Comment: No connection whatsoever?

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SteveMT's picture

No connection whatsoever?

If not for the dollar being the world reserve currency and the forced use of Petrol Dollars, we would have been on this list a long time ago.

Angola

Angola experienced high inflation from 1991 to 1995. It was a result of exchange restrictions following the introduction of the novo kwanza (AON) to replace the original kwanza (AOK) in 1990. At the first months of 1991, the highest denomination was 50 000 AON. By 1994, the highest denomination was 500 000 kwanzas. In the 1995 currency reform, the readjusted kwanza (AOR) replaced the novo kwanza at the ratio of 1 000 AON to 1 AOR, but hyperinflation continued as further denominations of up to 5 000 000 AOR were issued. In the 1999 currency reform, the kwanza (AOA) was reintroduced at the ratio of 1 million AOR to 1 AOA. Currently, the highest denomination banknote is 2 000 AOA and the overall impact of hyperinflation was 1 AOA = 1 billion AOK.

Start and End Date: Dec. 1994-Jan. 1997
Peak Month and Rate of Inflation: May 1996, 84.1%[18]

Argentina

Argentina went through steady inflation from 1975 to 1991. At the beginning of 1975, the highest denomination was 1,000 pesos. In late 1976, the highest denomination was 5,000 pesos. In early 1979, the highest denomination was 10,000 pesos. By the end of 1981, the highest denomination was 1,000,000 pesos. In the 1983 currency reform, 1 peso argentino was exchanged for 10,000 pesos. In the 1985 currency reform, 1 austral was exchanged for 1,000 pesos argentinos. In the 1992 currency reform, 1 new peso was exchanged for 10,000 australes. The overall impact of hyperinflation: 1 (1992) peso = 100,000,000,000 pre-1983 pesos. Annual inflation hit 12,000% in 1989.[19]

Start and End Date: May 1989- Mar. 1990
Peak Month and Rate of Inflation: Mar. 1990, 197%[18]

Armenia

Armenia experienced high inflation and hyperinflation from January 1992-December 1994. Its first episode of hyperinflation was due to the use of the Russian ruble after the dissolution of the Soviet Union. The second episode was due to an unstable Armenian dram.

(1) Start and End Date: Jan. 1992- Feb. 1993
(1) Peak Month and Rate of Inflation: Jan. 1992, 73.1%
(2) Start and End Date: Oct. 1993- Dec. 1994
(2) Peak Month and Rate of Inflation: Nov. 1993, 438%[18]

Austria

In 1922, inflation in Austria reached 1426%, and from 1914 to January 1923, the consumer price index rose by a factor of 11836, with the highest banknote in denominations of 500,000 krones.[20]

Start and End Date: Oct. 1921- Sep. 1922
Peak Month and Rate of Inflation: Aug. 1922, 129%[21]

Azerbaijan

Azerbaijan experienced inflation from January 1992 until December 1994. It first circulated the Russian Ruble until August 1992 when it introduced the Azerbaijani manat.

Start and End Date: Jan. 1991- Dec. 1994
Peak Month and Rate of Inflation: Jan. 1992, 118%[22]

Belarus

Belarus experienced steady inflation from 1994 to 2002. In 1993, the highest denomination was 5,000 rublei. By 1999, it was 5,000,000 rublei. In the 2000 currency reform, the ruble was replaced by the new ruble at an exchange rate of 1 new ruble = 1,000 old rublei. The highest denomination in 2008 was 100,000 rublei, equal to 100,000,000 pre-2000 rublei.

(1) Start and End Date: Jan. 1992- Feb. 1992
(1) Peak Month and Rate of Inflation: Jan. 1992, 159%
(2) Start and End Date: Aug. 1994- Aug. 1994
(2) Peak Month and Rate of Inflation: Aug. 1994, 53.4%[23]

Bolivia

Bolivia experienced its worst inflation between 1984 and 1986. Before 1984, the highest denomination was 1,000 Bolivian pesos. By 1985, the highest denomination was 10 million Bolivian pesos. In 1985, a Bolivian note for 1 million pesos was worth 55 cents in US dollars, one-thousandth of its exchange value of $5,000 less than three years previously.[24] In the 1987 currency reform, the Peso Boliviano was replaced by the Boliviano at a rate of 1,000,000 : 1.

