Vietnam currency re-denomination: The Southeast Asian country has the distinction of having the world’s biggest banknote, James Clark writes. Nowhere else in the world can you get a note for half a million of something. At the time of writing, 1 US dollar was equal to 22,728 dong. It takes US$44 to become a dong millionaire. Countries never start off with high denominations, and Vietnam is no different. The dong experienced rapid inflation during the 1980s. In 1986 the rate was 1USD/23VND, by 1987 it was 78VND, 630VND in 1988, and 4,500VND in 1989. Most countries that have had their currency inflate into high denominations eventually re-denominate. A contemporary model for Vietnam is Belarus. In 2016 the Belarusian ruble was re-denominated by taking four zeros off the currency. Before re-denomination, US$1 was about 20,000 rubles, making it comparable to the current dong. What was 10,000 BYR is now 1 BYN, so 1 USD is about 2 BYR. READ THE STORY HERE
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