Yugoslavia

Yugoslavia was a country in Southeast and Central Europe for most of the 20th century. The Yugoslav dinar (YUM) was the currency of the three Yugoslav states: the Socialist Federal Republic of Yugoslavia, the Federal Republic of Yugoslavia, and the Kingdom of Yugoslavia (formerly the Kingdom of Serbs, Croats, and Slovenes) within the years 1918 and 2006. The Yugoslav dinar was subdivided into 100 para. As Yugoslavia began to be reconstituted in 1944, the Serbian dinar, Independent State of Croatia kuna, and other occupation currencies were replaced by the Yugoslav dinar, with the exchange rates being 1 Yugoslav dinar = 20 Serbian dinara = 40 kuna.

Economic mismanagement made the government bankrupt in the early 1990s which forced it to use money from the savings of Yugoslavia's residents. This began an extended and severe hyperinflation that has been defined as the worst in history. Substantial amounts of money were printed. The coins were becoming redundant and inflation rates were reaching above one billion percent by year. Between 1990 and 1994, hyperinflation prompted five revaluations. There were a total of eight distinct dinari. Six of them have been provided separate ISO 4217 codes and distinctive names. The 500 billion dinars was the highest denomination banknote, which grew worthless a fortnight after it was printed.

The Yugoslav economy is seriously damaged because of more than ten years of internal fighting and fighting among some republics that were previously part of the federation. Before 1991, Serbia and Montenegro were two of seven constituent republics of the Socialist Federal Republic of Yugoslavia (FRY). The federation's disintegration in 1991-1992 and the secession (withdrawal from an organization to achieve independence) of four republics, including the most flourishing ones, Croatia and Slovenia, were an economic disaster for the recently formed FRY (Serbia and Montenegro).

The republics struggled to control the area, and some, especially Serbia, started genocidal attacks on the neighboring country, Kosovo. The conflicts caused international sanctions and market disruptions. Corrupt economic policies led to high inflation, devastation, and the reversal of market reforms that had begun in the 1980s. The industry was almost destroyed, and the production was cut by more than half, the gross domestic product (GDP) per capita in 2000 was 50% of the 1989 level, and unemployment increased by up to 50%.

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