MONETARY REFORM 1922 - 1924
During the First World War, the exchange of banknotes for gold was stopped. The famous “golden ruble” S.Yu. Witte, turned into an ordinary paper banknote (into a conventional unit of account) - the purchasing power of the ruble was 6 pre-war kopecks. There was a motley, numerous mass of banknotes in circulation - royal banknotes, nickel coins, “Kerenki”, and the transition period currency “Sovznaki” of various issues.
Money circulation was often inferior to natural exchange. The Civil War and the policy of “war communism” (1918-1921), carried out during the Civil War - nationalization of large, medium and partially small industry, state monopoly on many agricultural products, surplus appropriation (when peasants, except the poor, were forced to confiscate surplus agricultural products), the ban on private trade, equalization in the distribution of material goods, the militarization of labor (increasing labor conscription among the population) - further undermined commodity-money relations.
Prices for goods increased from 10 to 50 times, the purchasing power of the population fell sharply. The state constantly carried out emission, that is, it issued (threw away) new batches of money supply, which ultimately led to the absolute depreciation of money. The country experienced hyperinflation. On October 10, 1921, the All-Russian Central Executive Committee adopted a decree “On measures to streamline the financial economy.”
In November 1921, the first denomination was carried out - old banknotes were exchanged for credit notes and new banknotes ("sovznak") in a ratio of 10,000:1
In July 1922, the Council of the National Economy, after long discussions, approved the idea of issuing banknotes backed by gold. At first they wanted to call the new currency “hryvnia gold”, but then they decided to call it “chervonets”.
The first denomination did not bring tangible benefits, so the state continued to issue a large amount of transitional currency - "Sovznak", not backed by gold, which continued to depreciate the value of the new money - chervonets. In addition, there were not enough small bills of 1.3 chervonets. The main part consisted of bills of 5 and 10 chervonets, and the average monthly earnings of a worker in Russia in Sovznak did not exceed 1 chervonets.
In December 1922 - early 1923, the second stage of denomination began, the task of which was the transition to a single stable currency. The parallel circulation of two currencies - the chervonets and the "sovznak" - began to interfere with calculations and there was a need to stop active transactions with the "sovznak" and expand the activities of the new currency - the chervonets. Credit notes of the Tsarist and Provisional governments were also prohibited from circulation. These banknotes were ordered to be quickly exchanged.
In February 1924, the issue of “Sovznak” ceased and state treasury notes were issued in denominations of 1,3,5 rubles, as well as silver (10, 15, 20, 50 kopecks and 1 ruble) and copper (1,2, 3.5 kop.) coins.
A fixed ratio was established between the treasury note and the bank note (chervonets): 1 chervonets was equal to 10 rubles. treasury notes. Thus, the gold content of the ruble was set at 0.77 grams. pure gold.
Thus, in 1924, a new monetary system was formed and strengthened throughout the Soviet Union with the circulation of bank notes - chervonets, treasury notes, as well as silver and copper coins.
CURRENCY REFORM 1947
This reform was carried out very quickly, from December 16 to December 29, 1947, in accordance with Resolution of the Council of Ministers of the USSR and the Central Committee of the All-Union Communist Party (Bolsheviks) N 4004 of December 14, 1947 “On carrying out monetary reform and the abolition of cards for food and industrial goods.”
It is believed that this monetary reform was of a confiscatory nature.
After the end of the Great Patriotic War (1941-1945), the population had a lot of extra money in their hands, which was used in various kinds of speculation. It was decided to issue new money and abandon the chervonets. Old money was subject to exchange in the ratio of 10 rubles. old model for 1 rub. new sample; Only small change coins were not subject to exchange.
A revaluation of cash deposits in savings banks and the State Bank of the USSR was made. For deposits in Sberbank, amounts up to 3 thousand rubles were exchanged one to one, for deposits from 3 to 10 thousand rubles, savings were reduced by one third of the amount, for deposits in the amount of over 10 thousand rubles, two thirds of the amount were withdrawn. Those who kept money at home received one new ruble for ten old ones upon exchange.
Simultaneously with the monetary reform, the card system for supplying food and industrial goods, which was established during the Great Patriotic War, was abolished.
Uniform retail state prices for food and industrial goods were also established.
The reform did not affect changes in wages and other labor income of the population. Salaries were paid in new money in the same amounts.
