Monetary reform in Russia (1993) & nbsp. Monetary reform in Russia (1993) & nbsp Monetary reform 1992 1993

02.08.2021

Monetary reform in Russia in 1993 was held from July 26 to August 7, 1993.

Goals of the reform

The monetary reform of 1993 pursued the goals of taming inflation and exchanging the banknotes of 1961-1992 remaining in circulation for new banknotes. The reform was of a confiscatory nature due to the fact that a number of restrictions were imposed on the exchange of banknotes. In addition, the reform was carried out during the summer holidays, which created additional difficulties for citizens. In this regard, the Bank of Russia issued an explanation that from October 1, 1993, the exchange of banknotes is carried out exclusively upon presentation of documents confirming the impossibility of exchange within the established time frame. This restriction was also aimed at combating the influx of ruble banknotes from the former Soviet republics, since the central banks of some former Soviet republics had already begun issuing national currencies. Since 1993, the issue by national banks of national banknotes in the space of the former union state began to threaten the Russian monetary unit in that the old money supply could pour into the Russian Federation.

The official goals of the reform were the fight against inflation, the withdrawal from circulation of old-style treasury notes of the State Bank of the USSR and the solution of the problem of separating the monetary systems of Russia and other CIS countries that used the ruble as a means of payment in domestic money circulation. In fact, on July 17, 1993, Russia withdrew from the ruble zone of the CIS, the ruble, in fact, on September 26, 1993, as a means of payment for the interconnected economy of the CIS, ceased to exist, and the government of V. S. Chernomyrdin deprived Russia of the ability to control all cash emission and the economy of those dependent on it republics of the ruble zone. The non-cash ruble in settlements between the republics also ceased to exist.

IN Russian Federation It was decided to stop circulation on the territory of the Russian Federation of banknotes of the State Bank of the USSR and the Bank of Russia of the 1961-1992 model. and use in Russia since September 26, 1993, only banknotes of the 1993 sample.

Terms of reform

The terms of the monetary reform were set out in the Telegram of the Central Bank of the Russian Federation N 131-93 dated July 24, 1993. The telegram was signed by the Chairman of the Central Bank of the RSFSR (Roscentrbank) Viktor Gerashchenko.

The Central Bank of the Russian Federation in accordance with the Law of the Russian Federation "On monetary system of the Russian Federation” and the Law of the RSFSR “On the Central Bank of the RSFSR”, in order to eliminate the multiple modification of banknotes of the same denomination in circulation and due to the sufficiency of banknotes and coins of the Bank of Russia of the 1993 model in the reserves, it stops from zero hours (local time) on July 26, 1993 the year of circulation throughout the Russian Federation of state treasury notes of the USSR, tickets of the State Bank of the USSR and banknotes of the Bank of Russia of the sample of 1961-1992.

Initially, the exchange limit was set at 35 thousand rubles (at that time - about 35 dollars). Citizens of Russia (according to the registration in the passport) could exchange the indicated amounts within two weeks, from July 26 to August 7, at the institutions of the Savings Bank of Russia, which was stamped in the passport. Amounts exceeding 35,000 rubles were to be credited to time deposits for a period of 6 months.

Panic broke out in the country. On July 26, Decree No. 1107 of the President of the Russian Federation was issued, increasing the amount of banknotes of the 1961-1992 sample accepted for exchange to 100 thousand rubles. (about $100 equivalent) per person. Banknotes of 10,000 rubles of the 1992 sample were exchanged without limiting the amount. The exchange period was extended until the end of August, during this period, banknotes of 1, 3, 5 and 10 rubles were allowed to be used in circulation. On July 27, a Central Bank telegram was issued containing similar provisions. .

Subsequently, the exchange was extended until the end of the year, but an explanation was given that from October 1, the exchange of banknotes is possible only upon presentation of documents confirming the impossibility of exchange at an earlier date. The term for the use of banknotes in circulation in 1, 3, 5 and 10 rubles, initially extended until the end of August, was later also extended until December 31, 1993.

Many people did not physically have time to exchange their cash savings, and this money was gone.

Enterprises could exchange cash within the limits of cash balances at the beginning of the day on July 26 and were obliged to deposit them in the bank during the banking day on July 26. The amount of money transferred should not exceed the limit set for the cash desk of this organization, and the amount of trading proceeds received by the cash desk at the end of the day on July 25.

