Hyperinflation/Archive

Cases / Wars in Africa / Zaire

Zaire
1991–1994

Two hyperinflations in three years, under a regime that financed itself, its army and its patronage with the printing press while copper output collapsed.

250%prices in the worst monthNovember 1993
16.8 daysfor prices to doubleat the peak (Hanke & Krus)
Oct 1991 – Sep 1992 · Nov 1993 – Sep 1994above 50% a monththe hyperinflation itself
2banknotes in the collectionZaïre

Currency reform: 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

In short

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).

The curve

Zaïres per 1 USD (nouveau zaïre converted back, ×3,000,000), logarithmic scale: each line up is many times the one below.

100 10,000 1 million 100 million 10 billion 1 trillion 1990 1991 1992 1993 1994 1990-01: 719 1990-12: 3,000 1991-06: 8,500 1991-08: 15,300 1991-12: 55,000 1992-06: 450,000 1992-12: 1.99 million 1993-03: 2.53 million 1993-10: 3 million 1993-12: 330 million 1994-06: 7.5 billion 1994-09: 2.25 trillion

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. Source: Wikipedia, "Zairean zaire", Banque du Zaïre.

What happened

The events in order, with the banknotes at the date on them.

Oct 1991
Monthly inflation passes 50 % (H&K start); peak 114 % in Nov 1991.
Late 1992
A 5,000,000-zaïre note.
dated
4 Jan 1992
100,000 zaïres (4 Jan 1992)
100,000 zaïres (4 Jan 1992)
Oct 1993
The nouveau zaïre at 3,000,000 : 1.
Nov 1993
Peak 250 % (H&K).
Sep 1994
The H&K episode ends.
dated
1996
500,000 nouveaux zaïres (25 Oct 1996, after the episode)
500,000 nouveaux zaïres (25 Oct 1996, after the episode)
May 1997
Mobutu falls; the country becomes the DR Congo again.
1 Jul 1998
The Congolese franc replaces the nouveau zaïre at 1 : 100,000.

Consequences & lessons

  • A redenomination announced by a state that nobody trusts can trigger hyperinflation: the new unit peaked in its first month.

The banknotes

500,000 nouveaux zaïres (25 Oct 1996, after the episode)
500,000 nouveaux zaïres (25 Oct 1996, after the episode)
100,000 zaïres (4 Jan 1992)
100,000 zaïres (4 Jan 1992)

The data

Savings worth $1,000 in January 1990, kept in Zaïre, were worth $0.000000319556 in September 1994.

figurevaluesource
First episodeOct 1991 – Sep 1992, peak Nov 1991, 114 %H&K
Second episodeNov 1993 – Sep 1994H&K
Peak monthNovember 1993H&K
Peak monthly inflation250 %H&K
Doubling time at peak16.8 daysH&K
Zaïres per USD15,300 (1991) · 114,291 (early 1992) · 1,990,000 (Dec 1992) · 2,529,000 (Mar 1993)Wikipedia (Zairean zaire)
Largest notes5,000,000 zaïres (late 1992) · 1,000,000 NZ (1996)Wikipedia (Zairean zaire)
Nouveau zaïreOct 1993, 1 NZ = 3,000,000 zaïresWikipedia (Zairean zaire)
Congolese franc1 Jul 1998, 1 franc = 100,000 NZWikipedia (Zairean zaire)
The series, point by point
Monthold zaïres/USD
1990-01719
1990-123,000
1991-068,500
1991-0815,300
1991-1255,000
1992-06450,000
1992-121.99 million
1993-032.53 million
1993-103 million
1993-12330 million
1994-067.5 billion
1994-092.25 trillion
Case data (JSON)Series (CSV)Banknotes (ZIP)
Cite this case
“Zaire 1991–1994”, Hyperinflation Archive, hyperinflation.rogzy.org/zaire-1991-1994/ (2026). Figures: Hanke & Krus (2012) and the sources listed below.

Sources

  1. Hanke & Krus (2012) — both episodes, peak, doubling time.
  2. Wikipedia, "Zairean zaire" (read 2026-10-05): https://en.wikipedia.org/wiki/Zairean_zaire
  3. Beaugrand, P.

H&K = Hanke, S. H. & Krus, N. (2012), World Hyperinflations, Cato Institute Working Paper no. 8.