MONETARY REFORM 1961
The reform was carried out on January 1, 1961 of the year. The need for reform was related to rounding prices up for convenience and speed in mutual settlements. In addition, such “rounding” allowed the budget to receive decent income to the treasury. It was also decided to change the size of the money (make it smaller), which was popularly called “Stalin’s foot wraps,” which reduced the cost of banknote production.
Banknotes of the 1947 model were exchanged without restrictions for money of the 1961 model at a ratio of 10:1, and prices were changed in the same ratio.
The monetary reform of 1961 reduced the level of welfare of workers, although the workers themselves did not notice this at first.
Because of this reform, the ruble turned out to be, as they later said, inflated. And all because of oil. After the war, there was a huge increase in oil production, which they decided to sell to fraternal countries in need of black gold. But at that time, the cost of oil on the international market and the costs of oil production and transportation were almost the same and, therefore, it was unprofitable to sell oil. In order for the sale of oil to become profitable for the state, it was necessary to make the ruble more expensive.
Due to the inflated increase in the ruble, the ratio between the store price and the market price changed sharply and a so-called shortage of goods and empty shelves in stores appeared.
It became unprofitable for stores to sell goods or products at government prices. The store kept a small part of the goods (product) for itself and sold it at the state price, and with the help of speculators it sold the larger part on the market at the market price. Therefore, the market had everything, but the stores had empty shelves. In large cities, they tried to control the ratio of prices (store and market), but in settlements far from the center, many goods and products completely disappeared from trade and were sold on the market.
It also became unprofitable for collective farms to sell to the state; they tried to take their products to the market.
It is believed that it was the “Khrushchev reform” that marked the beginning of the collapse of the Soviet Union.
MONETARY REFORM 1991.
This monetary reform is also called “Pavlovian” by the name of the Prime Minister of the USSR Valentin Pavlov, who took office and immediately decided to begin reforming the financial system. This monetary reform is also called “shock”, since it was carried out quickly, within three days, and it took the bulk of people by surprise. In principle, the 1991 reform was also of a confiscatory nature. There was an exchange of 50- and 100-ruble banknotes of the 1961 model for banknotes of the 19991 model. Moreover, you could only change no more than 1000 rubles per person.
The reform pursued the goal of getting rid of excess money supply, getting rid of counterfeit money and thereby helping in the fight against speculation, unearned income and smuggling.
The state received (withdrew) 14 billion cash rubles from the currency reform and lost the population’s trust in the government.
MONETARY REFORM 1993 .
First of all, this monetary reform was closely related to the political changes that occurred before 1993.
December 25, 1991 - USSR President M.S. Gorbachev announced the termination of his activities as President of the USSR.
December 26, 1991 - The Council of Republics of the Supreme Soviet of the USSR adopted a declaration on the termination of the existence of the USSR in connection with the formation of the CIS.
On July 17, 1993, Russia left the CIS ruble zone; the ruble virtually ceased to exist as a means of payment that connected the economies of the CIS member countries.
The central banks of the former Soviet republics began to print their national money and the old money supply could pour into the Russian Federation and undermine the balance of the Russian ruble.
From July 26 to August 7, 1993, the first monetary reform of Russia was carried out. Banknotes of the now defunct USSR were withdrawn from circulation.
It is not so important what text the money conspiracies have; you can say words from yourself or a prayer. The main thing is to imagine what exactly you want to get and tune in to fulfill your desire.
Some people think that it is enough to set a rich table for the New Year and make a wish while the clock strikes - money will flow into your pocket like a river. Others go further - write down a wish on paper, burn it, and drink a “magic” drink with ashes. It’s not enough for the year to be profitable.
There are special rituals to attract wealth, and without performing the ritual, without saying certain words, you shouldn’t even dream about money.
There are conspiracies that do not require special preparation to pronounce, and there are also words that need to be spoken in a certain place, only in a designated place, following the sequence of actions.
For example, it is better to start preparing for this ritual at least a week before the new year, and preferably 3 or 7 weeks before.
You need to place opaque dishes in a visible place in the apartment - preferably an unglazed clay pot, and place 1 white coin there at the same time every day.
Warn your family in advance that on New Year’s Day, after the clock strikes, they don’t need to count on you, and at exactly 12 o’clock they will retire with this pot and a church candle.
Next, you need to put your hand into the pot, rattle the coins, raise your palm filled with money - imagine that these are not pennies, but gold is flowing, and lay a circle around the unlit candle. Casting a spell:
- Rain of money, pour down on me,
At one o'clock in the morning, and at sunset.
Let the coins sparkle and ring,
According to my wish, I will become rich.
