution": "IMF-backed programme, then the lari (1995)", "url": "https://hyperinflation.rogzy.org/georgia-1993-1994/", "summary": "Newly independent Georgia was fighting civil wars (Abkhazia, South Ossetia, the Gamsakhurdia loyalists) and had lost its Soviet markets and Russian energy. It issued a temporary \"coupon\" currency, the kuponi, and financed the state with it. Hyperinflation ran from September 1993 to September 1994 and peaked at the very end: 211 % in September 1994, doubling every 18.6 days (H&K). In 1995 one lari replaced a million kuponi.", "timeline": [{"date": "Mar – Apr 1992", "event": "A first episode, in Russian rubles (H&K)."}, {"date": "5 Apr 1993", "event": "The kuponi is introduced."}, {"date": "Sep 1993", "event": "Monthly inflation passes 50 % (H&K start)."}, {"date": "1994", "event": "Notes reach 1,000,000 kuponi."}, {"date": "Sep 1994", "event": "Peak 211 % (H&K)."}, {"date": "2 Oct 1995", "event": "The lari replaces the kuponi at 1 : 1,000,000."}], "banknotes": [{"label": "1 million kuponi (1994)", "image": "https://hyperinflation.rogzy.org/assets/bills/web/1_million_georgia.jpg"}], "exchangeRates": {"unit": "Kuponi per 1 USD", "approximate": true, "notes": "The kuponi replaced the ruble at par on 5 April 1993. Hyperinflation from September 1993 to September 1994, peak 211% in September 1994 (Hanke & Krus). The lari replaced it on 2 October 1995 at 1,000,000 kuponi. Approximate series, kept for its shape; individual points are not sourced one by one.", "sources": ["National Bank of Georgia", "IMF Working Paper - The Georgian Hyperinflation and Stabilization (1999)"], "points": [{"date": "1993-04", "rate": 2}, {"date": "1993-06", "rate": 25}, {"date": "1993-09", "rate": 600}, {"date": "1993-12", "rate": 4500}, {"date": "1994-03", "rate": 85000}, {"date": "1994-06", "rate": 450000}, {"date": "1994-09", "rate": 1800000}, {"date": "1994-12", "rate": 2400000}]}, "sources": ["Hanke & Krus (2012) — both episodes, peak, doubling time.", "Wikipedia, \"Georgian kuponi\" (read 2026-10-05): https://en.wikipedia.org/wiki/Georgian_kuponi", "Wang, J.-Y."], "licence": "Text and data: MIT (c) 2026 Rogzy. Banknote images (c) David St-Onge, not covered by the MIT licence."}, {"id": "zimbabwe-2007-2009", "country": "Zimbabwe", "currency": "Zimbabwean Dollar", "periodStart": "2007", "periodEnd": "2009", "peakInflation": "79.6 billion %", "peakMonthlyPct": 79600000000.0, "peakMonth": "mid-November 2008", "doubling": "24.7 hours", "hkEpisode": "Mar 2007 – mid-Nov 2008", "currencyReform": "3, then 10, then 12 zeros removed", "cause": "Farm collapse, a deficit paid by the Reserve Bank", "resolution": "Currency abandoned for the US dollar and others (2009)", "url": "https://hyperinflation.rogzy.org/zimbabwe-2007-2009/", "summary": "A farm-export economy whose output collapsed after the seizure of commercial farms, governed by a state that financed itself — and its war in the Congo — through its central bank. Prices peaked in mid-November 2008, rising 79.6 billion % (7.96 × 10¹⁰ %) in one month and doubling every 24.7 hours (H&K, implied from the parallel rate). Twenty-five zeros were cut in three redenominations; in April 2009 the country gave up its own currency and used the US dollar and the rand.", "timeline": [{"date": "2000", "event": "Fast-track land reform begins."