Start and End Date: Apr. 1984- Sep. 1985
Peak Month and Rate of Inflation: Feb. 1985, 183%[18]

Bosnia and Herzegovina

Bosnia and Herzegovina went through its worst inflation in 1992. In 1992, the highest denomination was 1,000 dinara. By 1993, the highest denomination was 100,000,000 dinara. In the Republika Srpska, the highest denomination was 10,000 dinara in 1992 and 10,000,000,000 dinara in 1993. 50,000,000,000 dinara notes were also printed in 1993 but never issued.

Start and End Date: Apr. 1992- Jun. 1993
Peak Month and Rate of Inflation: Jun. 1992, 322%[25]

Brazil
Main article: Hyperinflation in Brazil

From 1967–1994, the base currency unit was shifted seven times to adjust for inflation in the final years of the Brazilian military dictatorship era. A 1967 cruzeiro was, in 1994, worth less than one trillionth of a US cent, after adjusting for multiple devaluations and note changes. In that same year, inflation reached a record 2,075.8%. A new currency called real was adopted in 1994, and hyperinflation was eventually brought under control.[26] The real was also the currency in use until 1942; 1 (current) real is the equivalent of 2,750,000,000,000,000,000 of Brazil's first currency (called réis in Portuguese).

Start and End Date: Dec. 1989- Mar. 1990
Peak Month and Rate of Inflation: Mar. 1990, 82.4%[18]

Bulgaria

Bulgaria experience hyperinflation only in the month of February 1997. However, it had high inflation for many years proceeding this episode. In order to curb inflation, Bulgaria implemented a currency board in July of that year. Inflation subsequently dropped almost immediately.

Start and End Date: Feb. 1997- Feb. 1997
Peak Month and Rate of Inflation: Feb. 1997, 123%[18]

Chile

In 1973, Chile had experienced hyperinflation that had hit 700 percent, at a time when the country, under high protectionist barriers, had no foreign reserves, and GDP was falling.[27] Despite very severe government cuts and attempted monetary targeting under the Pinochet dictatorship inflation remained extremely high throughout the 1970s.

Start and End Date: Oct. 1973- Oct. 1973
Peak Month and Rate of Inflation: Oct. 1973, 87.6%[28]

China

As the first user of fiat currency, China has had an early history of troubles caused by hyperinflation. The Yuan Dynasty printed huge amounts of fiat paper money to fund their wars, and the resulting hyperinflation, coupled with other factors, led to its demise at the hands of a revolution. The Republic of China went through the worst inflation 1948–49. In 1947, the highest denomination was 50,000 yuan. By mid-1948, the highest denomination was 180,000,000 yuan. The 1948 currency reform replaced the yuan by the gold yuan at an exchange rate of 1 gold yuan = 3,000,000 yuan. In less than a year, the highest denomination was 10,000,000 gold yuan. In the final days of the civil war, the Silver Yuan was briefly introduced at the rate of 500,000,000 Gold Yuan. Meanwhile the highest denomination issued by a regional bank was 6,000,000,000 yuan (issued by Xinjiang Provincial Bank in 1949). After the renminbi was instituted by the new communist government, hyperinflation ceased with a revaluation of 1:10,000 old Renminbi in 1955. The overall impact of inflation was 1 Renminbi = 15,000,000,000,000,000,000 pre-1948 yuan.

(1) Start and End Date: Jul. 1943- Aug. 1945
(1) Peak Month and Rate of Inflation: Jun. 1945, 302%
(2) Start and End Date: Oct. 1947- Mid. May 1949
(2) Peak Month and Rate of Inflation: Apr. 5070%[29]

Estonia

Estonia experienced hyperinflation as a result of using the Russian ruble after the fall of the Soviet Union. However, it was the first post-Soviet union country to implement a currency reform by installing a currency board. It began circulation of the Estonian kroon in April 1992, ridding the country of high inflation.

Start and End Date: Jan. 1992- Feb. 1992
Peak Month and Rate of Inflation: Jan. 1992, 87.2%[30]

France

During the French Revolution, the National Assembly issued bonds backed by seized church property called Assignats. These evolved into fiat legal tender money, were overprinted and caused hyperinflation. Napoleon replaced them with the franc in 1803, at which time the assignats were basically worthless Despite the fact that the assignat is normally considered to be the currency of this time, it was actually the mandat the experienced the peak month of hyperinflation.