Coins in rubles and kopecks formally remained legal tender until the 1998 currency reform.

Reform results

During the 1993 reform, 24 billion banknotes were seized. The reform did not strengthen the ruble. In fact, it led to serious complications with the neighbors, since their currencies were pegged to the ruble. The Central Bank had to transfer part of the new banknotes to Kazakhstan and Belarus. In the second half of 1993, Russia tried to negotiate with its neighbors on the creation of a new type of ruble zone, but only Belarus agreed to sign an agreement on the unification of monetary systems in the future.

One of the results of the reform was the rejection of the ruble and the establishment of national currencies in the CIS countries (although for some time after the reform, the USSR rubles, no longer accepted in Russia, were actively used in the money circulation of the CIS countries).

The introduction of the new Russian ruble stopped the uncontrolled printing of the old banknotes outside of Russia. According to the director of the HSE Banking Institute, Vasily Solodkov, after the collapse of the USSR, all former Soviet republics began to independently and unlimitedly print Soviet rubles, which were received in large quantities on Russian market and contributed to hyperinflation in Russia. The separation of national currencies allowed the Russian government to manage the money supply more effectively. [ clarify]

“We wanted the best, but it turned out as always”
- a phrase uttered by Viktor Chernomyrdin, Prime Minister of the Russian Federation on August 6, 1993 at a press conference, telling how the 1993 monetary reform was being prepared.

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An excerpt characterizing the Monetary reform in Russia in 1993

