The Russian currency is called the ruble.
The ruble was the earliest monetary unit of the Russian Empire. The price comparison with gold began to be established in 1800. In 1897, the gold content of ruble banknotes was 0.774234 grams.
In the former Soviet Union, the currency value of the ruble was as high as 2 US dollars. However, after the disintegration of the Soviet Union, inflation was very rapid, and the currency value of the ruble dropped sharply, reaching a minimum of 1,400 rubles per US dollar. Russia began to issue new rubles in 1994. After Putin was elected president, he implemented the policy of controlling inflation. The new rubles have reached nearly 26 rubles per US dollar.
In order to make the ruble, which has a history of more than 800 years, become one of the international currencies, Russia decided in 2006 to choose an exclusive logo for the ruble vote. On July 1 of the same year, the ruble became a freely convertible currency.
The status of the ruble
After entering the 21st century, especially after the liberalization of Russia’s foreign exchange management system, the interest of the CIS countries in using the ruble in bilateral trade with Russia has increased significantly. Most companies and individuals engaged in foreign trade in CIS countries have begun to tend to accept rubles and deposit rubles in bank accounts. This is because there is no difficulty in converting rubles into dollars and the interest rate on deposits in rubles is relatively high.
For various considerations, commercial banks in CIS countries are also willing to provide ruble loans to their customers, conduct ruble asset operations, or invest rubles in interbank credit markets and companies with higher liquidity. bond market. In 2009, Russia and the members of the Eurasian Economic Community were more active in using rubles for trade settlement. The ruble is squeezing out the dollar in payments between these countries.
Reference for the above content: Baidu Encyclopedia - Russian Ruble
Reference for the above content: Baidu Encyclopedia - Russian Ruble