On July 6, 1993, the Central Bank of Russia in general stated that it was purely "for further streamlining financial system countries, eliminating the multiplicity of monetary signs and simplify calculations "gradually from turnover will be treated with obsolete bills and replace them with monetary signs Sample 1993. But this, as it was emphasized by a high-ranking representative of the Central Bank, "not a monetary reform, but a purely technical measure." Moreover, officials firmly promised to the Russians that this operation Not only will pass painlessly, but will bring undoubted benefit for all citizens, because "the concern for the good of compatriots is the main thing that the central bank is working, like all the country's leadership."
Thus, a new monetary reform began in order to stabilize the monetary circulation by replacing depreciated old money new ones. The situation in the economy at the time was severe, which was reflected in the monetary sphere. The investments were reduced, the mutual debt of enterprises grew, the production was reduced, the ruble exchange rate continued. According to many economists, this reform was the necessary measure. The main reason was the fact that the country was in a state close to hyperinflation (in 1992 prices rose 26 times). Secondly, the need for monetary reform was the introduction of the Russian National monetary unit As one of the most important signs of new statehood. Since July 17, 1993, Russia came out of the ruble zone of the CIS, and the ruble as a payment remedy of the interconnected economy of the CIS actually stopped its existence of Krasavina L.N. Monetary reforms and problems of regulating inflation in Russia. // Money and loan. - 2003. - №8, p. 66-72.
In 1993, cash banknotes of the Bank of Russia only began to flow, only the sample of 1993, who were not supplied to the banks of other ruble zones. But when by mid 1993. Most of the states of the former ruble zone passed to the creation of their own monetary systems, it was decided to terminate the Cash tickets of the USSR state bank in the Russian Federation and the Bank of Russia of the Sample 1961-1992. and use in Russia from July 26, 1993 only in the 1993 standard
Many economists believe that the beginning of the reform is more correct to count in 1992, since on October 21, the Law on the Monetary System of the Russian Federation, which served as the legal and theoretical base of its transformation was published. On the basis of this law, the Russian ruble was introduced into appeal, which in the summer of 1993 the Soviet ruble was exchanged. So in 1992, banknotes of the Bank of Russia 5000 and 10,000 rubles appeared. They were no longer an image of V.I. Lenin and other Soviet characters. At bills 10,000 rubles. An image of a new tricolor Russian flag was placed. In 1993, banknotes were issued with a par with a par from 100 to 50,000 rubles.
Russian citizens could exchange money throughout the term. On the hands of exchanged bills worth not more than 100 thousand rubles were issued. All money over this amount was credited to the account in Sberbank for half a year with the accrual of an established interest on the contribution. The exchange was made in the passport. Not citizens of Russia could exchange money only on July 26, 1993, the amount of exchange was less. Enterprises could exchange cash within the framework of cash balances at the beginning of the day on July 26 and were obliged to pass them into the bank during banking day 26 July. The amount of the hand-held money should not exceed the limit set for the office of this organization, and the amount of trade proceeds arriving at the cashier at the end of the day on July 25.
Ultimately, in the course of the 1993 reform, 24 billion banknotes were seized. Pagra. RU [electron. Resource]: Think of Russia, think in Russian. M.: Rustrana.ru, 2004-2008. Link: http: //www.rustrana.ru/article. php? Nid \u003d 30330. 11. 10.2007. In addition, the reform was carried out during the period of summer vacations, which created additional difficulties for citizens, many simply did not have time to exchange their savings. Also, this reform refers to the category of ineffective. Since, firstly, it was put in shock, without preparation. And secondly, the main purpose of the reform was not reached: the rate of inflation did not decrease. Long term negative consequences reforms became a breaking of a single economic space, which made it difficult to move to market economy in Russia.
Thus, the analysis of this paragraph showed that the "shockeerate" caused an increase in social stress in society, the collapse of whole industries, caused a crushing blow to budget spheres. The Company was subjected to a sharp polarization - separation into rich, super-rich, on the one hand, and impoverished, beggars - on the other. 4% of Russians in 1993 had revenues of approximately 300 times larger than the incomes of the most poor citizens of the country. In 1993-1995, the Russian ruble turned into a foreign currency for other participants in the former ruble space, and their money became foreign currencies in terms of Russia. Ultimately, as a result of these transformations, the old monetary system, adequate to the Soviet planned economy, was replaced by a new monetary system, an adequate transitional stage to a market economy.
