{
 "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."
}