And repeat this until you run out of coins. The higher the “fence” around the candle, the greater the chance of getting rich. Then the candle is lit with matches, and the room is closed, leaving the candle to burn out.
In the morning, alone, the room is opened, 7 coins are put in a pot, the rest are taken to the church in a sacrificial cup. The pot is hidden in a secluded place and filled to the top with money every day. Then they bury it and don’t tell anyone where.
If you repeat a similar procedure for several years, burying pots around the perimeter of your home, wealth will come to 99%.
There are rituals that are not related to New Year's Eve, but it is also worth preparing for them in advance.
During the flowering period of herbs such as clover, snapdragon, cold mint, collect these flowers with leaves. Dry everything, add yellow alder leaves, put in a bag made of green velvet. Choose a ritual night: preferably before Christmas, but you can during the entire Christmas week, and place the bag between 2 mirrors placed opposite each other. You need to say:
- Whatever I want. I turn it into money.
I attract wealth, I leave my soul. Amen.
The charmed money talisman hides in a pillow or at the head of the bed.
There is another strong conspiracy, a ritual with which is performed on the new month.
You need to sit down at the table, put on it a square cut from green cloth or velvet. Place a leaf of eucalyptus or bay tree on the square - in the very middle, and cover with an iron ruble. Folding the corners of the fabric one by one. say at each corner:
- Zain, kala raz, alefanabas, aribao.
The spell is cast until a small package is formed. It is tied with a ribbon of real silk and hidden in the office or in the place where business is most often carried out or money is counted.
There are different money conspiracies. From monetary losses, when money is really needed - a conspiracy of the last coin, to increase income, to attract money. There is a conspiracy that helps to dig up a treasure. Modern rituals use conspiracies to attract clients to the office.
The main thing is to believe in the conspiracy. And money will definitely flow like a river.
Those who do not believe in money conspiracies and pronounce their words skeptically should not perform a ritual involving money. You can lose the last one. There are some matters that you can’t laugh at.
Since 2015, the issue of denomination of the Russian currency has been actively discussed. Due to the crisis in the global economy, the Russian ruble has fallen quite significantly and reducing the money supply in the country would be a good solution. In this article we will look at what currency denomination is, and also talk about such a phenomenon as “the denomination of the ruble in Russia in 1998.”
What is a denomination
Denomination is a change in the value of money (in its nominal part) in a certain ratio. This procedure is carried out in two ways: either it takes a long period of time and is more technical in nature, or it is more reminiscent of confiscation, in which a temporary restriction is imposed on the exchange of national currency for foreign currency.
The denomination is not carried out because of any positive phenomena in the economy. So, most often it is carried out when the adverse consequences of hyperinflation occur, i.e. a sharp increase in prices, or due to other economic disasters in the country.
This procedure was carried out in Russia in 1947, when the law abolishing food rationing (wartime costs) came into force. In those days, the denomination was carried out quite weakly, the currency exchange rate was 10 to 1. Moreover, the denomination at that time did not affect deposits in banks, which exceeded 3 thousand rubles.
There were two more such monetary reforms in Russia, however, they were not confiscatory in nature, like the redenomination of 1947: in 1961 and in 1998. In the first case, the exchange was also made in a ratio of 10 to 1, in the second - 1000 to 1.
This phenomenon greatly simplifies monetary exchange, however, one should not assume that it will not affect prices in any way: after such an increase in the currency, sellers also increase the cost of their goods.
It is carried out not only in Russia. For example, we can single out two record countries for the ratio of new and old currencies during denomination: for example, in Germany in 1923 the exchange ratio was 1 trillion to 1, the same applies to Zimbabwe, which has the same denomination that is striking in its exchange ratio took place in 2009.
The Second World War led to this phenomenon in some European countries: for example, France, Poland, Greece. As you can see, this phenomenon only occurs after significant crises or collapses: for example, after the collapse of the USSR, many former Soviet republics re-denominated their currencies.
The current Federal Law regulating the activities of the Central Bank of the Russian Federation (No. 86-ФЗ dated July 10, 2002 - LINK) actually prohibits the implementation of “confiscation” monetary reforms, since when new banknotes are issued, a sufficient period of time must be provided for their exchange.
Why and how it is carried out
Any denomination pursues several very significant goals:
- reducing the cost of creating new money. Thus, banknotes of larger denominations are issued, which reduces the need to renew any small bills - they simply do not exist;
- simplification of calculations. For example, after completing the procedure, there is no need to count pennies, rubles, hundreds, and sometimes even thousands;
- identification of “gray” income. Citizens have to exchange all their money, otherwise it will soon lose its value. To exchange, she is forced to show all her income and savings;
- The country's currency is appreciably strengthening after the denomination.