Start and End Date: May 1795- Nov. 1796
Peak Month and Rate of Inflation: Mid-Aug. 1796, 304%[31]

Free City of Danzig

The Free City of Danzig went through its worst inflation in 1923. In 1922, the highest denomination was 1,000 Mark. By 1923, the highest denomination was 10,000,000,000 Mark.

Start and End Date: Aug. 1922- Mid. Oct. 1923
Peak Month and Rate of Inflation: Sep. 1923, 2437%[21]

Georgia

Georgia went through its worst inflation in 1994. In 1993, the highest denomination was 100,000 coupons [kuponi]. By 1994, the highest denomination was 1,000,000 coupons. In the 1995 currency reform, a new currency, the lari, was introduced with 1 lari exchanged for 1,000,000 coupons.

(1) Start and End Date: Mar. 1992- Apr. 1992
(1) Peak Month and Rate of Inflation: Mar. 1992, 198%
(2) Start and End Date: Sep. 1993- Sep. 1994
(2) Peak Month and Rate of Inflation: Sep. 1994, 211%[32]

Germany
Main article: Hyperinflation in the Weimar Republic

Germany went through its worst inflation in 1923. In 1922, the highest denomination was 50,000 Mark. By 1923, the highest denomination was 100,000,000,000,000 Mark. In December 1923 the exchange rate was 4,200,000,000,000 Marks to 1 US dollar.[33] In 1923, the rate of inflation hit 3.25 × 106 percent per month (prices double every two days). Beginning on 20 November 1923, 1,000,000,000,000 old Marks were exchanged for 1 Rentenmark so that 4.2 Rentenmarks were worth 1 US dollar, exactly the same rate the Mark had in 1914.[33]

(1) Start and End Date: Jan. 1920- Jan. 1920
(1) Peak Month and Rate of Inflation: Jan. 1920, 56.9%
(2) Start and End Date: Aug. 1922- Dec. 1923
(2) Peak Month and Rate of Inflation: Nov. 1923, 29,525%[21]

Greece

Greece went through its worst inflation in 1944. In 1942, the highest denomination was 50,000 drachmai. By 1944, the highest denomination was 100,000,000,000 drachmai. In the 1944 currency reform, 1 new drachma was exchanged for 50,000,000,000 drachmai. Another currency reform in 1953 replaced the drachma at an exchange rate of 1 new drachma = 1,000 old drachmai. The overall impact of hyperinflation: 1 (1953) drachma = 50,000,000,000,000 pre 1944 drachmai. The Greek monthly inflation rate reached 8.5 billion percent in October 1944.

Start and End Date: May 1941- Dec. 1945
Peak Month and Rate of Inflation: Nov. 1944, 13,800%[34]

Hungary, 1923–24
See also: Hungarian korona
The 100 million b.-pengő note was the highest denomination of banknote ever issued, worth 1020 or 100 quintillion Hungarian pengő (1946). B.-pengő was short for "billió pengő", which in English means trillion pengő.

The Treaty of Trianon and political instability between 1919 and 1924 led to a major inflation of Hungary’s currency. Unable to tax adequately, the government resorted to printing money and by 1923 inflation in Hungary had reached 98% per month.

Start and End Date: Mar. 1923- Feb. 1924
Peak Month and Rate of Inflation: Jul. 1923, 97.9%[35]

Hungary, 1945–46
Main article: Hungarian pengő hyperinflation

Hungary went through the worst inflation ever recorded between the end of 1945 and July 1946. In 1944, the highest denomination was 1,000 pengő. By the end of 1945, it was 10,000,000 pengő. The highest denomination in mid-1946 was 100,000,000,000,000,000,000 pengő. A special currency the adópengő – or tax pengő – was created for tax and postal payments.[36] The value of the adópengő was adjusted each day, by radio announcement. On 1 January 1946 one adópengő equaled one pengő. By late July, one adópengő equaled 2,000,000,000,000,000,000,000 or 2×1021 (2 sextillion) pengő. When the pengő was replaced in August 1946 by the forint, the total value of all Hungarian banknotes in circulation amounted to 1/1,000 of one US dollar.[37] It is the most severe known incident of inflation recorded, peaking at 1.3 × 1016 percent per month (prices double every 15 hours).[38] The overall impact of hyperinflation: On 18 August 1946, 4×1029 (four hundred quadrilliard on the long scale used in Hungary; four hundred octillion on short scale) pengő became 1 forint.

