What money was in 1993. Monetary reform in Russia (1993) & nbsp

On December 12, 1993, elections to the Federation Council and the State Duma took place, as well as a nationwide referendum on the adoption of the draft new Constitution. On December 20, the CEC of Russia announced the results of the referendum: 32.9 million voters voted in favor (58.4% of active voters, against 23.4 million (41.6% of active voters). in accordance with the decree of President Yeltsin in force during the referendum of October 15, 1993 No. 1633 "On holding a nationwide vote on the draft Constitution Russian Federation»For the entry into force of the new Constitution, an absolute majority of votes is required. Subsequently, there were attempts to challenge the results of this vote in the Constitutional Court of the Russian Federation, but the Court refused to consider the case, explaining this by the lack of rights to amend several fundamental articles of the Constitution.

If we highlight the main stages of constitutional reform, it will look like this:

October 5 - the Moscow City Council and district councils were disbanded (several deputies were arrested), Prosecutor General V. Stepankov was dismissed, A. Kazannik was appointed in his place, the heads of administrations who spoke out against Decree No. 1400 were dismissed: Viktor Berestovoy (Belgorod Region), Yuri Lodkin (Bryansk region, filmed on September 25), Vitaly Mukha (Novosibirsk region), Pyotr Sumin ( Chelyabinsk region), Alexander Surat (Amur Region).
October 7, 1993 - The President adopts the decree "On legal regulation during the period of gradual constitutional reform ”, which actually assumes the powers of the legislator. Chairman of the Constitutional Court V.D. Zorkin, under the threat of criminal prosecution on charges of "legal support of the constitutional coup", was forced to resign (retaining the powers of a judge). The judges, under pressure from the president's entourage, are forced to resign international treaties... (The new Constitution included a provision on the complete replacement of judges of the Constitutional Court, however, at the last moment, by mistake, this provision was dropped from the published draft)
October 9 - The President terminates the powers of the Soviets at all levels.
October 11 - The President abandons the idea of forming the Federation Council and calls elections to the Federation Council
October 15 - President appoints a popular vote on the Constitution for December 12
October 22 - The President adopts a decree on the basic principles of organizing state power in the constituent entities of the Russian Federation
October 26 - President adopts decree on local government reform
November 10 - in Rossiyskie Vesti published a draft Constitution submitted to a nationwide vote
December 12 - a nationwide vote on the Constitution of Russia took place, during which 58 percent of the referendum participants voted for the Constitution, as well as elections to the Federation Council and the State Duma of the first convocation
December 24 - The President signed a number of decrees aimed at bringing the laws of the Russian Federation in line with the new Constitution
December 25, 1993 - The new Constitution of the Russian Federation was published in the "Rossiyskaya Gazeta" and came into force throughout Russia
January 11, 1994 - the Federation Council and the State Duma, elected on December 12, 1993, began their work in Moscow
February 23, 1994 - The State Duma passed a resolution on amnesty for the participants in the October 1993 events (although the trial never took place). The participants in the events agreed to amnesty, although they did not plead guilty. All investigative actions on the events of September - October were terminated.

I would like to note that the new Constitution of the Russian Federation provided the President with significant powers, while the powers of the Parliament were significantly reduced. The Constitution, after being published on December 25 in the Rossiyskaya Gazeta, came into force. On January 11, 1994, both chambers of the Federal Assembly began to work, and the constitutional crisis ended.

Whatever reforms are carried out in Russia, for some reason they always end up with the state once again getting into the pocket of its citizens. After all, it is much easier than making money or letting you earn money. So the monetary reform of 1993 in Russia, hiding behind slogans to curb inflation, once again confiscated small savings from the population.

Post-war reform

For those who survived World War II and tried to integrate into a rapidly changing reality, this was the fifth monetary reform in less than half a century. Most judged from the stories of the older generation about the post-war reform of 1947 as the seizure of large amounts of money on old outstanding bonds. The main purpose of the exchange of money was preparation for new banknotes were issued, which were exchanged for old ones at a ratio of 1:10, deposits of up to 3 thousand rubles were exchanged 1: 1, from 3 to 10 thousand at a ratio of 3: 2, over 10 thousand - 2: 1 ... In general, the goals of the reform were achieved, the USSR was the first of the warring countries to abolish the rationing system, the economy developed with low inflation, and the incomes of the population began to grow.

