Brazil - 50,000 Cruzeiros - P-234 - Foreign Paper Money

50,000 Cruzeiros, P-234. The cruzeiro was the currency of Brazil between 1990 and 1993. It was the third iteration of a Brazilian currency named "cruzeiro", and replaced the cruzado novo at par. It was used until 1993, when it was replaced by the cruzeiro real at a rate of 1 cruzeiro real = 1000 cruzeiros.

In late 1989 and early 1990, inflation reached increasingly rampant levels, with monetary deterioration throwing most of the available resources into financial speculation. In an attempt to reduce this, President-elect Fernando Collor contacts President José Sarney, then at the end of his term and by mutual agreement, a bank holiday is determined from March 12 to 15. When President Collor took office, 80% of the amount deposited in the accounts, except for accounts that had a maximum value of 50,000 cruzados novos, had their value confiscated and frozen in the accounts for a period of 18 months, except in exceptional cases. The currency in circulation was renamed to Cruzeiro and due to the economic shock, the economy went into recession at the time. At the time, the old Cruzeiro banknotes (up to 10 centavos of Cruzado Novo) are withdrawn and Cruzado banknotes still in circulation began to be withdrawn and this process continued until the end of 1990. Despite the fact that inflation had reduced in relation to the levels it had in the early 1990s, the Collor Plan was not successful in reducing inflation to reasonable levels, and despite the shocks of the Plano Collor I in 1990 and the subsequent Plano Collor II in 1991, inflation remained high, and political instability made economic stabilization difficult, which was only possible with the advent of the Plano Real in 1994. Read more at https://en.wikipedia.org/wiki/Brazilian_cruzeiro_(1990%E2%80%931993)

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