{
 "id": "zaire-1991-1994",
 "country": "Zaire",
 "currency": "Zaïre",
 "periodStart": "1991",
 "periodEnd": "1994",
 "peakInflation": "250%",
 "peakMonthlyPct": 250,
 "peakMonth": "November 1993",
 "doubling": "16.8 days",
 "hkEpisode": "Oct 1991 – Sep 1992 · Nov 1993 – Sep 1994",
 "currencyReform": "1 nouveau zaïre = 3,000,000 zaïres",
 "cause": "A state financed by the printing press, collapsing exports",
 "resolution": "Two episodes; the Congolese franc replaced the zaïre in 1998",
 "url": "https://hyperinflation.rogzy.org/zaire-1991-1994/",
 "summary": "Two hyperinflations in three years, under a regime that financed itself, its army and its patronage with the printing press while copper output collapsed. The first ran from late 1991 to 1992; the second followed the botched launch of the nouveau zaïre (October 1993, three million old zaïres for one new) and peaked at once: 250 % in November 1993, doubling every 16.8 days (H&K).",
 "timeline": [
  {
   "date": "Oct 1991",
   "event": "Monthly inflation passes 50 % (H&K start); peak 114 % in Nov 1991."
  },
  {
   "date": "Late 1992",
   "event": "A 5,000,000-zaïre note."
  },
  {
   "date": "Oct 1993",
   "event": "The nouveau zaïre at 3,000,000 : 1."
  },
  {
   "date": "Nov 1993",
   "event": "Peak 250 % (H&K)."
  },
  {
   "date": "Sep 1994",
   "event": "The H&K episode ends."
  },
  {
   "date": "May 1997",
   "event": "Mobutu falls; the country becomes the DR Congo again."
  },
  {
   "date": "1 Jul 1998",
   "event": "The Congolese franc replaces the nouveau zaïre at 1 : 100,000."
  }
 ],
 "banknotes": [
  {
   "label": "500,000 nouveaux zaïres (25 Oct 1996, after the episode)",
   "image": "https://hyperinflation.rogzy.org/assets/bills/web/500k_Zaire.jpg"
  },
  {
   "label": "100,000 zaïres (4 Jan 1992)",
   "image": "https://hyperinflation.rogzy.org/assets/bills/web/100k_Zaire.jpg"
  }
 ],
 "exchangeRates": {
  "unit": "Zaïres per 1 USD (nouveau zaïre converted back, ×3,000,000)",
  "approximate": false,
  "notes": "Two hyperinflations: Oct 1991–Sep 1992 and Nov 1993–Sep 1994, peak 250% in November 1993 (Hanke & Krus). The nouveau zaïre (Oct 1993) was worth 3,000,000 old zaïres; later points are converted back. Rates of 1991, Dec 1992 and Mar 1993 from Wikipedia (\"Zairean zaire\"); the rest approximate.",
  "sources": [
   "Wikipedia, \"Zairean zaire\"",
   "Banque du Zaïre"
  ],
  "points": [
   {
    "date": "1990-01",
    "rate": 719
   },
   {
    "date": "1990-12",
    "rate": 3000
   },
   {
    "date": "1991-06",
    "rate": 8500
   },
   {
    "date": "1991-08",
    "rate": 15300
   },
   {
    "date": "1991-12",
    "rate": 55000
   },
   {
    "date": "1992-06",
    "rate": 450000
   },
   {
    "date": "1992-12",
    "rate": 1990000
   },
   {
    "date": "1993-03",
    "rate": 2529000
   },
   {
    "date": "1993-10",
    "rate": 3000000
   },
   {
    "date": "1993-12",
    "rate": 330000000
   },
   {
    "date": "1994-06",
    "rate": 7500000000
   },
   {
    "date": "1994-09",
    "rate": 2250000000000
   }
  ]
 },
 "sources": [
  "Hanke & Krus (2012) — both episodes, peak, doubling time.",
  "Wikipedia, \"Zairean zaire\" (read 2026-10-05): https://en.wikipedia.org/wiki/Zairean_zaire",
  "Beaugrand, P."
 ],
 "licence": "Text and data: MIT (c) 2026 Rogzy. Banknote images (c) David St-Onge, not covered by the MIT licence."
}