Prelude

They trained on the population of Russia two more times - in 1961 and 1991. In 1961, the ruble was denominated, "bad" money was exchanged for new ones in a ratio of 10: 1. Prices have been proportionally reduced and wage, however, the sediment still remained - they changed a lot of money for a little. The population was told that the ruble contains 0.987412 grams of gold, although the state was not going to exchange anything with anyone. The purpose of the monetary reform was to establish proportions at a lower level between incomes and prices.

In 1991, the government took care of the seizure of illegal income and issued new banknotes of 50 and 100 rubles. To exchange sums of money over 100 rubles, it was necessary to provide information about their origin. The majority of the population would not have noticed this reform, the savings were low, but the forms of the exchange of money were simply gangster - they announced the exchange at 21:00 in the evening and gave it three days. The goals of the reform - to make the savings of the population work for the economy - were not achieved, the sad result is known to everyone.

A country on the brink of survival

After the collapse, Russia, as its legal successor, received a large burden of economic and political problems associated with the creation of a new state. The government began economic reform with shock therapy, price liberalization, high taxes and cuts in social spending. With these measures, it was planned to stabilize the financial situation, reduce the deficit state budget and create conditions for attracting foreign investment.

As a result, we got inflation of 1000-1200%, prices increased 26 times (with the government's plan by 5-10 times), wages increased only 12 times, putting the majority of the population on the brink of survival. The state's monopoly on foreign trade was abolished, which made it possible, on the one hand, to fill empty store shelves with imported goods, on the other, almost the entire industry, unaccustomed to competition, collapsed. Money supply decreased, prices rose, and the economy was simply sorely lacking in money. By June 1992, the amount of mutual non-payments was 2 trillion rubles. Money in 1992 depreciated faster than it was issued. The government was forced to restart the printing press. According to some estimates, from July 1992 to January 1993, 4 times more money was printed than the economy had before.

Politics

The reforms were greatly complicated by the confrontation between the President and the Supreme Soviet, the Congress of People's Deputies. The government carried out a liberal reform, stopped subsidizing enterprises, which caused a collapse in the economy and impoverishment of the population. This caused the strengthening of the opposition forces, and under their pressure, they began again to issue loans to industrial enterprises and carry out emission money supply... The confrontation between the two branches of government was resolved by a referendum on a vote of confidence in the President, which he, unexpectedly for many, won. In March, mutual debts had already grown to 4 trillion rubles, and the budget was getting worse. The government again returned to the policy of curbing emissions. And they began to think more and more about reforming and introducing Russian banknotes.

Need for reform

To use the money of the state, which does not exist, is, of course, strange. Although only the Central Bank of Russia was able to issue rubles of the 1961-1991 model, state banks the former Soviet republics could issue ruble loans, which they actively used. As a result, the unsecured money supply put a huge strain on the Russian economy. By 1993, many republics had already issued their national currencies, and the Russian government feared an uncontrolled flow of Soviet-style banknotes.

End of the ruble zone

The abolition of the use of Soviet-style banknotes, the separation of the monetary systems of Russia and other republics that also continued to use the ruble in the domestic money turnover put an end to the ruble zone. In fact, Russia unilaterally withdrew from the ruble zone, and the ruble ceased to exist as a single means of payment in the post-Soviet space. The Russian government has lost the ability to influence the ruble cash issue and the economies of the ruble zone countries.

The non-cash ruble also ceased to exist as a means of payment among the CIS countries. This division of monetary systems led to complications in relations with the republics, since their currencies were pegged to the ruble. The Central Bank of Russia was forced to transfer part of the new banknotes to Kazakhstan and Belarus. When Russia proposed to create a new type of ruble zone, only Belarus agreed to hold negotiations on this one day.

Target

The goal of the 1993 monetary reform in Russia was to tame inflation and replace the money of the 1961-1992 model with signs, divide the monetary systems of Russia and other post-Soviet countries, and stop the flow of money not provided with goods from other republics. In addition, the circulation of money issued by the Bank of Russia was also canceled. Under conditions of hyperinflation, means of payment were issued in large denominations and with a new design. For example, the 10,000-ruble bill no longer had Soviet symbols, but the Russian flag appeared on the Kremlin tower, the inscriptions remained only in Russian, and on the reverse of the coins there was an image of the coat of arms of Russia, which passed unchanged to 50 rubles in 1993. Exchange Money, as usual, was of a confiscatory nature, since a number of restrictions were introduced.