Monetary reform 1922-1924
The purpose of the reform is the stabilization of money circulation after the First World and Civil Wars. To achieve this goal in 1922, new money were issued - Tickets of the State Bank of the RSFSR, or Chervonians. The emission of the new currency was supposed to be provided by 25% gold and foreign currency. The monopoly elimination of the issue was provided by the State Bank of the RSFSR. Treasury as a division of the Ministry of Finance received the right to issue Treasury tickets - paper money low denominations and metallic exchange coins.
Legally, Soviet Chervonets was a currency with a gold content equal to parity of the Russian pre-revolutionary ruble. But the exchange of paper chervonets on gold was supposed to begin only after adopting a special legislative Act. Such an act was not accepted. Despite this, the Soviet Chervonets was quoted on foreign currency exchanges. In 1923, a small number of chervonans in the form of gold coins was minimally. But in appeal because of their rarity, they actually did not fall. Currently, these coins are numismatic value.
Monetary reform 1947
The reform was carried out in order to normalize the money circulation after the Great Patriotic War and creating conditions for the cancellation of the card system. The USSR managed to make these steps before other fought countries. When conducting monetary reform, cash money was exchanged for new in the ratio of 10: 1; deposits in savings offices of up to 3 thousand rubles. were not overvalued, 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 the non-delfectural development of the country's economy in the 1950s. and raising the standard of living of the population.
Monetary reform 1961
The reform had the nature of denominations - the monetary signs in circulation were exchanged for new in the ratio of 10: 1. In the same proportion, prices for goods and services were reduced, as well as income, including wage. These measures should have restored the most familiar relations between prices and incomes that existed in the pre-revolutionary period of domestic history. The monetary signs of the old sample were exchanged for the monetary signs of the new sample without restrictions and in the 1: 1 ratio. The gold content of the ruble in the amount of 0.987412 g of pure gold was officially established. However, it was a purely formal act. In practice, the ruble was not converted into gold, as well as the currencies of all other developed countries, with the exception of the US dollar, exchanging the gold until 1971, but only for the central banks of the IMF member countries.
Exchange cash bills Large dignity in January 1991
Decision on withdrawal from the circulation of cash bills of 50 and 100 rubles. Sample 1961 was adopted by the Cabinet of Ministers of the USSR when issuing in 1992 in the appeal of new monetary signs of major advantages in order to eliminate the accumulation of income received by illegally. For the exchange of old banks, over a certain norm, the provision of information on the legality of the origin of monetary savings was required.
Monetary reform 1992-1993
The purpose of the reform was the transition from the emission of the Soviet ruble to the release of 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 Russian Federation"This law was introduced by a new monetary unit - the Russian ruble. The Rubble's issuer was the Bank of Russia. In this law, it was noted that the Russian ruble does not have gold content. It was decided to terminate the Cash tickets of the USSR and the Bank of Russia in the Russian Federation of the Sampling 1961 - 1992. And the implementation of the transition from July 26, 1993 to use exclusively banknotes of the Bank of Russia Sample 1993. The rubles were in circulation, the rubles were exchanged for new monetary signs in the ratio of 1: 1 without limiting the amount.
Monetary reform 1998
In January 1998, the ruble denomination was held and replacing the applying old rubles for new in the ratio of 1000 rubles. In the money of the old sample for 1 rub. in new money. Banknotes of the Bank of Russia of the Sample 1997 were introduced in dignity of 5, 10, 50, 100 and 500 rubles. and the exchange coin of the Bank of Russia sample 1997. Dignity in 1, 2, 5 rubles. and 1, 5, 10, 50 kopecks. The purpose of the reform was back to the relationships familiar to the population between prices and income after the period of hyperinflation of 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.