The process starts after the government makes the final decision to carry out the denomination. At the same time, new banknotes are immediately put into circulation, and old ones begin to be withdrawn from circulation.
This process cannot be called fast. It takes weeks and sometimes months to complete a complete exchange of the old currency for the new one. Of course, money in bank client accounts changes automatically.
Most of the population is very difficult to bear such economic stress. Sometimes this process is carried out so difficult and long that it takes more than one month or even a year. In this case, each store sets special price tags: for example, you can buy a product for either 200 old rubles or 2 new ones.
Redomination of the ruble in Russia in 1998
The decree “On changing the nominal value of Russian banknotes and the scale of prices”, stating that it is time to change the nominal value of banknotes in Russia, was signed by the President of the Russian Federation on August 4, 1997 (link to document).
The very launch of the denomination process was scheduled for January 1, 1998 and provided that for some period of time the old and new money would exist in parallel and participate in internal circulation in the country.
Video - monetary reform in Russia in 1998:
Old-style money was withdrawn simply: through trade, through banks, and also through service sector enterprises. Banknotes in denominations of 5, 10, 50, 100, 500 rubles, as well as coins from 1 kopeck to 5 rubles, were introduced into circulation. The appearance of the new money remained virtually unchanged and was identical to the appearance of the old bills and coins. Since January 1, 1999, old-style money has lost its validity.
Unfortunately, this phenomenon in 1998 had quite negative consequences for the economy of the entire country. For example, prices skyrocketed and the purchasing power of citizens decreased significantly, which led to a decline in people's living standards.
Video - what happened to the ruble in 1998:
In 1998, the procedure was carried out by decision of the Russian government and there were several reasons for its implementation:
- high inflation that needed to be stopped. During the denomination process, strict price controls were established and any increase in prices was strictly punished. Moreover, sellers did not even have the right to “round up” the price;
- it was necessary increase the value of the ruble against the dollar;
- there was a need identify “gray” money in the country. It is worth remembering the dashing 90s and the fact that almost half of the funds at that time were shady;
- getting rid of barter. Many enterprises settled among themselves using barter, and the procedure in this case was aimed at increasing funds in circulation.
Unfortunately, Russians remember that time only with negativity, because... this process coincided with the period of ruble denomination, when its value against the dollar fell by almost 4 times. All this led to default and difficult times of crisis.
Video - The other day about the redenomination of the ruble in Russia in 1998:
On the eve of the collapse of the USSR, the uncontrollability of the economy as a whole was already acutely felt, and in these conditions the problem of public money and its management automatically came to the fore. 14
January 1991
B.S. was appointed Chairman of the USSR Government. Pavlov (1937-2003), former Minister of Finance of the USSR for two years, one of the most competent and decisive financiers and statesmen of the late Soviet period. The monetary reform of 1991, carried out under his leadership, provided for the exchange of cash, and only large bills (50 and 100 rubles of the 1961 model for new ones issued in 1991), to combat speculation, corruption, smuggling, and the production of counterfeit money , unearned income. Cash in the amount of a month's salary was subject to exchange. Deposits in savings banks in the amount of more than 10 thousand rubles. were temporarily frozen for a period of half a year. At the same time, for two months, the issuance of cash to citizens from their deposits in banks was limited to 500 rubles. per month. In conditions of a decline in production and an acute shortage of goods, the reform carried out, in principle, did not affect the overall economic situation. It was confiscatory in nature, but was milder than in 1947; less than 15% of banknotes were confiscated, compared to 50% in 1947.97 On the eve of the collapse of the USSR, despite all the good intentions of the government, the exchange of money was chaotic and caused discontent among the population.