Start and End Date: Aug. 1945- Jul. 1946
Peak Month and Rate of Inflation:Jul. 1946, 41.9 quintillion percent[39]

Kazakhstan

Kazakhstan experienced two episodes of hyperinflation. The first was in 1992. A feature that most post-Soviet Union countries experienced. The second episode was in November 1993 with the implementation of the Kazakhstani tenge.

(1) Start and End Date: Jan. 1992- Jan. 1992
(1) Peak Month and Rate of Inflation: Jan. 1992, 141%
(2) Start and End Date: Nov. 1993- Nov. 1993
(2) Peak Month and Rate of Inflation: 55.5%[40]

Kyrgyzstan

Kyrgyzstan experienced hyperinflation in Jan. 1992 following the dissolution of the Soviet Union.

Start and End Date: Jan. 1992- Jan. 1992
Peak Month and Rate of Inflation: Jan. 1992, 157%[40]

Krajina

The Republic of Serbian Krajina went through its worst inflation in 1993. In 1992, the highest denomination was 50,000 dinara. By 1993, the highest denomination was 50,000,000,000 dinara. Note that this unrecognized country was reincorporated into Croatia in 1995.
North Korea

North Korea most likely experienced hyperinflation from December 2009 to mid-January 2011. Based on the price of rice, North Korea's hyperinflation peaked in mid-January 2010, but according to black market exchange-rate data, and calculations base on purchasing power parity, North Korea experienced its peak month of inflation in early March 2010. However, this data is unofficial and therefore must be treated with a degree of caution.[41]
Nicaragua

Nicaragua went through the worst inflation from 1986 to 1990. From 1943 to April 1971, one US dollar equalled 7 córdobas. From April 1971-early 1978, one US dollar was worth 10 córdobas. In early 1986, the highest denomination was 10,000 córdobas. By 1987, it was 1,000,000 córdobas. In the 1988 currency reform, 1 new córdoba was exchanged for 10,000 old córdobas. The highest denomination in 1990 was 100,000,000 new córdobas. In the 1991 currency reform, 1 new córdoba was exchanged for 5,000,000 old córdobas. The overall impact of hyperinflation: 1 (1991) córdoba = 50,000,000,000 pre-1988 córdobas.

Start and End Date: Jun. 1986- Mar. 1991
Peak Month and Rate of Inflation: Mar. 1991, 261%[42]

Peru

Peru experienced its worst inflation from 1988–1990. In the 1985 currency reform, 1 inti was exchanged for 1,000 soles. In 1986, the highest denomination was 1,000 intis. But in September 1988, monthly inflation went to 114%. In August 1990, monthly inflation was 397%. The highest denomination was 5,000,000 intis by 1991. In the 1991 currency reform, 1 nuevo sol was exchanged for 1,000,000 intis. The overall impact of hyperinflation: 1 nuevo sol = 1,000,000,000 (old) soles.

(1) Start and End Date: Sep. 1988- Sep. 1988
(1) Peak Month and Rate of Inflation: Sep. 1988, 114%
(2) Start and End Date: Jul. 1990- Aug. 1990
(2) Peak Month and Rate of Inflation: Aug. 1990, 397%[42]

Philippines

The Japanese government occupying the Philippines during the World War II issued fiat currencies for general circulation. The Japanese-sponsored Second Philippine Republic government led by Jose P. Laurel at the same time outlawed possession of other currencies, most especially "guerilla money." The fiat money was dubbed "Mickey Mouse Money" because it is similar to play money and is next to worthless. Survivors of the war often tell tales of bringing suitcase or bayong (native bags made of woven coconut or buri leaf strips) overflowing with Japanese-issued bills. In the early times, 75 Mickey Mouse pesos could buy one duck egg.[43] In 1944, a box of matches cost more than 100 Mickey Mouse pesos.[44]

In 1942, the highest denomination available was 10 pesos. Before the end of the war, because of inflation, the Japanese government was forced to issue 100, 500 and 1000 peso notes.

