{
 "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."
}