During further liberalization, a colossal increase in prices was observed, which only confirmed the insignificance of the effect of this reform, which did not affect the non-cash sphere of payments, which was the huge underwater part of the iceberg that determined the crisis of the payment system as a whole. The collapse of the USSR, which began in the fall of 1991, and the refusal of the republics to transfer funds to the union budget led to a significant increase in the issue of money by the State Bank of the USSR. The reasons for carrying out monetary reforms in the former Soviet republics and issuing national currencies at this time were the collapse of the USSR and the formation of 15
new independent states that set the task of creating national monetary systems. In 1993, in the context of great changes and contradictions in the power structures, a kind of monetary reform was carried out in Russia, during which the cash money supply of neighboring countries, which no longer supplied goods, but only accumulated debt on non-cash payments, was decisively separated from the Russian monetary system . All bank and treasury notes of the State Bank of the USSR, banknotes of the 1961 - 1992 model. were withdrawn from circulation. The 1961 coins were not withdrawn from circulation. Only Bank of Russia banknotes of the 1993 model were issued and remained in circulation in denominations of 100, 200, 500, 1000, 5000, 10000 and 50000 rubles. Citizens of the Russian Federation were given the right to exchange up to 100 thousand rubles in person once. with the remaining amounts credited to a time deposit in Sberbank of Russia. The exchange limit for non-citizens temporarily staying in Russia was set at 15 thousand rubles. Thus, in an officially almost imperceptible action that was not announced at the time as a monetary reform, the Soviet ruble was replaced in circulation by new banknotes of the Central Bank of the Russian Federation.
Initially, the status of the ruble as the national currency of Russia was determined by the Law of the Russian Federation “On the monetary system of the Russian Federation” dated September 25, 1992.
No. 3537-1. Later, in the Constitution of the Russian Federation, adopted on December 12, 1993, in Art. 75 stated: “The monetary unit (currency) of the Russian Federation is the ruble.” And further, on April 26, 1995, the Federal Law “On the Central Bank of the Russian Federation (Bank of Russia)” was adopted, which abolished the previous law on the monetary system, but repeated the wording from it: “The official monetary unit (currency) of Russia is the ruble. One ruble consists of 100 kopecks.” (v. 3).
However, throughout the subsequent 1990s, the country's monetary economy continued to spiral out of control and became quantitatively unmanageable. A new crisis was approaching in the absence of positive changes from attempts to achieve activity in production through privatization and ensure the receipt of taxes from privatized enterprises into the treasury.
In 1998, Russia carried out a monetary reform in the form of denomination. On August 4, 1997, President of the Russian Federation B.N. Yeltsin (1931-2007) issued a Decree changing the nominal value of ruble banknotes, as well as changing the price scale in a ratio of 1:1000. In accordance with the decisions of the Committee of Directors, the Central Bank of the Russian Federation took a set of measures to change the nominal value of the Russian ruble, which was reflected in banknotes and coins.
The agreed principles of reform provided for the gradual exchange of banknotes and coins during their normal, regular circulation in order to avoid any losses to citizens. The denomination of the ruble provided, starting from 1998, for the parallel circulation of new and old banknotes and coins, while the withdrawal of old banknotes was to take place without restrictions in a ratio of 1000:1 through the usual channels of monetary circulation - trade in goods, trade in services, transactions of banking institutions. The issue of banknotes and coins of the 1997 model was carried out through the institutions of the Bank of Russia and credit organizations to ensure the payment of wages, pensions, benefits and other cash payments. In accordance with the planned activities, Bank of Russia banknotes of the previous issue (1993-1995), which replaced Soviet rubles, as well as USSR coins and Bank of Russia coins issued in 1961-1996. (including USSR coins of 1, 2 and 3 kopecks issued before 1991) were to be gradually withdrawn from circulation. After this, the payment turnover of Russia would have to consist of banknotes of the Bank of Russia issued in 1997 in denominations of 5, 10, 50, 100, 500 rubles. and new coins of the 1997 sample in 1, 5, 10, 50 kopecks. and 1, 2, 5 rubles. For ease of use and a smooth transition to the new rubles, their appearance remained the same, with a nominal value reduced by 1000 times and with the introduction of new security features on banknotes. It was assumed that by January 1, 1999, banknotes of earlier issues would be largely out of circulation, while the official exchange of banknotes that would not have been exchanged or used would be extended without restrictions until 2002 inclusive. These initial plans were announced in advance and had already begun to be implemented until the default occurred in August 1998.