For the first time, Prince Andrei understood where he was and what had happened to him, and remembered that he had been wounded and that at the moment when the carriage stopped in Mytishchi, he asked to go to the hut. Confused again from pain, he came to his senses another time in the hut, when he was drinking tea, and here again, repeating in his recollection everything that had happened to him, he most vividly imagined that moment at the dressing station when, at the sight of the suffering of a man he did not love , these new thoughts that promised him happiness came to him. And these thoughts, although vague and indefinite, now again took possession of his soul. He remembered that he now had a new happiness and that this happiness had something in common with the Gospel. That's why he asked for the gospel. But the bad position that had been given to his wound, the new turning over again confused his thoughts, and for the third time he woke up to life in the perfect stillness of the night. Everyone was sleeping around him. The cricket was shouting across the entryway, someone was shouting and singing in the street, cockroaches rustled on the table and icons, in autumn a thick fly beat on his headboard and near a tallow candle that was burning with a large mushroom and stood beside him.
His soul was not in a normal state. A healthy person usually thinks, feels and remembers at the same time about an innumerable number of objects, but he has the power and strength, having chosen one series of thoughts or phenomena, to stop all his attention on this series of phenomena. A healthy person, in a moment of deepest reflection, breaks away to say a courteous word to the person who has entered, and again returns to his thoughts. The soul of Prince Andrei was not in a normal state in this regard. All the forces of his soul were more active, clearer than ever, but they acted outside of his will. The most diverse thoughts and ideas simultaneously owned him. Sometimes his thought suddenly began to work, and with such force, clarity and depth, with which it had never been able to act in a healthy state; but suddenly, in the middle of her work, she broke off, was replaced by some unexpected performance, and there was no strength to return to her.
“Yes, a new happiness has opened up to me, inalienable from a person,” he thought, lying in a half-dark, quiet hut and looking ahead with feverishly open, stopped eyes. Happiness that is outside the material forces, outside the material external influences on a person, the happiness of one soul, the happiness of love! Any person can understand it, but only God alone can recognize and prescribe its motif. But how did God ordain this law? Why a son? .. And suddenly the train of these thoughts was interrupted, and Prince Andrei heard (not knowing whether he was delirious or really hears this), heard some kind of quiet, whispering voice, incessantly repeating to the beat: “And drink, drink, drink,” then “and ti ti” again “and drink ti ti” again “and ti ti”. At the same time, to the sound of this whispering music, Prince Andrei felt that some strange, airy building of thin needles or splinters was being erected above his face, above the very middle. He felt (although it was hard for him) that he had to diligently keep his balance so that the building that was being erected would not collapse; but it still collapsed and again slowly rose to the sounds of evenly whispering music. "It's pulling! stretches! stretches and everything stretches, ”Prince Andrei said to himself. Together with listening to the whisper and with the feeling of this stretching and rising building of needles, Prince Andrei saw in fits and starts the red light of a candle surrounded by a circle and heard the rustling of cockroaches and the rustling of a fly beating on the pillow and on his face. And every time a fly touched his face, it produced a burning sensation; but at the same time he was surprised that, striking in the very region of the building erected on the face of his face, the fly did not destroy it. But besides that, there was one more important thing. It was white at the door, it was a statue of a sphinx that crushed him too.
“But maybe this is my shirt on the table,” thought Prince Andrei, “and these are my legs, and this is the door; but why is everything stretching and moving forward and drink, drink, drink, and drink—and drink, drink, drink…” “That’s enough, stop it, please leave it,” Prince Andrei begged someone heavily. And suddenly the thought and feeling came up again with unusual clarity and force.
“Yes, love,” he thought again with perfect clarity), but not the love that loves for something, for something or for some reason, but the love that I experienced for the first time when, dying, I saw my enemy and still loved him. I experienced that feeling of love, which is the very essence of the soul and for which no object is needed. I still have that blissful feeling. Love your neighbors, love your enemies. To love everything is to love God in all manifestations. You can love a dear person with human love; but only the enemy can be loved with divine love. And from this I experienced such joy when I felt that I love that person. What about him? Is he alive... Loving with human love, one can move from love to hatred; but divine love cannot change. Nothing, not death, nothing can destroy it. She is the essence of the soul. And how many people I hated in my life. And of all people, I did not love or hate anyone else like her. And he vividly imagined Natasha, not in the way he had imagined her before, with only her charm, joyful for himself; but for the first time imagined her soul. And he understood her feeling, her suffering, shame, repentance. He now for the first time understood the cruelty of his refusal, saw the cruelty of his break with her. “If only it were possible for me to see her one more time. Once, looking into those eyes, say ... "
And drink, drink, drink, and drink, and drink, drink - boom, a fly hit ... And his attention was suddenly transferred to another world of reality and delirium, in which something special was happening. Everything in this world was still being erected, without collapsing, the building, something was still stretching, the same candle was burning with a red circle, the same Sphinx shirt was lying at the door; but besides all this, something creaked, smelled of fresh wind, and a new white sphinx, standing, appeared before the door. And in the head of this sphinx there was a pale face and shining eyes of that same Natasha, of whom he was now thinking.
“Oh, how heavy is this incessant nonsense!” thought Prince Andrei, trying to drive this face out of his imagination. But this face stood before him with the force of reality, and this face drew nearer. Prince Andrei wanted to return to the former world of pure thought, but he could not, and delirium drew him into his own realm. A quiet whispering voice continued its measured babble, something pressed, stretched, and a strange face stood before him. Prince Andrei gathered all his strength to come to his senses; he stirred, and suddenly there was a ringing in his ears, his eyes became dim, and he, like a man who has plunged into water, lost consciousness. When he woke up, Natasha, that very living Natasha, whom, of all the people in the world, he most of all wanted to love with that new, pure divine love that was now revealed to him, was kneeling before him. He realized that it was a living, real Natasha, and was not surprised, but quietly delighted. Natasha, on her knees, frightened, but chained (she could not move), looked at him, holding back her sobs. Her face was pale and motionless. Only in the lower part of it fluttered something.
Prince Andrei breathed a sigh of relief, smiled and held out his hand.
- You? - he said. - How happy!
Natasha with a quick but careful movement moved towards him on her knees and, carefully taking his hand, bent over her face and began to kiss her, slightly touching her lips.

In the first half of 1993, banknotes of the Central Bank of the Russian Federation of a new type were issued in denominations of 100, 200, 500, 1000, 5000, 10,000 and 50,000 rubles of the 1993 sample. The issuance of a 500 ruble ticket was somewhat delayed, since at first it was supposed to be issued in a format similar to the 1000 ruble ticket format. However, at the last moment, a new decision was made, and the 500 ruble ticket was put into circulation with a slightly modified design, and the format corresponded to the 100 and 200 ruble tickets.

At the end of July 1993, a confiscation-type monetary reform began in the country: the withdrawal from circulation of all paper banknotes that were in circulation in the USSR and the Russian Federation in 1961-1992, in order to cut off the financial space of the former Soviet republics from Russia to reduce inflation. On July 24, 1993 (Saturday!) The Central Bank announced that banknotes of the 1961-1992 sample from Monday, July 26, 1993, would not be accepted from the population. Until July 27, Russian citizens could exchange up to 35,000 rubles in old-style banknotes for 1993-style tickets. Panic began in the country, queues lined up in stores. Two days later, President Yeltsin, by decree, raised the exchange limit to 100,000 rubles per person and extended the exchange period until the end of August 1993. On the exchange carried out in the passport, military ID, identity card or residence permit, the mark “exchange completed” was affixed.