Monetary reform 1992-1993
Economic stagnation in the 70s and early 80s of the XX century. Negatively affected by. Every year the ruble accounted for less and less products in natural and real terms. Consumer goods in 1985 was produced on the ruble of the gross social product and national income Twice less than in 1965, and 4-5 times less compared to 1950. In such conditions, the rapid pace increased in circulation: for the period 1971 - 1985. It grew 3.1 times, and the commodity mass increased only twice. The consequence was the growth of cash savings and savings in the economy. The average annual increase in the contributions of the population amounted to, billion rubles:
- 1971-1985 - 12.5
- 1986-1987 - 23.0
- 1988 - 30.0
This was a consequence of increasing volume of monetary emissions. Not supported by extended consumer goods production growth cash He led to the growth of retail prices, which caused an open impairment of the ruble. Castled (hidden) inflation developed, which affected the deterioration of the quality of goods, their sustained shortage, deformation of demand for goods, official and unofficial restriction of population consumption, expanding speculative trade. Under these conditions, the credit and financial system reproduced excessive cash, not linked to real material values, and the amount monetary turnover Magnificently disappeared from the real need and scale of material and material turnover.
In this way, economic Fundament The current transformation of the cash circulation was the growth of the deficit state budget and incomes of the population against the background of unsatisfied solvent demand. Introduction of free market prices in 1991 balanced the deficit in the commodity market due to the price factor.
In early 1991, banking tickets were denied the dignity of 50 and 100 rubles. Sample 1961. The purpose of this action is the withdrawal of so-called non-educated income and fake bills. These changes in monetary circulation were confiscated and characterized as partial monetary reform. The exchange was unhindered at the amount of 2000 rubles, the rest of the savings was to be credited to accounts in Savings bank and froze for three years. This was the main reason for the subsequent impairment of savings of the population as a result of the inflationary processes of the early 1990s. By the end of 1992, banknotes and coins of the 1961, banknotes and coins of the Bank of Russia appeared in circulation and coins of the Bank of Russia, which had a large nominal hyberindication in the country (Fig. 3.21) appeared in circulation.
Fig. 3.21. Banknote dignity 50,000 rubles. Sample 1993
Changes in monetary circulation that occurred in 1992-1993, Russian scientists are assessed ambiguously. According to O. L. Rogova, the concept of "monetary reform" is not applicable to these changes, since the measures taken did not contain estimates of the prospects for the development of money circulation, the sustainability of the ruble and anti-inflation policy, and only local goals were pursued.
According to L. N. Krasavina, in 1992-1993. In Russia, it was precisely the monetary reform, which refers to the number of complete, since its purpose was to create a new national monetary system In connection with the formation of the Russian Federation after the collapse of the USSR in 1992, the main argument in favor of this position is the depth and scale of changes in the monetary circulation system:
- the beginning of the reform relates to adoption in 1992 of the Law "On the Monetary System of the Russian Federation", which has become its legal basis;
- the basis of the monetary system has announced a new monetary unit - the Russian ruble;
- renamed the issuer - the Bank of Russia was (instead of the USSR State Bank);
- a nullification of Soviet rubles was carried out, exchanged for Russian at the rate of 1: 1 without limitations of the amount and term. The final limit for the exchange of old banknotes and coins was established for new, taking into account the denomination of 1998 at the rate of 1000: 1 to January 2002, and then 2003;
- the gold content of the Russian ruble is canceled, the official ratio between the ruble and gold, as well as other precious metals. It was a step forward (it is known that the gold content of money in foreign countries is canceled in the early 70s of the XX century.), As gold performs only the function of world money when emergency, as well as in accordance with world practice, is part of the official reserves along with leading foreign currencies;
- the interpretation of banknotes and coins was clarified, as whose assets of the Bank of Russia are currently acting, and the status of this money as unconditional obligations Central Bank RF;
- canceled Treasury Tickets;
- the types of legal means of law and new principles of the emission system are established - the procedure for issuing cash and regulation of money circulation not only on the basis of legislation, but also annually approved by the main directions of the Unified State monetary policy.
Despite the scale of the changes made, the reform did not contribute to streamlining and strengthening the monetary system in the country: inflationary processes were not overcome, the extent of the payment turnover was not reduced using foreign currency and monetary surrogates.
Whatever reforms were held in Russia, for some reason they always end in the fact that the state once again climbs into his pocket to its citizens. After all, it is much easier than to earn or make earn money. Here is the 1993 monetary reform in Russia, covered by the slogans of the binding of inflation, once again confiscated small savings Population.
