{
 "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."
}