On August 6, 1993, Russian Prime Minister Viktor Chernomyrdin told at a press conference how the monetary reform was being prepared, and concluded with the immortal phrase: “We wanted the best, but it turned out as always.” From the beginning of 1993, the Goznak factory was under reconstruction, which was supposed to be completed by 1996. Therefore, the issue of banknotes of the 1993 sample was most likely of a temporary (forced) nature. Even the largest 50,000th ticket was protected at a low level. Soon, by September 1993, information began to appear about the appearance in circulation of a significant number of fake tickets with a face value of 50,000 rubles. In July 1994, a modified ticket of 50,000 rubles of the 1993 model (1994 issue) was put into circulation. In September of the same year, modified banknotes in denominations of 5,000 and 10,000 rubles of the 1993 sample (1994 issue) were issued. At the same time, during 1994-1996, there was a gradual withdrawal from circulation of bank notes in denominations of 5,000, 10,000 and 50,000 rubles of the 1993 sample (unmodified).

In 1997, it was already quite difficult to find a ticket for 50,000 rubles of the 1993 model in circulation. In addition, there was information about the preparation for the release of a banknote with a face value of 100,000 rubles of the 1993 sample. This ticket, due to its weak security or for some other reason, was never issued.

See also:

3.1 1993 currency reform in Russia

Goals of the reform

The monetary reform of 1993 pursued the goal of taming inflation and exchanging the remaining banknotes of 1961-1992 for new banknotes. The reform was of a confiscatory nature due to the fact that a number of restrictions were imposed on the exchange of banknotes. In addition, the reform was carried out during the summer holidays, which created additional difficulties for citizens. In this regard, the Central Bank of the Russian Federation issued an explanation that the exchange of banknotes from October 1, 1993 is carried out exclusively upon presentation of documents confirming the impossibility of exchange on time. This restriction was also aimed at combating the influx of banknotes from the former Soviet republics. The results of the reform were assessed by the well-known remark of V. S. Chernomyrdin (who at that time held the post of prime minister): “we wanted the best, but it turned out as always.”

The goal of the reform was to fight inflation and withdraw from circulation old-style treasury notes of the State Bank of the USSR. In addition, this reform solved the problem of separating the monetary systems of Russia and other CIS countries that used the ruble as a means of payment in domestic money circulation. In the Russian Federation, it was decided to stop circulation on the territory of the Russian Federation of banknotes of the State Bank of the USSR and the Bank of Russia of the 1961-1992 model. and use in Russia since July 26, 1993 only banknotes of the 1993 sample

In fact, due to significant restrictions on the exchange of treasury notes, the reform was of a confiscatory nature.

Terms of reform

Citizens of Russia (according to the registration in the passport) could exchange amounts up to 100 thousand rubles, which was stamped in the passport. Rumors about the reform went in advance, the authorities denied them, while the reform was carried out during the holidays, when many were away from their place of registration. This restriction was also aimed at combating the influx of banknotes from the former Soviet republics. As a result, many people did not physically have time to exchange their cash savings, and this money disappeared.

“We wanted the best, but it turned out as always” - a phrase uttered by Viktor Chernomyrdin, Prime Minister of the Russian Federation on August 6, 1993 at a press conference, telling how the 1993 monetary reform was being prepared.

Reform results

During the 1993 reform, 24 billion banknotes were seized.

One of the results of the reform was also the rejection of the ruble and the establishment of national currencies in the CIS countries (although for some time after the reform, the USSR rubles, no longer accepted in Russia, were actively used in the monetary circulation of the CIS countries).

Due to increased inflation in 1993 Russian government conducts a new confiscatory monetary reform. The exchange of banknotes of Soviet banknotes for Russian ones was carried out on July 26 - August 7, 1993. Citizens of Russia (according to the registration in the passport) could exchange amounts up to 100 thousand rubles. (at the same time, the amounts were initially set at 35 thousand rubles and 70 thousand rubles), which was stamped in the passport. Rumors about the reform went in advance, the authorities denied them, while the reform was carried out during the holidays, when many were away from their place of registration. As a result, many physically did not have time to exchange their cash savings, and this money disappeared. As a result of dissatisfaction of the population, the terms for the exchange of banknotes were significantly extended.