Start and End Date: Jan. 1944- Dec. 1944
Peak Month and Rate of Inflation: Jan. 1944, 60%[45]

Poland, 1923–1924

After Poland’s independence in 1918, the country soon began experiencing extreme inflation. By 1921, prices had already risen 251 times above those of 1914, but in the following three years they rose by 988,223%[46] with a peak rate in late 1923 of prices doubling every nineteen and a half days.[47] At independence there was 8 marek per US dollar, but by 1923 the exchange rate was 6,375,000 marek (mkp) for 1 US dollar. The highest denomination was 10,000,000 mkp. In the 1924 currency reform there was a new currency introduced: 1 zloty = 1,800,000 mkp.

Start and End Date: Jan. 1923- Jan. 1924
Peak Month and Rate of Inflation: Nov. 1923, 275%[35]

Poland, 1989–1990

Poland experienced a second hyperinflation between 1989 and 1990. The highest denomination in 1989 was 200,000 zlotych. It was 1,000,000 zlotych in 1991 and 2,000,000 zlotych in 1992; the exchange rate was 9500 zlotych for 1 US dollar in January 1990 and 19600 zlotych at the end of August 1992. In the 1994 currency reform, 1 new zloty was exchanged for 10,000 old zlotych and 1 US$ exchange rate was ca. 2.5 zlotych (new).

Start and End Date: Oct. 1989- Jan. 1990
Peak Month and Rate of Inflation: Jan. 1990, 77.3%[18]

Republika Srpska

Republika Srpska was a breakaway region of Bosnia. As with Krajina, it pegged its currency, the Republika Srpska dinar, to that of Yugoslavia. Their bills were almost the same as Krajina's, but they issued fewer and did not issue currency after 1993.

Start and End Date: Apr. 1992- Jan. 1994
Peak Month and Rate of Inflation: Jan. 1994, 297 million percent[48]

Soviet Union / Russian Federation

Main article: Hyperinflation in early Soviet Russia. See also: Soviet ruble.

Between 1921 and 1922, inflation in the Soviet Union reached 213%.

In 1992, the first year of the post-Soviet economic reform, inflation levels went up to 2,520%. In 1993, the annual rate was 840%, and in 1994, 224%. The ruble devalued from about 40 r/$ in 1991 to about 5,000 r/$ in late 1997. In 1998, a denominated ruble was introduced at the exchange rate of 1 new ruble = 1,000 pre-1998 rubles. In the second half of the same year, ruble fell to about 30 r/$ as a result of financial crisis.[49]

(1) Start and End Date: Jan. 1922- Feb. 1924
(1) Peak Month and Rate of Inflation: Feb. 1924
(2) Start and End Date: Jan. 1992- Jan. 1992, 212%
(2) Peak Month and Rate of Inflation: Jan. 1992, 245%[30]

Taiwan

As the Chinese Civil War reached its peak, Taiwan also suffered from the hyperinflation that has ravaged China in late 1940s. Highest denomination issued was a 1,000,000 Dollar Bearer's Cheque. Inflation was finally brought under control at introduction of New Taiwan Dollar in 15 June 1949 at rate of 40,000 old Dollar = 1 New Dollar

(1) Start and End Date: Aug. 1945- Sep. 1945
(1) Peak Month and Rate of Inflation: Aug. 1945, 399%
(2) Start and End Date: Feb. 1947- Feb. 1947
(2) Peak Month and Rate of Inflation: Feb. 1947, 50.8%
(3) Start and End Date: Oct. 1948- May 1949
(3) Peak Month and Rate of Inflation: October. 1948 399%[50]

Tajikistan

Tajikistan experienced two episodes of hyperinflation. One episode following the break-up of the Soviet Union that lasted longer than many of its neighboring countries. The second episode was in 1995 following the circulation of their new ruble.

(1) Start and End Date: Jan. 1992- Oct. 1993
(1) Peak Month and Rate of Inflation: Jan. 1992, 201%
(2) Start and End Date: Oct. 1995- Nov. 1995
(2) Peak Month and Rate of Inflation: Nov. 1995, 65.2%[51]

Turkmenistan

Turkmenistan experienced two episodes of hyperinflation as well. Similar to Takjikistan it experienced one episode in 1992 and one in 1995 following the introduction of its currency, the manat.

