Damillo
| Damillo | |
|---|---|
| Damillo | |
| ISO 4217 | |
| Code | PDM |
| Number | 818 |
| Denominations | |
| Subunit | |
| N/A | N/A |
| Plural | Damillo |
| Symbol | Đ |
| Banknotes | |
| Freq. used | 1,000, 2,000, 5,000, 10,000, 20,000, 50,000, 100,000, 200,000, 500,000 |
| Rarely used | Anything under 1,000 |
| Coins | |
| Freq. used | N/A |
| Rarely used | N/A |
| Demographics | |
| Date of introduction | January 4th, 1998 |
| User(s) |  Puertego |
| Issuance | |
| Central bank | Central Bank of Puertego |
| Website | www |
| Valuation | |
| Inflation | 12.5% |
| Source | The World Factbook, 2010 est. |
The damillo (sign: Đ; code: PDM) is the official currency of Puertego since January 4th, 1998 and the tenth currency the country has been through in its history. The damillo is issued by the Central Bank of Puertego. The damillo holds the distinction of being the lowest valued currency in the world with $1 equaling Đ22,000.
History
The damillo was adopted shortly after the victory of the Puertgan White Flag Communist party in the Puertegan White Flag Revolution with it replacing the Puertegan mok as the official currency. During Sanhueza's presidency inflation spiked sharply with it being as high as 810% at its highest this along with high tariffs on foreign products created an economic crisis in the nation so severe there was almost a civil war however after the reforms of president Torres have stabilized inflation rates the history of this is still felt in the value of the damillo.
Banknotes
| Front | Back | Value | Dimensions |
|---|---|---|---|
| 1,000 | 144 × 65 mm | ||
| 2,000 | 144 × 65 mm | ||
| 5,000 | 144 × 65 mm | ||
| 10,000 | 144 × 65 mm | ||
| 20,000 | 144 × 65 mm | ||
| 50,000 | 144 × 65 mm | ||
| 100,000 | 144 × 65 mm | ||
| 200,000 | 144 × 65 mm | ||
| 500,000 | 144 × 65 mm |
Monetary Policy
The damillo is currently printed and issued by the state run Central Bank of Puertego with monetary policy dictated by the government. In 2020-2030 the government devalued the damillo 4 times in order to spur exports in the country. The government has instituted multiple economic reforms to control inflation of the damillo with the currencies current inflation being 12.5% though with this number going down by an estimated 3.3% annually.