{
 "id": "russia-1992-1994",
 "country": "Russia",
 "currency": "Ruble",
 "periodStart": "1992",
 "periodEnd": "1994",
 "peakInflation": "245%",
 "peakMonthlyPct": 245,
 "peakMonth": "January 1992",
 "doubling": "17.0 days",
 "hkEpisode": "Jan 1992",
 "currencyReform": "1 ruble = 1,000 old rubles (1998)",
 "cause": "Price liberalisation releasing a Soviet money overhang",
 "resolution": "One month above 50%, then years of high inflation",
 "url": "https://hyperinflation.rogzy.org/russia-1992-1994/",
 "summary": "When the Soviet Union ended, prices had been fixed for decades while savings and money piled up with nothing to buy. On 2 January 1992, Russia lifted most price controls. Prices jumped 245 % in January 1992 (H&K; doubling every 17.0 days), and that single month is the whole hyperinflation by the 50 % definition. But inflation stayed in the thousands of percent for the year, about 2,500 % in 1992, and the ruble kept falling until \"Black Tuesday\" in October 1994.",
 "timeline": [
  {
   "date": "2 Jan 1992",
   "event": "\"shock therapy\" begins under Yegor Gaidar: most prices are freed."
  },
  {
   "date": "Jan 1992",
   "event": "Prices rise 245 % in the month (H&K). Wikipedia reports \"300 %\", and about 1,000 % in the first quarter."
  },
  {
   "date": "1992",
   "event": "2,509 % for the year."
  },
  {
   "date": "11 Oct 1994",
   "event": "Black Tuesday, the ruble crash."
  },
  {
   "date": "1998",
   "event": "Redenomination at 1,000 : 1, on the brink of the August 1998 crisis (Wikipedia, Russian ruble)."
  }
 ],
 "banknotes": [
  {
   "label": "1,000 rubles, USSR State Bank",
   "image": "https://hyperinflation.rogzy.org/assets/bills/web/1000_Rouble.jpg"
  }
 ],
 "exchangeRates": {
  "unit": "Rubles per 1 USD",
  "approximate": true,
  "notes": "Prices freed on 2 January 1992 rose 245% that month (Hanke & Krus): the only month above 50%. Inflation in 1992 was 2,509% (Wikipedia). In 1998, 1,000 old rubles became 1 new ruble. Approximate series, kept for its shape; individual points are not sourced one by one.",
  "sources": [
   "Central Bank of Russia",
   "IMF Working Paper - Exchange Rate Determinants in Russia 1992-1993"
  ],
  "points": [
   {
    "date": "1992-01",
    "rate": 110
   },
   {
    "date": "1992-04",
    "rate": 125
   },
   {
    "date": "1992-07",
    "rate": 125
   },
   {
    "date": "1992-10",
    "rate": 350
   },
   {
    "date": "1992-12",
    "rate": 415
   },
   {
    "date": "1993-03",
    "rate": 680
   },
   {
    "date": "1993-06",
    "rate": 1050
   },
   {
    "date": "1993-09",
    "rate": 1165
   },
   {
    "date": "1993-12",
    "rate": 1250
   },
   {
    "date": "1994-03",
    "rate": 1750
   },
   {
    "date": "1994-06",
    "rate": 1980
   },
   {
    "date": "1994-09",
    "rate": 2200
   },
   {
    "date": "1994-10",
    "rate": 3926
   },
   {
    "date": "1994-12",
    "rate": 3550
   }
  ]
 },
 "sources": [
  "Hanke & Krus (2012) — episode, peak, doubling time.",
  "Wikipedia, \"Russian ruble\" (read 2026-10-05): https://en.wikipedia.org/wiki/Russian_ruble",
  "Wikipedia, \"Economy of Russia\" §1990s (read 2026-10-05): https://en.wikipedia.org/wiki/Economy_of_Russia"
 ],
 "licence": "Text and data: MIT (c) 2026 Rogzy. Banknote images (c) David St-Onge, not covered by the MIT licence."
}