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List Of Countries That Have Tried Demonetisation
Has any other country other than India ever had demonetisation of its currency notes? Well, there are 8 other nations that have taken this step. Check out the list.
With a sudden ban of Rs. 500 and Rs. 1000 currency notes and an introduction of new notes worth 2000 and 500, India is coping with demonetisation.
India is not the only country that is adapting to demonetisation. There have been many other countries that have tried demonetisation.
Also Read: Why Indian Currency Has Gandhiji's Picture?
We need to know that this measure isn't new. However, there are several other countries that have embraced it in the past.
Though some of these countries have met the purposes, some of them have failed miserably. So, check out the list of countries that have tried demonetisation.
Nigeria
In
1984,
during
the
government
of
Muhammadu
Buhari,
this
nation
introduced
the
new
currency
and
banned
the
old
notes.
Since
Nigeria
was
debt-ridden
and
inflation
had
also
hit
the
country,
the
change
did
not
go
well
and
the
economy
collapsed.
Ghana
During
1982,
this
nation
ditched
their
50
cedis
note.
This
move
was
taken
to
tackle
tax
evasion
and
empty
the
excess
liquidity.
People
were
not
supportive
of
this
sudden
move
and,
hence,
they
started
investing
in
physical
assets,
which
obviously
made
the
economy
weak.
Pakistan
Pakistan
will
phase
out
the
old
notes,
as
it
will
bring
in
new
designs
from
December
2016.
The
government
had
taken
this
step
a
year
and
a
half
back
and
the
citizens
had
time
to
get
their
currency
notes
exchanged.
Zimbabwe
Did
you
know
that
Zimbabwe
used
to
have
$100,000,000,000,000
note?
Yes,
a
one
hundred
trillion
dollar
note!
Wow!
After
demonetisation,
the
value
of
these
notes
has
dropped
to
$0.5
dollar.
North
Korea
The
demonetisation
that
happened
in
this
nation
in
2010
left
people
with
no
food
and
shelter.
This
was
done
to
banish
the
black
market.
Soviet
Union
The
government
had
ordered
a
withdrawal
of
large-ruble
bills
from
circulation
to
take
over
the
black
market.
However,
sadly,
this
move
didn't
go
well
with
the
citizens
and
it
eventually
led
to
the
Soviet
breakup.
Australia
This
was
the
first
nation
to
introduce
polymer
notes.
This
was
done
to
stop
the
widespread
of
counterfeiting.
It
did
not
have
any
side
effects
on
the
economy.
Myanmar
Myanmar's
military
invalidated
around
80%
value
of
money
in
1987.
This
step
was
taken
to
curb
the
black
market.
Sadly,
this
decision
led
to
economic
disruption
and
it
also
lead
to
mass
protests
that
killed
many
people.
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