Time Period: 1924-1947

Currency: 1st Soviet (Gold) Ruble


Timeline

  • 06.07.1923
  • Decree [No. 205] of the Central Executive Committee of the USSR on the reconstitution of the State Bank of the RSFSR as State Bank of the USSR; effective 01.01.1924
  • 05.02.1924
  • Decree of the Central Executive Committee and the Council of People's Commissars of the USSR on the issuance of state paper money convertible into gold; effective immediately.
    - 14.02.1924: Decree of the Central Executive Committee and the Council of People's Commissars of the USSR on the stop of issuance of paper money not backed by gold; effective immediately
    - 07.03.1924: Decree of the Central Executive Committee of the USSR on the withdrawal of all paper money not backed by gold at a rate of 1 Ruble (1924) = 50'000 Rubles (1923) = 5'000'000 Rubles (1922); effective 31.05.1924 (originally 30.04.1924).
  • 07.03.1924
  • Start of currency exchange:
    - 07.03.1924: Start of issuance of the new paper money and coins, state banknotes were denominated in Chervonetz of 10 (gold) Rubles, state treasury notes were denominated in (gold) Rubles
    - 31.05.1924: Demonetization of the previous currency (30.06. in Yakutia).
  • 01.01.1938
  • Start of issuance of the new paper money without the reference to "gold" in the denomination (after the devaluation of 19.07.1937), the earlier notes remained in circulation
  • 1941-1944
  • German occupation of the western Soviet Union:
    - from mid-1941: Soviet money was exchanged at 1 German Reichsmark = 10 Soviet Rubles (1924), in the westernmost parts also at 1 Polish Zloty (1924) = 5 Soviet Rubles (1924)
    - from 1944: Reintroduction of the Soviet currency, probably no redemption of the occupation money.

Valuation Regimes

  • 1924-1937
  • Fixed rate against gold
  • 1937-1947
  • Fixed rate against US Dollar

Rate Arrangements

  • 05.02.1924
  • Fixed
  • [Gold parity] 774.19mg AU fine
  • -
  • 19.07.1937
  • Fixed
  • US Dollar at 1 : 5.30
  • -78.3%


Time Period: 1947-1960

Currency: 2nd Soviet Ruble


Timeline

  • 14.12.1947
  • Resolution [No. 4004] of the Council of Ministers of the USSR and the Central Committee of the All-Union Communist Party on the currency reform and confiscation of excess money; effective immediately
  • 16.12.1947
  • Start of currency exchange:
    - 16.12.1947: Start of issuance of the paper money (coins remained current), both state banknotes and state treasury notes were denominated in Rubles
    - Partial confiscation: Cash was exchanged at a rate of 1 : 10; wages, pensions, tariffs were converted on par; deposits up to 3'000 Rubles were converted on par, higher deposits were converted at 2 : 3 (up to 10'000 Rubles) and 1 : 2 (above 10'000 Rubles); state bonds were converted at 1 : 3.
    - 23.12.1947 (remote areas 30.12.1947): End of exchange period and demonetization of the previous paper money.
  • 28.02.1950
  • Resolution of Council of Ministers of the USSR on the adoption of the gold standard; effective 01.03.1950

Valuation Regimes

  • 1947-1950
  • Fixed rate against US Dollar
  • 1950-1960
  • Fixed rate against gold

Rate Arrangements

  • 16.12.1947
  • Fixed
  • US Dollar at 1 : 5.30
  • ±0.0%
  • 01.03.1950
  • Fixed
  • US Dollar at 1 : 4 - [Gold parity] 222.17mg AU fine
  • +32.5%


Time Period: 1961-1991

Currency: 3rd Soviet Ruble


Timeline

  • 04.05.1960
  • Resolution [No. 470] of the Council of Ministers of the USSR on the currency reform; effective 01.01.1961
  • 01.01.1961
  • Start of currency exchange:
    - 01.01.1961: Start of issuance of the paper money and coins
    - 31.03.1961: End of exchange period and demonetization of the previous currency.
  • 22.01.1991
  • Presidential decree [No. 1329] on the partial currency confiscation; effective immediately:
    - Per person, banknotes of 100, 50 Rubles up to an amount of 1'000 Rubles were exchanged on par against new notes during 23.01.-25.01.1991 and invalidated afterwards
    - Withdrawals from deposits were restricted to 500 Rubles per month until 30.06.1991.
  • 20.12.1991
  • Dissolution of the State Bank of the USSR and handover to the Central Bank of the Russian Federation

Valuation Regimes

  • 1961-1972
  • Fixed rate against gold; on 01.03.1972 the official rate became mostly inoperative
  • 1972-1991
  • Variable (effective) rate

Rate Arrangements

  • 01.01.1961
  • Fixed
  • US Dollar at 1 : 0.9 - [Gold parity] 987.41mg AU fine
  • -55.6%
  • 24.12.1971
  • Fixed
  • US Dollar at 1 : 0.83 - [Gold parity] 987.41mg AU fine
  • +8.6%
  • 01.03.1972
  • Variable
  • initially: US Dollar at 1 : 0.83 - Effective rate
  • ±0.0%


End-year Forex Rates (Units per US Dollar)