}, {"date": "Aug 2006", "event": "First redenomination, 3 zeros: the \"second dollar\" (ZWN)."}, {"date": "Mar 2007", "event": "Monthly inflation crosses 50% (H&K start). Official 2007 annual rate 662,000%."}, {"date": "Jul 2008", "event": "Last official CPI release."}, {"date": "Jul/Aug 2008", "event": "Second redenomination, 10 zeros: the \"third dollar\" (ZWR)."}, {"date": "mid-Nov 2008", "event": "Peak: 79.6 billion % in the month (H&K)."}, {"date": "early 2009", "event": "The Z$100 trillion note."}, {"date": "Feb 2009", "event": "Third redenomination, 12 zeros: the \"fourth dollar\" (ZWL)."}, {"date": "Apr 2009", "event": "The Zimbabwe dollar is suspended; trade in US dollars, rand and others."}], "banknotes": [{"label": "100 trillion dollars (Harare 2008)", "image": "https://hyperinflation.rogzy.org/assets/bills/web/100_Trillion_Zimbabwe.jpg"}, {"label": "100 billion dollars, agro-cheque (1 Jul 2008)", "image": "https://hyperinflation.rogzy.org/assets/bills/web/100_Billion_Zimbabwe.jpg"}, {"label": "50 trillion dollars (Harare 2008)", "image": "https://hyperinflation.rogzy.org/assets/bills/web/F2-12%2050_Trillions_ZWR.jpg"}, {"label": "5 billion dollars, agro-cheque (15 May 2008)", "image": "https://hyperinflation.rogzy.org/assets/bills/web/F2-9%205_Billions_ZWN.jpg"}, {"label": "500 million dollars (Harare 2008)", "image": "https://hyperinflation.rogzy.org/assets/bills/web/500_millions_zimbabwe.jpg"}, {"label": "20,000 dollars, bearer cheque (1 Dec 2003)", "image": "https://hyperinflation.rogzy.org/assets/bills/web/F2-7%2020k_cheque_ZWD.jpg"}, {"label": "2 dollars (Salisbury 1980)", "image": "https://hyperinflation.rogzy.org/assets/bills/web/F2-6%202_ZWD.jpg"}, {"label": "1 dollar (Harare 2007)", "image": "https://hyperinflation.rogzy.org/assets/bills/web/F2-10%201_ZWR.jpg"}, {"label": "50 cents, bearer cheque (1 Aug 2006)", "image": "https://hyperinflation.rogzy.org/assets/bills/web/F2-8%2050_cents_ZWN.jpg"}], "exchangeRates": {"unit": "Zimbabwe dollars per 1 USD (approximate)", "approximate": true, "notes": "Peak 79.6 billion percent in mid-November 2008, prices doubling every 24.7 hours (Hanke & Krus). Zeros removed: 3 (2006), 10 (2008), 12 (2009); the currency was abandoned in April 2009. Approximate series, kept for its shape; individual points are not sourced one by one.", "sources": ["Reserve Bank of Zimbabwe", "Cato Institute - On the Measurement of Zimbabwe's Hyperinflation", "Hanke & Kwok (2009)"], "points": [{"date": "2007-01", "rate": 30000}, {"date": "2007-03", "rate": 120000}, {"date": "2007-06", "rate": 350000}, {"date": "2007-09", "rate": 750000}, {"date": "2007-12", "rate": 2000000}, {"date": "2008-01", "rate": 4500000}, {"date": "2008-03", "rate": 25000000}, {"date": "2008-05", "rate": 200000000}, {"date": "2008-07", "rate": 10000000000}, {"date": "2008-08", "rate": 100000000000}, {"date": "2008-09", "rate": 1000000000000}, {"date": "2008-10", "rate": 100000000000000}, {"date": "2008-11", "rate": 2621984228000000000}]}, "sources": ["Hanke & Krus (2012), World Hyperinflations, Cato WP no. 8 — dates, peak, doubling time.", "Hanke, S. H. & Kwok, A. K. F.", "Wikipedia, \"Hyperinflation in Zimbabwe\" — redenominations, official rates, abandonment"], "licence": "Text and data: MIT (c) 2026 Rogzy. Banknote images (c) David St-Onge, not covered by the MIT licence."