The plan to replace the money was openly announced in advance. However, in the process of its implementation in the run-up to the August 1998 crisis, which had both domestic and international roots, and after it, the same signs of confiscatory monetary reforms that were carried out several times during Soviet times were revealed. Subsequently, it became obvious that the monetary and financial authorities, by proposing such a reform, seemed to anticipate the “default” that would soon occur and therefore tried to smooth out the expected extremely negative phenomena in advance. The Central Bank of the Russian Federation, which still retained the traditions of operating under Soviet conditions, took precautions to hedge against more dramatic events in the future due to wasteful short-term borrowing at home and abroad. These measures consisted of issuing short-term, really unsecured government credit bonds (GKOs) and releasing them to the external unstable speculative market. Thus, the monetary crisis actually began already in 1997 in connection with the preparations openly announced on August 4 by President B.N. Yeltsin and the hidden confiscation monetary reform that turned out to be true. This reform began in conditions of relative stability of the money market and the presence of internal convertibility of the ruble, and therefore the mass of ordinary people could not help but get the impression that the market, by inertia, remained stable. Under these conditions, the authors rightly considered that there should be no panic. Perhaps only a few could have foreseen that a complete collapse of the financial system would soon occur, which would include a state internal and external “default” and a sharp drop in the value of the ruble, which would effectively confiscate the ruble cash savings of the population (once again!). So the question remained open, unclear, what total amount of old rubles was actually exchanged for denominated rubles, which, in fact, would show the scale of the hidden monetary confiscation.
In modern economic publications devoted to the “default” in Russia, there are two different points of view on the dramatic events that took place: explanatory and highly critical...
The first point of view explains what measures were taken and why, despite everything, the crisis still occurred and was inevitable. According to this position, unfortunately, nothing could be done in the unfavorable conditions that accompanied the initial period of transformation. As international experience has shown, the most common modern method of mobilizing additional financial resources is the issuance of government-guaranteed short-term loans in the form of bonds, which complied with the requirements of the IMF. The financial crisis in Southeast Asia began to manifest itself at the end of 1997 - beginning of 1998, which indirectly increased the risks in Russia regarding foreign investment. Attempts by the government to extend the terms of payment of obligations were unsuccessful, while the market lost confidence in the government's actions. By June 1998, Russia's international credit ratings had dropped significantly. There was a massive outflow of foreign capital from Russia. At the same time, the already very small official gold and foreign exchange reserves fell sharply to an insignificant level - to $2 billion. Moreover, the population already had tens of billions of dollars that did not “work” in any way in the economy and were not connected with the banking system. On July 20, 1998, it was announced that the issuance of short-term government securities would cease.
The second point of view regarding the “default” that occurred is critical. Its basis lies in the fallacy, inefficiency, and doom of failure of the budget and tax policies adopted from the very beginning, which led to a huge increase in public debt.
The August 1998 crisis demonstrated the groundlessness of efforts to stabilize the exchange rate in conditions of an uncontrolled market, degradation and decline in economic production and financial economy. The deterioration of the balance of payments and the onset of the financial crisis in Asia were not taken into account with sufficient foresight. Sporadic attempts to stabilize the exchange rate through foreign exchange interventions by the Central Bank of the Russian Federation, given insufficient resources, were doomed to failure. The excessive domestic demand for US dollars on the part of residents and non-residents could not be satisfied either by borrowing abroad or by intensive spending of the remaining official gold and foreign exchange reserves. The result became inevitable - internal and external “default”.
Western speculative investment funds, including those from the United States, also suffered relatively large losses.
The artificially introduced “currency corridor” ceased to exist, while spontaneous floating of the exchange rate became the usual norm. This became possible due to the government’s adoption of a firm policy to replenish the foreign exchange reserves of the Bank of Russia through contributions from exporters of significant, constantly increasing revenues from the export of energy products at world prices with a steady upward trend. The presence of the Bank of Russia in the foreign exchange market began to be determined by the task of equalizing emerging fluctuations through the purchase and sale of currency. This was preceded by an unprecedented drop in the ruble exchange rate: from August 15, 1998, the official exchange rate was 6.3 rubles. for 1 dollar decreased by the end of 1999 to 27 rubles. for 1 dollar. In less than a year and a half, the ruble has depreciated 4.3 times.
The exchange rate of the Russian ruble, regularly announced by the Central Bank of the Russian Federation, has acquired the significance of a solid economic category. The official exchange rate of the Central Bank of the Russian Federation began to be used for all payments between the state and enterprises, associations and citizens, as well as for taxation and accounting. On the basis of the official exchange rate, numerous transactions for the purchase and sale of foreign currency were concluded on the domestic market, and since the summer of 2006, the Russian ruble became available in cash and partially convertible abroad, thereby becoming a significant international monetary instrument.
Already in August 1998, the Government of the Russian Federation announced a plan to overcome the crisis, which included:
During the Civil War and “war communism,” money from the Tsarist and Provisional governments, Soviet banknotes, and a whole host of various monetary surrogates were in circulation in the country. The amount of money was so huge that money rapidly depreciated, natural exchange flourished, almost like in a primitive society.
