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Concept
Yugoslav dinar
Summary
The dinar (Cyrillic script: динар) was the currency of the three Yugoslav states: the Kingdom of Yugoslavia (formerly the Kingdom of Serbs, Croats and Slovenes), the Socialist Federal Republic of Yugoslavia, and the Federal Republic of Yugoslavia between 1918 and 2003. The dinar was subdivided into 100 para (Cyrillic script: пара).
In the early 1990s, economic mismanagement made the government bankrupt and forced it to take money from the savings of the country's citizens. This caused severe and prolonged hyperinflation, which has been described as the worst in history. Large amounts of money were printed, with coins becoming redundant and inflation rates reaching over one billion per cent per year. This hyperinflation caused five revaluations between 1990 and 1994; in total there were eight distinct dinari. Six of the eight have been given distinguishing names and separate ISO 4217 codes. The highest denomination banknote was 500 billion dinars, which became worthless a fortnight after it was printed.
Until 1918, the dinar was the currency of Serbia. It then became the currency of the Kingdom of Serbs, Croats and Slovenes, circulating alongside the krone in Croatia, Slovenia and Bosnia and Herzegovina, with 1 dinar = 4 kronen. The first coins and banknotes bearing the name of the Kingdom of Serbs, Croats and Slovenes were issued in 1920, until which time Serbian coins and banknotes circulated. In 1929, the name of the country changed to the Kingdom of Yugoslavia and this was reflected on the currency.
In 1931, an exchange rate of 56.4 dinara to the U.S. dollar was set, which changed to 44 dinara in 1933. In 1937, a tourist exchange rate of 250 dinara to the British pound was established.
In 1941, Yugoslavia was invaded and split up, with the dinar remaining currency in Territory of the Military Commander in Serbia (as Serbian dinar). The kuna was introduced in Croatia and Bosnia and Herzegovina (Independent State of Croatia) at par with the dinar, whilst the Bulgarian lev, Italian lira and German Reichsmark circulated in those part of Yugoslavia occupied by these countries.
Official source
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