Editing Hyperinflation (section)

===Poland===
[[Poland]] has gone through two episodes of hyperinflation since the country regained independence following the end of [[World War I]], the first in 1923, the second in 1989–1990. Both events resulted in the introduction of new currencies. In 1924, the [[Polish złoty|złoty]] replaced the original currency of post-war Poland, the mark. This currency was subsequently replaced by another of the same name in 1950. As a result of the second hyperinflation crisis, the current ''new złoty'' was introduced in 1995 (ISO code: PLN).

The newly independent Poland had been struggling with a large budget deficit since its inception in 1918 but it was in 1923 when inflation reached its peak. The exchange rate of the [[Polish mark]] (Mp) to the US dollar dropped from Mp&nbsp;9.— per dollar in 1918 to Mp&nbsp;6,375,000.— per dollar at the end of 1923. A new personal 'inflation tax' was introduced. The resolution of the crisis is attributed to [[Władysław Grabski]], who became [[prime minister of Poland]] in December 1923. Having nominated an all-new government and being granted extraordinary lawmaking powers by the [[Sejm]] for a period of six months, he introduced a new currency, the ''złoty'' ("golden" in Polish), established a new national bank and scrapped the inflation tax, which took place throughout 1924.<ref name=":0">{{cite web|url=https://www.nbportal.pl/slownik/pozycje-slownika/hiperinflacja|title=Hiperinflacja |publisher=Polish National Bank|date=7 May 2015|language=pl|access-date=11 February 2017|archive-url=https://web.archive.org/web/20170211235445/https://www.nbportal.pl/slownik/pozycje-slownika/hiperinflacja|archive-date=11 February 2017|url-status=dead}}</ref>

The economic crisis in Poland in the 1980s was accompanied by rising inflation when new money was printed to cover a budget deficit. Although inflation was not as acute as in 1920s, it is estimated that its annual rate reached around 600% in a period of over a year spanning parts of 1989 and 1990. The economy was stabilised by the adoption of the [[Balcerowicz Plan]] in 1989, named after the main author of the reforms, minister of finance [[Leszek Balcerowicz]]. The plan was largely inspired by the previous Grabski's reforms.<ref name=":0"/>