3.2 1998 reform

Deceleration of recession in the economy in 1996-1997. led to the adoption by the Russian government and central bank RF decisions on the denomination of the ruble and the transition to a new price scale. Old money was exchanged for new money at a ratio of 1000:1. The monetary reform did not imply any confiscation in any form, nor restrictions, nor the actual exchange of cash "old" money, which still performed its function and participated in circulation. From January 1, 1998, banknotes of the 1997 sample were put into circulation in denominations of 5, 10, 50, 100 and 500 rubles and metal coins in denominations of 1, 5, 10, 50 kopecks and 1, 2, 5 rubles. Banknotes of 1993 and 1995 (including their modifications of 1994) and coins of the USSR and Russia of 1961-1996 remained in circulation throughout 1998 and were accepted in all organizations, trade enterprises, the service sector, commercial banks as a normal means of payment at the rate of one thousandth of their face value. In the course of the reform, the nominal value of Russian banknotes and the scale of prices changed on a scale of 1000: 1 (one thousand rubles, indicated on the "old" banknote, becomes one ruble, a coin of ten rubles becomes one kopeck). By the end of the denomination process, more than six billion banknotes had been withdrawn (four times less than in 1993). After December 31, 1998, the circulation of the "old" money ceased, the remaining paper and even metal money could be exchanged until the end of 2002. However, in mid-August 1998, Mr. financial situation in the country has deteriorated significantly. Under the influence of the global financial crisis, the outflow of speculative foreign capital from the country, the fall in securities prices on the stock exchange and the deadlocked economic policy of the authorities, there was a threat of a massive devaluation of the ruble. The state found itself in the face of a structural gap between cash resources and an exorbitant burden of payments on domestic and foreign obligations. Liabilities of commercial banks to foreign creditors reached $16 billion, i.e. almost equaled the gold and foreign exchange reserves of the Bank of Russia. GKO-OFZ payments increased to 22 billion rubles a month, while current tax revenues to the budget were estimated at 12-13 billion rubles. The negative processes in the economy were catalyzed by the decisions of the Government of the Russian Federation and the Bank of Russia of August 17, 1998, which were ill-conceived in their consequences. banking system, a sharp drop in confidence on the part of potential creditors and investors, a significant decrease in the receipts of both imported and domestically produced commodity resources.

Monetary reforms are almost always accompanied by a series of actions to limit the growth of the money supply, reduce the deficit state budget and, in some cases, the introduction of price controls and salary. In the absence of such effective measures to ensure the implementation of monetary reform, the new money will only be the ground for rising inflation. At the present stage, the most acute problem is the stability of the Russian monetary system.

The need to stabilize the ruble is becoming more greater value, due to the fact that this problem has been repeatedly posed in recent years, but it has not yet been solved. The introduction by the Bank of Russia of a denomination of 5,000 rubles into circulation serves as another proof of a possible reformation of the existing monetary system.

The one currently facing the Bank of Russia is to determine how to transform the money supply into real sector economy. 3. Russia's anti-inflationary policy The negative social and economic consequences of inflation are forcing governments different countries carry out certain economic policy. The anti-inflationary policy has a rich assortment of various ...

Ratio 1:1. At a time, 200 pesos were exchanged for a family; the remaining cash, up to 10,000 pesos, was credited to a special account for deposits in National Bank Cuba 2.2.3 Monetary reforms in developing countries With the collapse of the colonial system of imperialism and the gain of political independence, developing countries periodically carry out monetary reforms in order to create and ...

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Confiscation currency reform in the USSR in 1991

January 22, 1991 began the last Soviet monetary reform, called "Pavlovskaya" in honor of its creator, the Minister of Finance, and later Prime Minister of the USSR Valentin Pavlov.

A similar confiscation reform was carried out by India two months ago - banknotes of maximum denominations - 500 and 1000 rupees (which was approximately the same amount in rubles, the rupee exchange rate was close to the ruble) were withdrawn from circulation.

On the eve of the anniversary of the Pavlovian reform, 01/21/2017, the Minister of Finance of the Russian Federation Anton Siluanov assessed the Indian experience very positively:
“We probably still need to think about reducing cash payments. Many countries are following this (path - ed.) - especially look now, in India, a large-scale attack has gone to cash settlements. This is very correct, because it is an element of whitewashing the economy. Due to this tool, it would be possible to collect more taxes and make our economy more transparent," Siluanov said, speaking at the congress of the United Russia party."

