{
 "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."
}