(1) Start and End Date: Jan. 1992- Nov. 1993
(1) Peak Month and Rate of Inflation: Nov. 1993, 429%
(2) Start and End Date: Nov. 1995- Jan. 1996
(2) Peak Month and Rate of Inflation: Jan. 1996, 62.5%[51]

Ukraine

Ukraine experienced its worst inflation between 1992 and 1994. In 1992, the Ukrainian karbovanets was introduced, which was exchanged with the defunct Soviet ruble at a rate of 1 UAK = 1 SUR. Before 1993, the highest denomination was 1,000 karbovantsiv. By 1995, it was 1,000,000 karbovantsiv. In 1996, during the transition to the Hryvnya and the subsequent phase out of the karbovanets, the exchange rate was 100,000 UAK = 1 UAH. By some estimates, inflation for the entire calendar year of 1993 was 10,000% or higher, with retail prices reaching over 100 times their pre-1993 level by the end of the year.[52]
A 100,000 Ukrainian karbovantsi (used between 1992 and 1996).

In 1996, it was taken out of circulation, and was replaced by the Hryvnya at an exchange rate of 100,000 karbovantsi = 1 Hryvnya (approx. USD 0.50 at that time, about USD 0.20 as of 2007).

Start and End Date:Jan. 1992- Nov. 1994
Peak Month and Rate of Inflation: Jan. 1992, 285%[40]

Uzbekistan

Like many of the post-Soviet Union countries, Uzbekistan also experienced hyperinflation following the dissolution of the Soviet Union in 1992.

Start and End Date: Jan. 1992- Feb. 1992
Peak Month and Rate of Inflation: Jan. 1992, 118%[40]

Yugoslavia
A 500 billion Yugoslav dinar banknote circa 1993, the largest nominal value ever officially printed in Yugoslavia, the final result of hyperinflation.

Yugoslavia went through a period of hyperinflation and subsequent currency reforms from 1989–1994. The highest denomination in 1988 was 50,000 dinars. By 1989 it was 2,000,000 dinars. In the 1990 currency reform, 1 new dinar was exchanged for 10,000 old dinars. In the 1992 currency reform, 1 new dinar was exchanged for 10 old dinars. The highest denomination in 1992 was 50,000 dinars. By 1993, it was 10,000,000,000 dinars. In the 1993 currency reform, 1 new dinar was exchanged for 1,000,000 old dinars. However, before the year was over, the highest denomination was 500,000,000,000 dinars. In the 1994 currency reform, 1 new dinar was exchanged for 1,000,000,000 old dinars. In another currency reform a month later, 1 novi dinar was exchanged for 13 million dinars (1 novi dinar = 1 German mark at the time of exchange). The overall impact of hyperinflation: 1 novi dinar = 1 × 1027~1.3 × 1027 pre 1990 dinars. Yugoslavia's rate of inflation hit 5 × 1015 percent cumulative inflation over the time period 1 October 1993 and 24 January 1994.

(1) Start and End Date: Sept. 1989- Dec. 1989
(1) Peak Month and Rate of Inflation: Dec 1989, 59.7%
(2) Start and End Date: Apr. 1992- Jan. 1994
(2) Peak Month and Rate of Inflation: Jan. 1994, 313 billion percent[53]

Zaire (now the Democratic Republic of the Congo)

Zaire went through a period of inflation between 1989 and 1996. In 1988, the highest denomination was 5,000 zaires. By 1992, it was 5,000,000 zaires. In the 1993 currency reform, 1 nouveau zaire was exchanged for 3,000,000 old zaires. The highest denomination in 1996 was 1,000,000 nouveaux zaires. In 1997, Zaire was renamed the Congo Democratic Republic and changed its currency to francs. 1 franc was exchanged for 100,000 nouveaux zaires. One post-1997 franc was equivalent to 3 × 1011 pre 1989 zaires.

