FX.co ★ Top 7 largest redenominations of our time

Belarus

In 2016, the Belarusian ruble was redenominated. The redenomination was carried out by means of substitution of the banknotes in circulation of the 2000 series by the banknotes and coins of the 2009 series in proportion of 10,000 Belarusian rubles of the 2000 series per 1 Belarusian ruble of the 2009 series. According to most experts, this redenomination was a very important event for the economy and politics of the country.

Yugoslavia

In Yugoslavia, the redenomination took place in 1990 at the rate of 1 to 10,000. Later it led to hyperinflation and new redenomination at the rate of 1 to one million. In 1991 the process of breakup of Yugoslavia started, and four Union republics (Slovenia, Croatia, Bosnia and Herzegovina, Macedonia) separated from the SFRY. The Union finally broke up in 2006.

Russia

In Russia, the largest redenomination of the national currency was held in 1998, with a new ruble being worth 1,000 old (1993 and 1995) rubles. Replacement of the old banknotes occurred gradually, until 2002. In 1998, the country was hit by the devaluation of the ruble against the US dollar, default and economic crisis.

Azerbaijan

The redenomination of the national currency of Azerbaijan took place eleven years ago. Manat, the currency of the country, lost three zeros, surpassing the US dollar in value. The new Azerbaijani banknote was equal to 5,000 old manat. The redenomination was fully completed only by 2007.

Turkmenistan

A series of banknotes and coins of newly redenominated national currency appeared in Turkmenistan in 2009. After that, 1 redenominated manat equaled 5,000 old manat. This procedure contributed to the strengthening of the currency, experts say.

Bulgaria

In 1999, the redenomination of the national currency was held in Bulgaria. The lev was redenominated at 1000:1 with 1 new lev equal to 1 Deutsche Mark.

Turkey

Twelve years ago, a redenomination of the national currency took place in Turkey. The Turkish lira was redenominated by dropping six zeros. The procedure was conducted with the aim of strengthening the national currency exchange rate. It made a great deal of confusion in the use of money by ordinary citizens. As a result, since 2005 the cost of the new Turkish lira has been equated to 1 million old lira.

Romania

Romanian currency was redenominated simultaneously with Turkish lira. Romania's legal tender, previously coded as ROL, was redenominated so that ROL 10,000 were exchanged for 1 new leu.