These currencies fell in value the most

According to Statistics Netherlands, consumer goods and services were 7.6 percent more expensive in January than a year earlier. But there are also examples of countries where price increases reached extreme proportions due to hyperinflation. In some cases, a few 500 notes are not enough for your favorite cappuccino in the morning. MASTERS explores history: which currencies lost the most value?

According to the CBS, consumer goods and services were 7.6 percent more expensive in January than a year earlier. But there are also a number of examples of countries where the price increase took on more extreme forms due to hyperinflation. As a result, a few 500 notes may not even be enough for your favorite cappuccino in the morning. MASTERS delves into history: which currencies fell in value the most?

Zimbabwe 

Since the introduction of the Zimbabwe dollar in 1980, the currency has been subject to inflation of more than 6500%. The highest number on a Zimbabwean banknote appeared in 2008: 100 trillion. Unfortunately, buying a nice home with this note was not an option; the note wasn't even enough to ride the bus to work for a week. From 2009 onwards, the country stopped printing new currencies and switched to foreign money. In 2019 it was decided to reintroduce the Zimbabwean dollar, but again without success, inflation immediately exceeded 100%. 

Venezuela

The bolivar is the currency of Venezuela. It was named after the founder of Venezuela in 1825, Simón Bolívar. Venezuela is struggling with high inflation. In an attempt to keep the economy going, a lot of extra money was put into circulation. As a result, prices rose rapidly. For example, in 2021 a 2-liter bottle of soft drink cost more than 8 million bolivars. To combat hyperinflation, it was announced last year that six zeros would be removed from the currency. 

Hungary

The Hungarian forint is a relatively young currency, having only been around since 1946. The pengő was the currency of Hungary for almost 40 years until it was abruptly replaced after World War II. By the end of July 1946, this currency reached an inflation rate of 41.900.000.000.000.000.000% per month. Product prices doubled almost every 16 hours. The country even put into circulation the banknote with the highest denomination ever. The 100 million note B-pengős was the designation for 100 trillion normal pengO. Just to be clear: that's a 1 with 20 zeros... 

Indonesia

Indonesia's currency was introduced on November 2, 1949 when Sukarno declared independence. The Indonesian rupiah succeeded the Dutch-Indian guilder. The words rupiah and rupee are derived from Sanskrit rupya that silver means. The Asian financial crisis in 1997 affected much of East Asia, which also had major consequences for the currency. While the rupiah had a relatively stable exchange rate of 2000 to 3000 rupiah per 1 US dollar before the crisis, it plummeted to a low in 1998: 17.500 per dollar. 

Iran

In 1978, 71.46 rials were equivalent to one US dollar. Last December, the rate fell to almost 370.000 rials for 1 dollar. The new currency - the toman - should ensure that the rial 'loses' four zeros, which means that 10.000 rials will soon be one toman.