Conditions

Russian government used the Soviet experience in creating difficulties for the population, the reform began in the vacation season, money had to be exchanged within two weeks - from July 26 to August 7. The initial limit for Russian citizens was set at 35 thousand rubles (approximately 35 US dollars), a stamp was put in the passport about the exchange made. Panic began in the country, people could not get into the branches of Sberbank, which was responsible for the exchange. Later, the amount of the exchange increased to 100 thousand rubles, and the period was first extended until the end of August, and then until the end of the year, however, from October 1 only upon presentation of documents confirming the impossibility of making the exchange at an earlier date. Amounts over the established limit were deposited.

Banknotes of 10 thousand rubles of the 1992 model were exchanged without restrictions. And coins were in circulation until the 1998 reform. The design of the 1992 and 1993 bills differed slightly, mainly in color, and the 1993 50-ruble coin remained the same as in 1992, only it changed from bimetallic to copper. Many people lost their savings anyway. Enterprises could exchange cash within the cash balances on the day the exchange began, the amount should not exceed certain limits and the amount of trade earnings as of July 25. The cancellation of the mythical gold content of the ruble was also announced.

Outcomes

The main result of Russia's monetary reform in 1993 is the introduction of its own monetary unit and building monetary system... 24 billion banknotes were seized. New ruble finally divided the monetary systems of the post-Soviet countries and indirectly contributed to the strengthening of their national currencies. The separation of currencies allowed Russia to more effectively control the money supply. The result of the reform is the creation of its own monetary system. It failed to improve money circulation or strengthen the national currency. Hyperinflation continued to grow, at the end of 1995 it amounted to 834%, budget deficit... The monetary reform of 1993 in Russia gave rise to a total distrust of the population in its own currency, the "dollarization" of the economy, which a year later led to the collapse of the ruble, known as "Black Tuesday."

3.1 Monetary reform of 1993 in Russia

Reform goals

The 1993 monetary reform 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 a clarification that the exchange of banknotes from October 1, 1993 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 inflow of banknotes from the former Soviet republics. The results of the reform were assessed by the famous remark of V.S.

The goal of the reform was the fight against inflation and the withdrawal from circulation of the old-style Treasury notes of the State Bank of the USSR. In addition, this reform solved the problem of dividing 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 terminate the circulation in 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 model

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

Reform conditions

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

Enterprises could exchange cash within the cash balances at the beginning of the day on July 26 and were required to hand it over to the bank within banking day 26 July. The amount of money to be handed over should not have exceeded the limit set for the cash desk of this organization, and the amount of trade proceeds received at the cash desk at the end of the day on July 25.

“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, describing 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 formation of national currencies in the CIS countries (although for some time after the reform, the rubles of the USSR, no longer accepted in Russia, were actively used in money circulation CIS countries).

Due to increased inflation in 1993, the Russian government is implementing a new confiscatory currency reform. The exchange of Soviet banknotes for Russian ones was carried out on July 26 - August 7, 1993. Russian citizens (according to the registration in their 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 circulated in advance, the authorities denied them, while the reform was carried out during the vacation period, when many were far from their place of residence. As a result, many physically did not have time to exchange their cash savings, and this money disappeared. As a result of public discontent, the terms for exchanging banknotes were significantly extended.

3.2 1998 Reform

Slowing down of the recession in the economy in 1996-1997 caused the adoption by the Russian government and the Central Bank of the Russian Federation of the decision on the denomination of the ruble and the transition to a new scale of prices. Old money was exchanged for new money at a ratio of 1000: 1. The monetary reform did not imply any confiscation in any form, no restrictions, or the actual exchange of cash "old" money, which still performed its function and participated in the turnover. From January 1, 1998, banknotes of the 1997 model 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 the 1993 and 1995 model years (including their modifications in 1994) and the 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. During the reform, the face value of Russian banknotes and the scale of prices changed at a scale of 1000: 1 (one ruble becomes a thousand rubles, indicated on the "old" banknote, one kopeck becomes a ten-ruble coin). By the end of the denomination process, more than six billion banknotes had been seized (four times less than in 1993). After December 31, 1998, the circulation of "old" money ceased, the remaining paper and even metal money could be exchanged until the end of 2002. However, in mid-August 1998, the financial situation in the country worsened significantly. Under the influence of the world financial crisis, the outflow of speculative foreign capital from the country, the fall in securities prices by stock exchange and the authorities' economic policy that has come to a standstill has created a threat of a landslide devaluation of the ruble. The state faced a structural gap between available resources and an exorbitant burden of payments for domestic and foreign obligations. The 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. Payments on GKO-OFZ increased to 22 billion rubles a month, while current tax revenues to the budget were calculated at 12-13 billion rubles. 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, ill-considered in their consequences. banking system, a sharp drop in confidence on the part of potential creditors and investors, a significant decrease in 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 state budget deficit, and, in some cases, introduce price controls and wages... In the absence of this kind of effective measures to ensure the implementation of monetary reform, the new money will only provide a breeding ground for inflation. On the present stage the most acute problem is the stability of the Russian monetary system.

