It has been significantly higher in the recent past.
For fun, look up how Brazil tamed inflation by creating a fake currency it never actually issued. (Taking off so no time to look it up myself.)
For fun, look up how Brazil tamed inflation by creating a fake currency it never actually issued. (Taking off so no time to look it up myself.)
After some time, they actually issued the bills of the new fake money that magically got real (pun fully intended).
Here in Argentina we had almost simultaneity the "Convertibility Plan" https://en.wikipedia.org/wiki/Convertibility_plan <voice="Mingo"> One (AR)Peso equal to One (US)Dollar</voice>. It was successful to reduce the inflation but it was hard to drop the peg later and it caused a lot of problems.
The current government is "crawling peg", of 2% reduced recently to 1%, so people does not get attached to a magic number. (It may be brilliant or a disaster, we will know in 10 years.)
At the time I don't think many people believed that yet another currency change (we had gone through the Cruzado, to Cruzado novo, to Cruzeiro, to Cruzeiro real in a span of 8 years) would solve it, I was too young to understand the plan and it just felt like another annoying swap of currency I needed to do.
The URV (real unity of value) was this abstract thing we could use as benchmark against the previous currency (Cruzeiro real) and the new one being introduced (Real, the one living to this day), the more sweeping changes were broad fiscal reforms, and removing the stupid indexation between prices and wages.