(1) Start and End Date: Nov. 1993- Sep. 1994
(1) Peak Month and Rate of Inflation: Nov. 1993, 250%
(2) Start and End Date: Oct. 1991- Sep. 1992
(2) Peak Month and Rate of Inflation: Nov. 1992, 114%
(3) Start and End Date: Aug. 1998- Aug. 1998
(3) Peak Month and Rate of Inflation: 78.5%[18]

Zimbabwe
Main article: Hyperinflation in Zimbabwe
The 100 trillion Zimbabwean dollar banknote (1014 dollars), equal to 1027 (1 octillion) pre-2006 dollars

Hyperinflation in Zimbabwe was one of the few instances that resulted in the abandonment of the local currency. At independence in 1980, the Zimbabwe dollar (ZWD) was worth about USD 1.25. Afterwards, however, rampant inflation and the collapse of the economy severely devalued the currency. Inflation was steady before Robert Mugabe in 1998 began a program of land reforms that primarily focused on taking land from white farmers and redistributing those properties and assets to black farmers, which disrupted food production and caused revenues from export of food to plummet.[54][55][56] The result was that to pay its expenditures Mugabe’s government and Gideon Gono’s Reserve Bank printed more and more notes with higher face values.

Hyperinflation began early in the 21st-century, reaching 624% in 2004. It fell back to low triple digits before surging to a new high of 1,730% in 2006. The Reserve Bank of Zimbabwe revalued on 1 August 2006 at a ratio of 1 000 ZWD to each second dollar (ZWN), but year-to-year inflation rose by June 2007 to 11,000% (versus an earlier estimate of 9,000%). Larger denominations were progressively issued:

5 May: banknotes or "bearer cheques" for the value of ZWN 100 million and ZWN 250 million.[57]
15 May: new bearer cheques with a value of ZWN 500 million (then equivalent to about USD 2.50).[58]
20 May: a new series of notes (“agro cheques”) in denominations of $5 billion, $25 billion and $50 billion.
21 July: “agro cheque” for $100 billion.[59]

Inflation by 16 July officially surged to 2,200,000%[60] with some analysts estimating figures surpassing 9,000,000 percent.[61] As of 22 July 2008 the value of the ZWN fell to approximately 688 billion per 1 USD, or 688 trillion pre-August 2006 Zimbabwean dollars.[62]
Date of
redenomination Currency
code Value
1 August 2006 ZWN 1 000 ZWD
1 August 2008 ZWR 1010 ZWN
= 1013 ZWD
2 February 2009 ZWL 1012 ZWR
= 1022 ZWN
= 1025 ZWD

On 1 August 2008, the Zimbabwe dollar was redenominated at the ratio of 1010 ZWN to each third dollar (ZWR).[63] On 19 August 2008, official figures announced for June estimated the inflation over 11,250,000%.[64] Zimbabwe's annual inflation was 231,000,000% in July[65] (prices doubling every 17.3 days). For periods after July 2008, no official inflation statistics were released. Prof. Steve H. Hanke overcame the problem by estimating inflation rates after July 2008 and publishing the Hanke Hyperinflation Index for Zimbabwe.[66] Prof. Hanke’s HHIZ measure indicated that the inflation peaked at an annual rate of 89.7 sextillion percent (89,700,000,000,000,000,000,000%) in mid-November 2008. The peak monthly rate was 79.6 billion percent, which is equivalent to a 98% daily rate, or around 7× 10108 percent yearly rate. At that rate, prices were doubling every 24.7 hours. Note that many of these figures should be considered mostly theoretic, since the hyperinflation did not proceed at that rate a whole year.[67]

At its November 2008 peak, Zimbabwe's rate of inflation approached, but failed to surpass, Hungary's July 1946 world record.[67] On 2 February 2009, the dollar was redenominated for the fourth time at the ratio of 1012 ZWR to 1 ZWL, only three weeks after the $100 trillion banknote was issued on 16 January,[68][69] but hyperinflation waned by then as official inflation rates in USD were announced and foreign transactions were legalised,[67] and on 12 April the dollar was abandoned in favour of using only foreign currencies. The overall impact of hyperinflation was 1 ZWL = 1025 ZWD.

Start and End Date: Mar. 2007- Mid-Nov. 2008
Peak Month and Rate of Inflation:Mid-Nov. 2008, 7.96 billion percent[70]
https://en.wikipedia.org/wiki/Hyperinflation