}, {"id": "venezuela-2016-2021", "country": "Venezuela", "currency": "Bolívar", "periodStart": "2016", "periodEnd": "2022", "peakInflation": "192%", "peakMonthlyPct": 192, "peakMonth": "January 2019", "hkEpisode": "Nov 2016 – early 2022 (BCV)", "currencyReform": "14 zeros removed (2008, 2018, 2021)", "cause": "Oil collapse, price controls, a deficit paid by the central bank", "resolution": "De facto dollarisation; technically over in early 2022", "url": "https://hyperinflation.rogzy.org/venezuela-2016-2021/", "summary": "A state that lived on oil spent as if prices would stay high. When oil fell in 2014–15, it covered the gap with the central bank, while price and exchange controls had been emptying the shops since\n2003. Hyperinflation began in November 2016 and only ended technically in early 2022. The\nhighest monthly figure found so far is 192 % in January 2019 (National Assembly estimate).\nInflation figures for 2018 range from 130,060 % to 1,698,488 % depending on the source. The\nbolívar lost 14 zeros in three redenominations (2008, 2018, 2021), and the economy turned to the\ndollar.", "timeline": [{"date": "2003", "event": "Exchange and price controls are introduced."}, {"date": "2008", "event": "The bolívar fuerte (1,000 : 1)."}, {"date": "2014–2015", "event": "Oil prices collapse."}, {"date": "Nov 2016", "event": "Hyperinflation begins."}, {"date": "2018", "event": "Annual inflation estimated between 130,060 % and 1,698,488 %, depending on the source."}, {"date": "20 Aug 2018", "event": "The bolívar soberano (100,000 : 1)."}, {"date": "Jan 2019", "event": "192 % in the month (National Assembly)."}, {"date": "2019", "event": "De facto dollarisation; controls are loosened."}, {"date": "Oct 2021", "event": "The bolívar digital (1,000,000 : 1)."}, {"date": "Q1 2022", "event": "12 months below 50 % a month: the hyperinflation is technically over."}], "banknotes": [{"label": "1 million bolívares (3 Sep 2020)", "image": "https://hyperinflation.rogzy.org/assets/bills/web/1_million_bolivar.jpg"}], "exchangeRates": {"unit": "Bolívares fuertes per 1 USD, parallel market (bolívar soberano converted back, ×100,000)", "approximate": true, "notes": "The bolívar soberano (20 Aug 2018) removed five zeros and the bolívar digital (Oct 2021) six more; later points are converted back into bolívares fuertes. Parallel-market rates, far above the official ones. Approximate series, kept for its shape; individual points are not sourced one by one.", "sources": ["Parallel-market rate as published by DolarToday", "Federal Reserve Bank of St. Louis (FRED)"], "points": [{"date": "2016-02", "rate": 1000}, {"date": "2016-06", "rate": 1800}, {"date": "2016-12", "rate": 4300}, {"date": "2017-03", "rate": 6500}, {"date": "2017-07", "rate": 10000}, {"date": "2017-09", "rate": 20000}, {"date": "2017-12", "rate": 105000}, {"date": "2018-03", "rate": 245000}, {"date": "2018-06", "rate": 3500000}, {"date": "2018-08", "rate": 6000000}, {"date": "2018-10", "rate": 10000000}, {"date": "2019-01", "rate": 100000000}, {"date": "2019-07", "rate": 1000000000}, {"date": "2020-04", "rate": 10000000000}, {"date": "2020-11", "rate": 100000000000}, {"date": "2021-08", "rate": 414602200000}]}, "sources": ["Wikipedia, \"Hyperinflation in Venezuela\" (read 2026-10-05): https://en.wikipedia.org/wiki/Hyperinflation_in_Venezuela"], "licence": "Text and data: MIT (c) 2026 Rogzy. Banknote images (c) David St-Onge, not covered by the MIT licence."