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Countries with hyperinflation since 1990

25 present-day countries have had a hyperinflation that began in 1990 or later, by the Hanke-Krus count. 15 of them are former Soviet republics.

The full list

The Baltic states 3

Former Soviet republics whose only hyperinflation followed the freeing of prices in January 1992, while they still used the Russian rouble.

• 🇪🇪Estonia
• 🇱🇻Latvia
• 🇱🇹Lithuania

Russia and its European neighbours 4

Hyperinflation began in January 1992, as prices were freed; Ukraine's ran to November 1994, and Belarus had further bursts in 1994 and 2011.

• 🇷🇺Russia
• 🇺🇦Ukraine
• 🇧🇾Belarus
• 🇲🇩Moldova

The Caucasus 3

Former Soviet republics of the Caucasus, whose hyperinflations ran into 1994 amid war; Armenia and Georgia had two episodes each.

• 🇦🇲Armenia
• 🇦🇿Azerbaijan
• 🇬🇪Georgia

Central Asia 5

Former Soviet republics of Central Asia, all in hyperinflation from January 1992; Tajikistan and Turkmenistan had a second episode in 1995.

• 🇰🇿Kazakhstan
• 🇰🇬Kyrgyzstan
• 🇹🇯Tajikistan
• 🇹🇲Turkmenistan
• 🇺🇿Uzbekistan

The Balkans 3

Yugoslavia and Bosnia's Serb entity, April 1992 to January 1994, the third- and fourth-highest peaks on record, plus wartime Bosnia and Bulgaria in 1991 and 1997.

• 🇷🇸Serbia
• 🇧🇦Bosnia and Herzegovina
• 🇧🇬Bulgaria

Latin America and Africa in the 1990s 4

Peru in 1990, Suriname in 1993 and 1994, Zaire from 1991 to 1998 and Angola from 1994 to 1997.

• 🇵🇪Peru
• 🇸🇷Suriname
• 🇨🇩DR Congo
• 🇦🇴Angola

Since 2000 3

Zimbabwe from 2007 to 2008 and again in 2017, Venezuela from November 2016 and again from April 2020, and Lebanon from July 2020.

• 🇿🇼Zimbabwe
• 🇻🇪Venezuela
• 🇱🇧Lebanon

Not on the list

• Poland, Argentina, Brazil, Nicaragua: Their episodes were under way before 1990, so they began before the list's start date.
• Yugoslavia, 1989: Socialist Yugoslavia's episode ran September to December 1989.
• Central African CFA franc zone (1994): Added by Hanke and Saade as one entry for the whole currency zone, measured on the currency, not country by country.
• North Korea (2009-11): Hanke and Krus note a probable episode from December 2009 to mid-January 2011 but left it out of the table because the data did not meet their standard.

Questions

How many countries have had hyperinflation since 1990?

25 present-day countries have had a hyperinflation that began in 1990 or later, by the Hanke-Krus count. 15 of them are former Soviet republics.

Which countries are on the list?

Russia, Ukraine, Belarus, Moldova, Estonia, Latvia, Lithuania, Armenia, Azerbaijan, Georgia, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, Uzbekistan, Serbia, Bosnia and Herzegovina, Bulgaria, Peru, Suriname, DR Congo, Angola, Zimbabwe, Venezuela and Lebanon.

What is an easy way to remember them?

15 + 3 + 4 + 3: all 15 former Soviet republics, three in the Balkans, four in Latin America and Africa in the 1990s, and three since 2000 (Zimbabwe, Venezuela, Lebanon).

More lists

Each name checked against at least two sources, one of them Hanke and Krus, on 2 October 2026. Next review by 2 April 2027.
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