The need to stabilize the ruble is becoming even more important, due to the fact that this task has been posed several times over the past years, but it has not yet been solved. The introduction of a 5000 ruble note by the Bank of Russia is yet another proof of a possible reformation of the existing monetary system.

The Bank of Russia is currently facing the task of defining ways of transforming the money supply into real sector economy. 3. Anti-inflationary policy of Russia Negative social and economic consequences inflation is forcing governments different countries carry out some economic policy... Anti-inflationary policy has a rich assortment of very different ...

The ratio is 1: 1. 200 pesos were exchanged for a family at a time; the rest of the 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 achievement of political independence developing countries periodically carry out monetary reforms in order to create and ...

For reading 9 min. Views 1.7k. Posted on January 28, 2017

Confiscatory currency reform in the USSR in 1991

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

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

On the eve of the anniversary of the Pavlovsk reform, 01/21/2017, the Minister of Finance of the Russian Federation Anton Siluanov very positively assessed the Indian experience:
“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 went to settlements in cash. This is very correct, since it is an element of whitewashing the economy. Due to this instrument, it would be possible to collect more taxes and make our economy more transparent, "said Siluanov, speaking at the congress of the United Russia party."

In anticipation of the publication of the M2 volume on 01/01/2017, against the background of continuing attacks by international enemies on the ruble, the reader is invited to feel 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 with the unearned income of citizens. This made it easier to explain the idea from the point of view of the familiar Soviet ideology of those years. Unofficially, everyone understood perfectly well that it was necessary to get rid of the excess money supply of banknotes printed at the end of the 1980s in order to fulfill the social guarantees 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 accumulated by the citizens not in the bank, but in the "moneybox" either did not have time or could not be returned in full. The Ministry of Finance did not doubt that the overwhelming majority of the population had nothing to save from the scanty salaries - only “dishonest people” are capable of keeping stashes in large denominations under their pillow.

On January 10, 1991, at a meeting of the Supreme Soviet, Valentin Pavlov denied rumors of an impending reform.

There is no preparation for reform, ”he assured from a high rostrum. - Firstly, the monetary reform is only part of a set of measures aimed at improving the economic situation, and its isolated implementation without solving other problems will not lead to anything. Secondly, the reform will cost the state about 5 billion rubles. Thirdly, the existing facilities for the issue of 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 stacks of banknotes, which they managed to capture in photos in various banks, and referred to unnamed sources in the financial sector. But the “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 forthcoming reform.

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

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

The presidential decree was read out 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 confiscated bills was accompanied by the strongest restrictions: citizens could exchange 50 and 100 ruble bills for new ones only within three days - from 23 to 25 January. It was possible to change money after the specified period only by the 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 January 2017 prices, average salary in January 1991 in the RSFSR - 308 Soviet rubles, in 2016 the average salary in Russia - about 36-37 thousand rubles), and pensioners were allowed to change only 200 rubles. (17,700 rubles in January 2017 prices) - the possibility of exchanging the remaining banknotes was considered in special commissions until the end of March 1991, which considered each case that was not settled within the allotted time separately (business trip, expedition, health status, etc.). It was necessary to prove where the person got the sum over 1 thousand rubles. The district executive committee commissions, which were entrusted with the reception and verification of such statements of citizens, physically could not cope with the piled-up work. They did not even “let down” 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 a procedure for payment for goods and services in a non-cash manner without limiting the amounts (I propose to witnesses of the era to recall in the comments what could have been 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, the employees of the savings banks made notes about the amounts withdrawn from the deposits. The deposits accrued 40 percent per annum, but money could be received in cash only next year.