The introduction of the card system completely destroyed the economy...
In 1921, the All-Russian Central Executive Committee, the highest legislative, administrative and supervisory body of state power of the Russian Soviet Republic, decided to return the destroyed country to money.
Reform 1922-1924
The State Bank was recreated, all existing Fridays, Kerenki, Nikolaevkas and red Sovznak banknotes, which more closely resembled postage stamps rather than money, were exchanged for new money in a ratio of 10,000 to 1. This was the first denomination in the USSR. 
Sovznaki, while actually being money, were not officially called money, since the stated goal of the Soviet government was to build a communist society in which there would be no money. The phrase “banknote” appeared only on the 1922 banknote. 
But Soviet money continued to depreciate. In 1921, the real value of 100 thousand Sovznak was equal to the value of one pre-revolutionary kopeck. Therefore, the Russian Communist Party set a course for backing money with gold.
Beginning in 1922, the State Bank began printing chervonets. It was no longer Russian, but Soviet chervonets. In 1922, the republics of Russia, Ukraine, Belarus and the Transcaucasian Socialist Federative Soviet Republic united, which included Azerbaijan, Armenia and Georgia in the “Union of Indestructible Free Republics.” The new country needed its own currency. 
The chervonets were designed in the same type and printed on white paper with a common watermark. They were popularly called “white chervonets”.
The Soviet chervonets was supposed to remove other currencies from circulation and bring the economy to a single currency. The Chervonets was equated to the 10-ruble gold coin of the tsarist mintage, as the most stable monetary unit of that time. But the chervonets were only 25% backed by gold, the remaining 75% of the chervonets were provided by goods and short-term liabilities. It is not surprising that the chervonets did not become a stable currency in 1922. 
Only in 1924 did the USSR achieve success when they began to issue treasury notes of the State Bank of the USSR, mint silver and copper coins, and most importantly, gold chervonets.
The communist gold chervonets was used in foreign trade, was listed on the stock exchanges of Austria, Turkey, Italy, China, Estonia, Latvia, Lithuania), and transactions with it were carried out in Great Britain, Germany, Holland, Poland, the USA and many other countries. 
There is a historical incident associated with the golden chervonets. Capitalist countries refused to accept gold coins with Soviet symbols, so the USSR began minting Tsarist Nicholas Chervonets of the 1911 and 1898 models. The coin depicted Tsar Nicholas I, shot by the communists. Ideology is ideology, and trade is trade. 
From 1926 to 1932, all paper money from 1922-1924 was gradually updated. The new banknotes were double-sided, with the exception of five chervonets. The watermark remained only on the 5 chervonets banknote. Thicker paper was used for printing. 
In 1937, a new series of banknotes was issued in denominations of 1, 3, 5 and 10 chervonets. A portrait of Lenin appeared on them for the first time. With these banknotes, our country entered the Great Patriotic War in 1941. 
During the Second World War, banknotes continued to circulate; even front-line soldiers received their allowance in money. Money, of course, had practically lost its meaning; there was nowhere to buy anything at the front, and besides, officers and soldiers sent allowances to their families in the rear. 
In the rear, this money also did not play a significant role. On the illegal market, with the officer's money sent monthly, one could buy 3-4 liters of milk or 1-2 loaves of black bread, but this was an officer's allowance; soldiers received significantly less.
Chervonets were in circulation in the USSR until the monetary reform of 1947.
Post-war monetary reform of 1947
The second monetary reform in the USSR was carried out between December 16 and 29, although rumors about it appeared shortly after the end of the Great Patriotic War.
The reform was carried out in the form of denomination with confiscation. For deposits in Sberbank, amounts up to 3 thousand rubles were exchanged one to one, for deposits from 3 to 10 thousand rubles, savings were reduced by one third of the amount, for deposits in the amount of over 10 thousand rubles, two thirds of the amount were withdrawn.
Those who kept money at home received one new ruble for ten old ones upon exchange. When recalculating wages, money was exchanged in such a way that wages remained unchanged. 
Since it was not possible to keep the government’s plans secret from the population, a few days before the start of the reform, queues began to form at the savings banks of those wishing to deposit money into the savings book. On December 2, the Ministry of Internal Affairs noted “cases when depositors withdraw large deposits (30-50 thousand rubles and more), and then invest the same money in smaller deposits in other savings banks for different persons.”