On the eve of the publication of the M2 volume on 01/01/2017, against the backdrop of ongoing attacks by international enemies on the ruble, the reader is invited to nostalgic and remember how it was. Go.

The official reason for the financial reform was the fight against counterfeit banknotes "thrown by enemies from abroad", as well as unearned incomes of citizens. So it was easier to explain the idea from the point of view of the usual Soviet ideology of those years. Unofficially, everyone understood perfectly well that it was necessary to get rid of the excess money supply printed at the end of the 1980s in order to fulfill social guarantees that had accumulated in the hands of the population and dispersed the shortage of consumer goods.

The main driver of the reform was the 53-year-old Finance Minister Valentin Pavlov, who called himself a supporter of "state capitalism."

The minister insisted that the exchange be carried out as soon as possible, so that the money savings stored by citizens not in the bank, but “in a jar” either did not have time or could not be returned in full. The Ministry of Finance had no doubt that the vast majority of the population had nothing to save from meager salaries - only "dishonest people" are capable of keeping stash in large denominations under their pillows.

January 10, 1991, at a meeting of the Supreme Council, Valentin Pavlov denied rumors about the upcoming reform.

There is no preparation for the reform, - he assured from a high rostrum. - Firstly, monetary reform is only part of a set of measures aimed at improving economic situation, and its isolated implementation without solving other problems will lead to nothing. Secondly, the implementation of the reform will cost the state about 5 billion rubles. Thirdly, the existing capacities for issuing banknotes make it possible to accumulate the required amount of new money within three years.

Business journalists pointed out to the prime minister the sealed piles of banknotes that they managed to capture in photos in various banks, referred to unnamed sources in financial sector. But "once lied" Pavlov was echoed by the then chairman of the board of the State Bank of the USSR Viktor Gerashchenko, who at all angles denied rumors about the upcoming reform.

And yet, a significant part of the Soviet people, who lived "from advance to pay", these rumors did not bother. Until January 20, 1991, many of them, contrary to previous practice, were not paid salaries mainly in large denominations. Three days later, it was difficult to regard it otherwise as a mockery.

Then all this lies were explained by the "high secrecy of the operation."

The presidential decree was read at 21.00 in the evening edition of the Vremya program, when almost all financial institutions and shops were already closed.

Under the terms of the reform, the exchange of seized banknotes was accompanied by severe restrictions: citizens could exchange 50- and 100-ruble banknotes for new ones only for three days - from January 23 to 25. It was possible to change money after the specified period only by decision of special commissions. It was possible to exchange only in cash the amount of not more than 1,000 rubles per person (88,500 rubles in the prices of January 2017, average salary in January 1991 in the RSFSR - 308 Soviet rubles, in 2016 the average salary in Russia was about 36-37 thousand rubles), and pensioners were allowed to change only 200 rubles. (17,700 rubles in the prices of January 2017) - the possibility of exchanging the rest of the banknotes was considered in special commissions until the end of March 1991, which considered each case not met within the allotted time separately (business trip, expedition, state of health, etc.). It was necessary to prove where the person got the amount of more than 1 thousand rubles. The district executive committee commissions, which were entrusted with receiving and verifying such applications from citizens, were physically unable to cope with the heavy workload. They did not even "launch" clear criteria for determining the illegality of the accumulated.
At the same time, deposits in the Savings Bank were frozen. Only 500 rubles could be received from the deposit. the new ones, in addition, established the procedure for paying for goods and services by bank transfer without limiting the amount (I suggest that witnesses of the era remember in the comments what could be paid in 1991 by bank transfer and in what order). Since citizens could have deposits in several savings banks, including in different cities, on the last pages of the civil passport, employees of the savings banks made notes on the amounts withdrawn from deposits. Deposits were charged 40 percent per annum, but the money could be received in cash only in the next year.

Since the exchange of money was carried out in a very short time, long queues immediately lined up at the savings banks. The exchange was also carried out at the place of work of citizens and at the post office.

The reform hit thousands of people who kept rubles both “in stockings” and in Sberbank. The fortunes of 15-30 thousand, accumulated for decades, collapsed.