Since the exchange of money was carried out in a very short time, long queues immediately lined up in 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 in stockings and in Sberbank. The fortunes of 15-30 thousand, which had been accumulating for decades, collapsed.

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

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

On April 2, 1991, state-regulated prices for food products, transport, utilities, significantly reduced exchange rate ruble.

In December 1991, the experts of the newspaper "Kommersant" summed up the results of the whole of 1991 and found that, taking into account the "Pavlovian" reform, prices for the year increased by 7.8 times. At the same time, the greatest contribution to the price race was made not by market factors, but by various kinds of force majeure, such as the exchange of banknotes and official statements about upcoming cataclysms in monetary circulation.

1993 Russia confiscatory currency reform

Although the reform was of a confiscatory nature, that is, the state limited the number of exchanged old banknotes for new ones, people managed to forget about it. Which is understandable: by the time of the 1993 reform, there was nothing especially 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 space of the former Soviet republics. The 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 - the 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 zero hours on July 26 all over the country the circulation of banknotes of the 1961-1992 model ceases. And all the "old" Soviet rubles are subject to exchange until August 7. With restrictions: initially it was prescribed that no more than 35 thousand rubles (about $ 35) per person could be changed by registration. After the operation, a stamp was put in the passport so that people did not try to use the right twice. Panic began in the country. Therefore, President Boris Yeltsin issued a decree according to which the amount increased to 100 thousand rubles, and the term of the reform was until the end of August 1993.

Initially, the exchange limit was set at 35 thousand rubles (at that time - about $ 35, in January 2017 prices - $ 58, or RUB 12,500 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 Sberbank 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 began in the country. On July 26, decree of the President of the Russian Federation No. 1107 was issued, increasing the amount of banknotes of the 1961-1992 sample accepted for exchange to 100 thousand rubles. (about $ 100 in equivalent, in January 2017 prices - $ 167, 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 model were exchanged without limiting the amount. The exchange period was extended until the end of August, during this period it was allowed to use 1, 3, 5 and 10 ruble bills in circulation. On July 27, the Central Bank issued a telegram containing similar provisions.

Subsequently, the exchange was extended until the end of the year, but it was clarified 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 of use in circulation of notes of 1, 3, 5 and 10 rubles, extended initially until the end of August, later was also extended until December 31, 1993.

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

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

By the time of the 1993 reform, the average salary in the country had risen to 53 thousand 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 the liberalization of prices 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 spread throughout the country that a new currency exchange was being prepared. Perhaps people realized that such inflation problems could not last forever. But conversations were going on, and very confident. The authorities added fuel to the fire, regularly refuting these rumors, but the people only asserted themselves even more in the opinion that changes in banknotes were coming.

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

The Collapse sub-site on Dirty is the most useful sub-site for a personal budget: monthly overviews of inflation, exchange rates, purchasing power of salaries in a visual form. Monthly reviews have been repeatedly awarded the status of a golden post on the database and during their existence have earned a lot of positive feedback from the community. Subscribe to the VK-community Collapse. The channel in the telegram is fashionable and convenient, you read when you have time, and it is impossible to miss infrequent posts.

5000 rubles 1993

"We wanted the best, but it turned out as always"
- the phrase uttered by Viktor Chernomyrdin, Prime Minister of the Russian Federation on August 6, 1993 at a press conference, describing 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 rubles of the USSR, no longer accepted in Russia, were actively used in the monetary circulation of the CIS countries).

Monetary reforms in Russia
Moscow Russia and Russian empire	1535 (Elena Glinskaya) 1645 (Alexei Mikhailovich's ruble) 1700-1718 (reforms of Peter I) 1769 (banknotes of Catherine II) 1839-1843 (silver monometallism) 1897 (gold chervonets Witte)
the USSR	1922-1924 (Soviet chervonets) 1947 ("post-war") 1961 ("Khrushchev") 1991 ("Pavlovsk")
Russia after 1991	1993 (abandonment of Soviet rubles) 1998 (denomination)

What money was in 1993. Monetary reform in Russia (1993) & nbsp

Post-war reform

Prelude

A country on the brink of survival

Politics

Need for reform

End of the ruble zone

Target

Conditions

Outcomes

Confiscatory currency reform in the USSR in 1991

1993 Russia confiscatory currency reform

Reform results

Notes (edit)

see also

See what the "Monetary Reform of 1993 in Russia" is in other dictionaries: