Timeline

• 1919-1920
• Monetary integration of the formerly Austro-Hungarian territories:
  - 25.12.1918: Ordinance on the nationalization (overprinting) of the paper money of the Austro-Hungarian Bank; implemented 08.01.- 02.02.1919
  - 05.11.1919: Ordinance on the second overprinting plus application of an adhesive stamp (due to excessive forgery of the first overprint); implemented 26.11.-02.12.1919.
  - At the second overprinting, 20% of the cash presented were exchanged into a state loan.
  - 13.02.1920: Ordinance on the withdrawal of the overprinted Austro-Hungarian notes and exchange into provisional Serbian notes with additional denomination at a rate of 1 Yugoslav Dinar = 4 Austro-Hungarian Crowns; implemented 16.02.-15.05.1920.
• 26.01.1920
• Law on the establishment of the National Bank of the Kingdom of Serbs, Croats and Slovenes as central bank; effective upon constitution of the bank on 01.02.1920
  - 07.06.1931: Name change into "National Bank of the Kingdom of Yugoslavia"
• 01.11.1920
• Start of currency exchange:
  - 01.11.1920: Start of issuance of the new banknotes
  - 17.05.1921: Start of withdrawal of the money of the predecessor states
  - 07.06.1941: End of exchange period and demonetization of the Serbian (?), Montenegrin and Austro-Hungarian currencies.

Valuation Regimes

• 1920-1931
• Variable rate
• 1931
• Fixed rate against gold (was in force for 101 days only)
• 1931-1933
• Variable rate
• 1933-1941
• Fixed rate against US Dollar

Timeline

• 1941-1944
• German occupation of Yugoslavia and dissolution of the state, followed by the creation of three separate states and annexation of territories by the Axis powers:
  - 29.05.1941: Law on the liquidation of the central bank; effective immediately.
  The currency exchange occurred as:
  - Interim states: Croatia: 1 Croatian Kuna = 1 Yugoslav Dinar; Montenegro: 100 Italian Lire = 38 Yugoslav Dinar; Serbia: 1 Serbian Dinar (1941) = 1 Yugoslav Dinar;
  - Annexed territories: Bulgaria: 1.50 Bulgarian Lew = 1 Yugoslav Dinar; Germany/Austria: 1 German Reichsmark = 20 Yugoslav Dinar; Hungary: 1 Hungarian Pengö = 10 Yugoslav Dinar; Italy: 100 Italian Lire = 38 Yugoslav Dinar.

Timeline

• 12.04.1945
• Law [No. 20] on the re-introduction of the national currency and law [No. 23] on the withdrawal and exchange of the wartime currencies; effective immediately
• 20.04.1945
• Start of currency exchange, issuance of new banknotes and coins:
  - Exchange period for the currencies of the interim states: 20.04.-30.04.1945:
  - Rates for the interim states: 1 Yugoslav Dinar = 20 Serbian Dinar (1941) = 142⁶⁄₇ Croatian Kuna (1941).
  - Exchange period for the occupation currencies: 20.04.-09.07.1945 (Istria and Slovenian coast: 17.09.-20.09.1946, Rijeka: until 31.12.1946):
  - Rates for the occupation currencies: 1 Yugoslav Dinar = 3⅓ Italian Lire (= 6⅔ Italian Military Lire) = 1⅔ German Reichsmark = 10 Bulgarian Lev = 1 Hungarian Pengö = 2 Albanian Lek.
  - Partial confiscation: Per person a maximum of 5'000 Yugoslav Dinars (1945) was exchanged, excess cash in currencies of the interim states and occupation powers was transfered to blocked account (later confiscated via a special tax).
• 25.09.1946
• Law [No. 78] on the reconstitution of the central bank as "National Bank of the Federal People's Republic of Yugoslavia"; effective immediately
  - 01.05.1963: Name change into "National Bank of Yugoslavia" (together with the constitutional change).

Valuation Regimes

• 1945-1965
• Fixed rate against US Dollar; between 1954 and 1965 a two-tier exchange structure with an additional semi-official free rate.

Timeline

• 25.07.1965
• Law [No. 33] on the currency reform and gold parity; effective immediately
• 01.01.1966
• Start of currency exchange:
  - 01.01.1966: Start of issuance of the new banknotes and coins
  - The former banknotes were not demonetized (but gradually withdrawn).

Valuation Regimes

• 1966-1973
• Fixed rate against US Dollar
• 1973-1989
• Variable rate, highly inflationary after 1980

Timeline

• 18.12.1989
• Government resolution on the currency reform; effective 01.01.1990
• 01.01.1990
• Start of currency exchange:
  - 01.01.1990: Start of issuance of the new banknotes and coins
  - The former banknotes were not demonetized
• 26.12.1991
• Banknote exchange in Serbia and Montenegro after the secession of the other parts of Yugoslavia (where the notes could not be echanged)
  - 31.12.1991: End of exchange period and demonetization of the former banknotes.

Valuation Regimes

• 1990-1992
• Fixed rate against German Mark

Timeline

• ??.06.1992
• Central bank resolution (?) on the currency reform; effective 01.07.1992
• 01.07.1992
• Start of currency exchange:
  - 01.07.1992: Start of issuance of the new banknotes and coins
  - The former banknotes were not demonetized

Valuation Regimes

• 1992-1993
• Fixed rate against US Dollar
• 1993
• Variable rate, hyper-inflationary

Timeline

• ??.09.1993
• Central bank resolution (?) on the currency reform; effective 01.10.1993
• 01.10.1993
• Start of currency exchange:
  - 01.10.1993: Start of issuance of the new banknotes and coins
  - The former banknotes were not demonetized

Valuation Regimes

• 1993
• Variable rate, hyper-inflationary

Timeline

• ??.12.1993
• Central bank resolution (?) on the currency reform; effective 01.01.1994
• 01.10.1993
• Start of currency exchange:
  - 01.01.1994: Start of issuance of the new banknotes and coins
  - The former banknotes were not demonetized

Valuation Regimes

• 1993
• Variable rate, hyper-inflationary

Timeline

• 24.01.1994
• Government resolution (?) on the currency reform; effective immediately:
  - Note: The transition rate was erroneously set to 1 : 13'000'000 but corrected to 1 : 12'000'000 on 26.01.1994.
• 24.07.1994
• Start of currency exchange:
  - 24.07.1994: Start of issuance of the new banknotes and coins
  22.08.1994: Demonetization of the former currency

Valuation Regimes

• 1994-1998
• Fixed rate against German Mark
• 1999-2000
• Fixed rate against Euro
• 2001-
• Varable rate