196 1 year, the Soviet union carried out the second major monetary reform in history and issued 196 1 version of the ruble. With the gold reserve of the Soviet government as the guarantee, the legal exchange rate between ruble and gold is set at1:0.98g. In the foreign exchange market, the Soviet Union adopted a fixed exchange rate system, and the exchange rate of the major international currencies, the US dollar, was set at 1 ruble against 1. 1 US dollar. Under the unified management of the central government, the Soviet Union, backed by a strong military force and based on a rapidly developing economy, basically maintained a stable foreign exchange market. During the nearly 30 years from 196 1 to 1989, the fixed exchange rate system and the exchange rate of the ruble against the US dollar remained basically stable.

When the wheel of history rolled to 1989, the ruble changed in essence. It was in this year that the Soviet Union announced the reform of the exchange rate system, from the original fixed exchange rate system to the dual exchange rate system. The Soviet ruble fluctuated sharply for the first time in 30 years. After the reform of the exchange rate system, the exchange rate of the US dollar against the ruble in the foreign exchange market jumped from the original 1: 0.6 to 1: 1.8. By the time 199 1 the new Soviet ruble was issued, the exchange rate of the US dollar against the ruble in the foreign exchange market was 1: 170, and its position was already shaky, which was not as good as before. In the same year, the old ruble issued in 196 1 year completely withdrew from the historical stage.