{
 "id": "yugoslavia-1992-1994",
 "country": "Yugoslavia",
 "currency": "Dinar",
 "periodStart": "1992",
 "periodEnd": "1994",
 "peakInflation": "313 million %",
 "peakMonthlyPct": 313000000.0,
 "peakMonth": "January 1994",
 "doubling": "1.41 days",
 "hkEpisode": "Apr 1992 – Jan 1994",
 "currencyReform": "1 novi dinar = 1 Deutsche Mark",
 "cause": "War, sanctions, a deficit paid by the central bank",
 "resolution": "Novi dinar pegged to the Deutsche Mark (24 Jan 1994)",
 "url": "https://hyperinflation.rogzy.org/yugoslavia-1992-1994/",
 "summary": "The breakup of Yugoslavia, war, and UN sanctions (from May 1992) left the rump federation of Serbia and Montenegro with a collapsing tax base and a state that paid with the press. Prices peaked in January 1994, rising 313 million % in one month and doubling every 1.41 days (H&K) — the second-worst month on record after Hungary 1946. It ended on 24 January 1994 with the \"super dinar\", pegged one-to-one to the Deutsche Mark.",
 "timeline": [
  {
   "date": "May 1992",
   "event": "UN sanctions."
  },
  {
   "date": "1 Jul 1992",
   "event": "Redenomination, 10 : 1."
  },
  {
   "date": "1993",
   "event": "24 new banknotes in a year, up to 500 billion dinara; the 500 bn note is worthless two weeks after printing (Wikipedia, dinar)."
  },
  {
   "date": "1 Oct 1993",
   "event": "Redenomination, 1,000,000 : 1."
  },
  {
   "date": "1 Jan 1994",
   "event": "Redenomination, 1,000,000,000 : 1."
  },
  {
   "date": "Jan 1994",
   "event": "Peak: 313 million % in the month, 62% a day (H&K · Wikipedia)."
  },
  {
   "date": "24 Jan 1994",
   "event": "The novi dinar (\"super dinar\"), 1 : 1 with the Deutsche Mark; the programme of Dragoslav Avramović, governor of the National Bank."
  }
 ],
 "banknotes": [
  {
   "label": "50 billion dinars (1993)",
   "image": "https://hyperinflation.rogzy.org/assets/bills/web/50_millards_dinar.jpg"
  },
  {
   "label": "5 billion dinars (1993)",
   "image": "https://hyperinflation.rogzy.org/assets/bills/web/5_milliard_dinar.jpg"
  }
 ],
 "exchangeRates": {
  "unit": "Dinars per 1 USD (approximate)",
  "approximate": true,
  "notes": "Peak 313 million percent in January 1994, prices doubling every 1.41 days (Hanke & Krus). Redenominations of 10:1 (Jul 1992), 1,000,000:1 (Oct 1993) and 1,000,000,000:1 (Jan 1994); the novi dinar was pegged to the Deutsche Mark on 24 January 1994. Approximate series, kept for its shape; individual points are not sourced one by one.",
  "sources": [
   "National Bank of Yugoslavia",
   "Lyon, J. (1996) Yugoslavia's Hyperinflation 1993-1994: A Social History"
  ],
  "points": [
   {
    "date": "1992-03",
    "rate": 100
   },
   {
    "date": "1992-06",
    "rate": 900
   },
   {
    "date": "1992-09",
    "rate": 5000
   },
   {
    "date": "1992-12",
    "rate": 15000
   },
   {
    "date": "1993-01",
    "rate": 35000
   },
   {
    "date": "1993-03",
    "rate": 150000
   },
   {
    "date": "1993-06",
    "rate": 1200000
   },
   {
    "date": "1993-09",
    "rate": 30000000
   },
   {
    "date": "1993-10",
    "rate": 500000000
   },
   {
    "date": "1993-11",
    "rate": 35000000000
   },
   {
    "date": "1993-12",
    "rate": 1775998646615
   },
   {
    "date": "1994-01",
    "rate": 13000000000000000
   }
  ]
 },
 "sources": [
  "Hanke & Krus (2012), World Hyperinflations, Cato WP no. 8 — dates, peak, doubling time.",
  "Wikipedia, \"Hyperinflation in Serbia and Montenegro\" (read 2026-10-05):",
  "Wikipedia, \"Yugoslav dinar\" — redenominations, 500 bn note, novi dinar (read 2026-10-05):",
  "Petrović, P., Bogetić, Ž. & Vujošević, Z."
 ],
 "licence": "Text and data: MIT (c) 2026 Rogzy. Banknote images (c) David St-Onge, not covered by the MIT licence."
}