}, {"id": "lebanon-2019-2023", "country": "Lebanon", "currency": "Lebanese Pound", "periodStart": "2019", "periodEnd": "2023", "peakInflation": "52.6% (implied)", "peakMonthlyPct": 52.6, "peakMonth": "July 2020", "hkEpisode": "Jul 2020 (implied, Hanke)", "currencyReform": "None — the pound still runs", "cause": "Banking collapse behind a fixed peg", "resolution": "Stable rate since mid-2023; deposits still frozen", "url": "https://hyperinflation.rogzy.org/lebanon-2019-2023/", "summary": "For 22 years the pound was pegged at 1,507.5 to the dollar. The peg was held up by deposits that banks lent to the central bank, which used them to fund the state, under a system its critics compare to a Ponzi scheme. In 2019 the dollars stopped coming. Banks froze withdrawals, the state defaulted (March 2020), and the parallel rate went from 1,500 to about 140,000 in March 2023. Steve Hanke counted it as hyperinflation no. 62, at 52.6 % a month (implied) in July 2020. Official monthly inflation never reached 50 %, but annual inflation reached 221 % in 2023.", "timeline": [{"date": "1997", "event": "The peg at 1,507.5."}, {"date": "Aug – Oct 2019", "event": "A dollar shortage, the October protests, and informal capital controls by the banks."}, {"date": "Mar 2020", "event": "Default."}, {"date": "Jul 2020", "event": "Hanke: 52.6 % a month (implied), hyperinflation no. 62."}, {"date": "4 Aug 2020", "event": "The port explosion."}, {"date": "Jun 2021", "event": "The World Bank warns that this could be one of the three most severe crises since the mid-19th century."}, {"date": "Feb 2023", "event": "The official rate is moved to 15,000."}, {"date": "Mar 2023", "event": "The parallel peak, about 140,000."}, {"date": "Since mid-2023", "event": "About 89,500, stable; the economy runs largely in dollars."}], "banknotes": [{"label": "10,000 Lebanese pounds (2021)", "image": "https://hyperinflation.rogzy.org/assets/bills/web/10k_Liban.jpg"}], "exchangeRates": {"unit": "Lebanese Pounds per 1 USD (parallel market rate)", "approximate": false, "notes": "Pegged at 1,507.5 pounds per dollar from 1997 to October 2019. Parallel rate: about 140,000 at its peak in March 2023, stable near 89,500 since mid-2023. Inflation was 221% in 2023 (Wikipedia).", "sources": ["DolarToday Lebanon (lebanese-lira.org)", "Lira Rate", "BLOMINVEST Bank"], "points": [{"date": "2019-07", "rate": 1600}, {"date": "2019-10", "rate": 1700}, {"date": "2019-12", "rate": 2100}, {"date": "2020-04", "rate": 3000}, {"date": "2020-06", "rate": 5000}, {"date": "2020-08", "rate": 7500}, {"date": "2020-12", "rate": 8500}, {"date": "2021-03", "rate": 14000}, {"date": "2021-06", "rate": 15200}, {"date": "2021-08", "rate": 19000}, {"date": "2021-12", "rate": 27000}, {"date": "2022-06", "rate": 27500}, {"date": "2022-11", "rate": 37000}, {"date": "2023-02", "rate": 63000}, {"date": "2023-03", "rate": 134900}, {"date": "2023-07", "rate": 90000}, {"date": "2023-12", "rate": 89500}, {"date": "2024-05", "rate": 89600}]}, "sources": ["Wikipedia, \"Lebanese liquidity crisis\" (read 2026-10-05): https://en.wikipedia.org/wiki/Lebanese_liquidity_crisis", "Hanke, S. H. (2020), \"Lebanon Hyperinflates\", Cato Institute: https://www.cato.org/commentary/lebanon-hyperinflates"], "licence": "Text and data: MIT (c) 2026 Rogzy. Banknote images (c) David St-Onge, not covered by the MIT licence."}]}