After the completion of the exchange of big money, Pavlov appeared in the press with accusations against Western banks of coordinated activities to disrupt money circulation in the USSR.

Due to the sharp depreciation of the Soviet ruble, the deposits were unfrozen ahead of schedule: by Decree of the President of the USSR of 03/22/1991. Compensation of these deposits has not yet been completed and will continue in 2017-2019.

On April 2, 1991, state-regulated prices for foodstuffs, transport, public Utilities, significantly reduced exchange rate ruble.

In December 1991, the experts of the newspaper Kommersant summed up the results of the entire 1991 and found that, taking into account the Pavlovian reform, prices increased 7.8 times over the year. At the same time, the greatest contribution to the price race was made by no means by market factors, but by various kinds of force majeure circumstances, such as the exchange of banknotes and official statements about upcoming cataclysms in monetary circulation.

Confiscation currency reform in Russia in 1993

Although the reform was of a confiscation nature, that is, the state limited the number of old banknotes exchanged for new ones, people managed to forget about it. Which is understandable: by the time of the 1993 reform, there was not much to take from the population.

In fact, the reform of 1993 is the birth of the Russian ruble, which on July 26 stood out from the currency area of the former Soviet republics. Accumulations in the Soviet ruble were withdrawn, all banknotes with the Soviet ruble became invalid - the Soviet ruble ceased to exist (accepted for payment) and a new currency appeared - Russian ruble.

The formal basis for the start of the reform was a telegram dated July 24 signed by the then head of the Central Bank, Viktor Gerashchenko.

The telegram said that from 0000 hours on July 26, the circulation of banknotes of the 1961-1992 model was stopped throughout the country. And all "old" Soviet rubles are subject to exchange until August 7th. With restrictions: initially it was prescribed that by registration it was possible to change no more than 35 thousand rubles (about 35 dollars) per person. After the operation, a stamp was put in the passport so that people would not try to exercise the right twice. Panic broke out in the country. Therefore, President Boris Yeltsin issued a decree, according to which the amount increased to 100 thousand rubles, and the reform period - until the end of August 1993.

Initially, the exchange limit was set at 35,000 rubles (at that time - about $35, in January 2017 prices - $58, or 12,500 rubles in January 2017 prices). Citizens of Russia (according to the registration in the passport) could exchange the indicated amounts within two weeks, from July 26 to August 7, at the institutions of the Savings Bank of Russia, which was stamped in the passport. Amounts exceeding 35,000 rubles were to be credited to time deposits for a period of 6 months.

Panic broke out in the country. On July 26, Decree No. 1107 of the President of the Russian Federation was issued, increasing the amount of banknotes of the 1961-1992 sample accepted for exchange to 100 thousand rubles. (about 100 US dollars in equivalent, in January 2017 prices - 167 dollars, or 35,724 rubles in January 2017 prices) per person, and the reform period is until the end of August 1993. Banknotes of 10,000 rubles of the 1992 sample were exchanged without limiting the amount. The exchange period was extended until the end of August, during this period it was allowed to use banknotes of 1, 3, 5 and 10 rubles in circulation. On July 27, a Central Bank telegram was issued containing similar provisions.

Subsequently, the exchange was extended until the end of the year, but an explanation was given that from October 1, the exchange of banknotes is possible only upon presentation of documents confirming the impossibility of exchange at an earlier date. The period of use in circulation of banknotes of 1, 3, 5 and 10 rubles, initially extended until the end of August, was also later extended until December 31, 1993.

Many people did not physically have time to exchange their cash savings, and this money was gone.

Coins in rubles and kopecks formally remained legal tender until the 1998 currency reform.

By the time of the 1993 reform, the average salary in the country had risen to 53,000 rubles. A kilogram of meat, for example, cost more than 2,000 rubles.

Officially, the reform was carried out with two goals - to neutralize inflation, which turned into "hyper" after price liberalization in 1992, and also to stop the flow of money from the former Soviet republics, which began to switch to their currencies.

By the summer of 1993, rumors were spreading across the country that a new money exchange was being prepared. Perhaps people understood that such problems with inflation could not last forever. But the conversations were going on, and very confident. The authorities added fuel to the fire, regularly denying these rumors, but the people were only more firmly convinced that banknote changes were coming.