Trying to save their cash, people rushed to buy furniture, musical instruments, hunting rifles, motorcycles, bicycles, gold, jewelry, watches, manufactured goods, long-life food products (chocolate, canned food, smoked sausages, etc.), vodka and others. alcohol. Turnover in restaurants in large cities has increased. 
The result of the 1947 currency reform was a fall in prices. Retail ones fell by 17 percent, market ones fell by more than three times. When carrying out the reform, great importance was attached to eliminating the deficit in order to avoid excessive demand for goods and inflation. For a year, the goods were kept so that after the exchange of money they were thrown onto the market.
After the abolition of cards at the end of 1947, with a salary of 500-1000 rubles, a kilogram of rye bread cost 3 rubles, buckwheat - 12 rubles, sugar - 15 rubles, butter - 64 rubles, sunflower oil - 30 rubles, frozen pike perch - 12 rubles, coffee - 75 rubles. A liter of milk cost 3-4 rubles, a dozen eggs - 12-16, a bottle of Zhigulevskoye beer - 7 rubles; half-liter bottle of “Moscow” vodka - 60 rubles. 
By the way, during the investigation into the Beria case in 1953, it was revealed that before the monetary reform was carried out in 1947, the Deputy Chairman of the USSR Council of Ministers, Beria, instructed his assistant to secretly place a significant amount of money in various savings banks - more than 40 thousand rubles.
The effect of monetary reform was enormous. The wealth accumulated during the war years was confiscated, a large amount of money entered the banking system, which was then used to restore the national economy, and market prices decreased three times. Thus ended the stage of the war economy, and the country completely returned to peaceful life.
"Khrushchev" monetary reform of 1961
Stalin's money existed until 1961, when the Khrushchev government carried out a new reform, during which old money was exchanged for new ones 10: 1 and the prices of all goods, tariff rates of wages, pensions, scholarships and benefits, payment obligations and contracts. 
However, the dollar exchange rate was changed not 10 times, like domestic prices and wages, but only 4.44 times. In exactly the same way - exactly 4.44 times - the gold content of the ruble was increased. According to the official version, this reform was carried out “... in order to facilitate money circulation and give greater value to money.” 
After the reform of 1961, mutual settlements became significantly easier. Rounding prices up allowed the budget to save, according to various estimates, from 3 to 4.5 billion rubles. 
The cost of producing banknotes decreased, since the new money was in a much smaller format. There was a joke at that time. If Stalin’s money was called “Stalin’s footcloths” for its large size, then the small new bills were nicknamed “Khrushchev’s candy wrappers.” Nevertheless, the money of 1961 turned out to be long-lived.
"Pavlovsk" monetary reform of 1991
In 1991, the second monetary reform with confiscation was carried out. The reform was named after the then Prime Minister of the USSR Valentin Pavlov. The formal reason for the reform was the fight against counterfeit rubles allegedly imported from abroad.
The country's leadership was concerned about the presence of a large money supply that was not backed by goods and services. Back then, the word “deficit” was on everyone’s lips. There was only a deficit, the population had money in their hands, and the country’s leadership could not come up with anything better than to withdraw some of the money from the population in order to equalize the money and commodity supply. 
In conditions of shortage, underground entrepreneurs and speculators, who mainly operated in cash, flourished. The government believed that as a result of monetary reform it would be able to destroy shadow business.
The reform was carried out in the most brutal manner. The reform was announced on television at 21:00 Moscow time on the same day, when almost all financial institutions and shops were already closed. All 10 and 100 ruble bills issued in 1961 were subject to exchange for smaller ones of the same year and no more than 1000 rubles per person. 
In the next few hours, the most resourceful people were able to exchange their 50 and 100 ruble bills at metro ticket offices, railway stations and from taxi drivers. Some managed to send large money transfers at post offices at train stations, which were open up to 24 hours. Very resourceful people bought long-distance tickets for several days in advance for large bills at the ticket offices of railway stations and airports, and then returned these tickets and received money.
3 days were allotted for the cash exchange. Immediately huge queues appeared at banks, there was not enough cash, people tried to sell money instead of working or relaxing. Everything was bought in stores, even things that were not in demand during the shortage. Just to save money. 
The government's plans were only partially realized: the confiscation procedure made it possible to withdraw 14 billion cash rubles from circulation. The surprise effect of the reform was supposed to help in the fight against speculation, unearned income, counterfeiting, smuggling and corruption, but in practice the main consequence of the reform was the loss of public confidence in the actions of the government...
