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3. Yugoslavia, Jan. 1994

Highest monthly inflation: 313,000,000%
Prices doubled every: 1.4 days

Another extreme case of hyperinflation with the Yugoslavian dinar between 1993-1995. The steepest rate of inflation during this period was in January 1994, when prices rose 313 million percent over the month, which is equivalent to 64.6 percent per day, with prices doubling approximately every 34 hours. During the entire period of inflation, it is estimated that prices increased by 5 quadrillion percent.

Eventually, many Yugoslavian businesses refused the dinar and the German Deutsche Mark (DM) became the unofficial currency of the country, even after the government revalued the dinar by converting 1 million dinars to 1 "new" dinar. According to an analysis by Prof. Thayer Watkins of San Jose State University, on November 12, 1993, 1 DM = 1 million new dinars. By December 15th 1 DM was equivalent to 3.7 billion dinars and by the end of the month the exchange rate reached a level of 1 DM = 3 trillion dinars.

After a second revaluation, 1 "new new" dinar was equivalent to 1 billion "old new" dinars and after this 1 DM = 6,000 dinars. By January 17th, the exchange rate shot up to 1 DM = 30 million dinars and on January 24th the government introduced the "super" dinar, equal to 10 million "new new" dinars, marking the 5th revaluation of the currency.

Throughout the period, the government had an extremely difficult time maintaining the social structure of the country after ineffective price controls exacerbated the problems, government agencies were virtually unable to operate and residents avoided paying bills on time since they would be devalued so rapidly.

Photo: Wikimedia Commons