The people were worried and tried in some way to save at least the small funds that they had. They did not want to carry it to the bank, remembering 1991. Credit organizations lured by high rates, but the people no longer believed and preferred the cash form of storage. Approximately 10% of income, that is, the money remaining from current consumption, people exchanged for currency. In 1993, the cost of foreign banknotes exceeded the savings on deposits and securities by about 35%.

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Monetary reform 1922–1924

The purpose of the reform is the stabilization of monetary circulation after the First World War and the Civil War. To achieve this goal, new money was issued in 1922 - tickets of the State Bank of the RSFSR, or chervonets. Emission new currency was to be backed by 25% gold and foreign currency. The monopoly right to issue was granted State Bank RSFSR. The Treasury, as a division of the Ministry of Finance, received the right to issue treasury notes - paper money of low denominations and a metal token.

Legally, the Soviet chervonets was a currency with a gold content equal to the parity of the Russian pre-revolutionary ruble. But the exchange of paper chervonets for gold was to begin only after the adoption of a special legislative act. Such an act was not adopted. Despite this, the Soviet chervonets was quoted on foreign currency exchanges. In 1923, an insignificant number of chervonets were minted in the form of gold coins. But due to their rarity, they actually did not get into circulation. Currently, these coins are of numismatic value.

Monetary reform of 1947

The reform was carried out with the aim of normalizing monetary circulation after the Great Patriotic War and creating conditions for the abolition of the card system. The USSR managed to take these steps before other warring countries. During the monetary reform, pre-war cash was exchanged for new ones at a ratio of 10:1; deposits in savings banks in the amount of up to 3 thousand rubles. were not overestimated, i.e. exchanged 1:1; deposits from 3 thousand to 10 thousand rubles. exchanged 3:2; deposits over 10 thousand rubles. - 2:1. The reform created the conditions for inflation-free development of the country's economy in the 1950s. and improving the standard of living of the population.

Monetary reform of 1961

The reform had the character of a denomination - banknotes in circulation were exchanged for new ones in a ratio of 10: 1. In the same proportion, prices for goods and services were reduced, as well as incomes, including wage. These measures were supposed to restore the correlations between prices and incomes that were more familiar to the population, which existed even in the pre-revolutionary period of national history. Banknotes of the old sample were exchanged for banknotes of the new sample without restrictions and at a ratio of 1:1. The gold content of the ruble was officially set at 0.987412 g of pure gold. However, this was a purely formal act. In practice, the ruble was not converted into gold, like the currencies of all other developed countries, with the exception of the US dollar, which was exchanged for gold until 1971, but only for the central banks of the IMF member countries.

Exchange of large denomination banknotes in January 1991

The decision to withdraw from circulation banknotes in denominations of 50 and 100 rubles. sample of 1961 was adopted by the Cabinet of Ministers of the USSR when issuing new banknotes of large denomination in 1992 in order to eliminate the accumulation of illegally obtained income. For the exchange of old banknotes in excess of a certain norm, it was required to provide information on the legality of the origin of cash savings.

Monetary reform 1992–1993

The aim of the reform was to switch from issuing the Soviet ruble to issuing the Russian ruble. The reform began in October 1992 in connection with the entry into force of the Law of the Russian Federation of September 25, 1992 No. 3537-1 "On the Monetary System of the Russian Federation". This law introduced a new currency unit- Russian ruble. The Bank of Russia became the issuer of the ruble. The said law stated that the Russian ruble had no gold content. It was decided to stop circulation on the territory of the Russian Federation of banknotes of the State Bank of the USSR and the Bank of Russia of the 1961-1992 model. and the implementation of the transition from July 26, 1993 to the use of exclusively banknotes of the Bank of Russia of the 1993 sample. The rubles in circulation were subject to exchange for new banknotes in a ratio of 1: 1 without limiting the amount.

Monetary reform 1998

In January 1998, the ruble was denominated and the old rubles in circulation were replaced with new ones in the ratio of 1,000 rubles. in old-style money for 1 rub. in new money. Banknotes of the Bank of Russia of the 1997 sample were introduced in denominations of 5, 10, 50, 100 and 500 rubles. and a bargaining chip of the Bank of Russia of the sample of 1997 in denominations of 1, 2, 5 rubles. and 1, 5, 10, 50 kopecks. The purpose of the reform was to return to the usual for the population of the relationship between prices and incomes after the period of hyperinflation in 1992-1996. However, the financial crisis of August 1998 led to a sharp rise in prices. The goal of the 1998 reform was not achieved.