{
 "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."
}