Post-war reform
For those who survived the Patriotic War and tried to integrate in a rapidly changing reality, it was already fifth money reform in less than half a century. Most have judged on the stories of the older generation about post-war reform 1947 as the withdrawal of large amounts of money on old outstanding bonds. The main purpose of the money exchange was preparing for new banknotes, which exchanged to the old in the ratio of 1:10, deposits up to 3 thousand rubles were exchanged 1: 1, from 3 to 10 thousand in the ratio of 3: 2, over 10 thousand - 2: 1 . In general, the objectives of the reform were achieved, the USSR was the first of the fought countries canceled the card system, the economy developed in small inflation, the incomes of the population began to grow.
Prelude
In the population of Russia, they strained two more times - in 1961 and 1991. In 1961, the ruble denomination was produced, the "bad" money was exchanged for new in the ratio of 10: 1. Proportionally reduced prices and wages, however, the sediment still remained - a lot of money was changed to little. The population was announced that the ruble contains 0.987412 grams of gold, although the state was not going to exchange anyone. The purpose of the monetary reform was to establish proportions at a lower level between revenues and prices.
In 1991, the Government abused illegal income and issued new banknotes of 50 and 100 rubles. For the exchange of amounts of money more than 100 rubles, it was necessary to provide information on their origin. Most of the population would not have noticed this reform, the accumulations were low, but the forms of money exchange were simply a gangster - announced the exchange at 21:00 in the evening and gave it for three days. The objectives of the reform - to force the population savings to work on the economy - could not be achieved, the sad result is known to everyone.
Country on the verge of survival
After Russia collapsed, as his succession, received a lot of economic and political problems associated with the creation of a new state. Government Beginning economic reform With "shock therapy", price liberalization, high taxes and cutting social expenses. These measures were planned to stabilize the financial situation, reduce the state budget deficit and create conditions for attracting foreign investment.
As a result, the inflation was 1000-1200%, prices rose 26 times (with a government plan 5-10 times), wages increased only 12 times, putting most of the population to the face of survival. Was canceled by a monopoly of the state on foreign tradeAccording to one hand, fill out empty store shelves with imported goods, on the other, almost the entire industry has collapsed, unusual to competition. The monetary emission has decreased, prices have grown, and in the economy just disastrously lacked money. By June 1992, the sum of mutual non-payment was 2 trillion rubles. The money in 1992 was devalued faster than their emissions occurred. The government was forced to re-launched a printed machine. According to some estimates, from July 1992 to January 1993, 4 times more money was printed than before that it was in the economy.
Politics
Reforming was greatly complicated by the confrontation of the President and the Supreme Council, the congress of the People's Deputies. The government conducted a liberal reform, ceased to subscribe enterprises, which caused a collapse in the economy and depletion of the population. It caused the strengthening of the forces of the opposition, and under pressure began to issue loans again. industrial enterprises and carry out the emission of the money supply. The confrontation between the two branches of power was allowed to hold a referendum on the vote of confidence in the president, who was unexpected for many, won. In March, mutual debt increased already up to 4 trillion rubles, it became worse with the budget. The government has returned to the emission containment policy. And they began to more and more think about holding the reform and the introduction of monetary signs of Russia.
The need for reform
Use the money of the state that is not, of course, strange. Although it was possible to produce rubles of the sample of 1961-1991, only the Central Bank of Russia, state banks of the former Union republics could produce ruble loans than actively used. As a result, the unsecured money mass gave a huge burden on the Russian economy. By 1993, many republics have already issued their national currencies, and the Russian government feared the uncontrolled influx of the monetary signs of the Soviet sample.
End of the ruble zone
Canceling the use of monetary signs of the Soviet model, the separation of monetary systems of Russia and other republics, also continued to use the ruble in the inner money back, put the end of the ruble zone. Actually Russia B. unilaterally left the ruble zone, and the ruble ceased to exist as a single payment Tool in the post-Soviet space. The Russian government lost opportunities to influence the monetary ruble cash emissions and the economy of the ruble zone countries.
The non-cash ruble also ceased to exist as a means of means of means of the CIS. Such a separation of monetary systems led to the complication of relations with the republics, since their currencies were tied to the ruble. The Central Bank of Russia was forced to convey some of the new banknotes in Kazakhstan and Belarus. When Russia proposed to create a new type ruble zone, then only Belarus agreed to ever negotiate this.
purpose
The purpose of the 1993 monetary reform in Russia proclaimed inflation and the replacement of the 1961-1992 sample money on signs, the division of monetary systems of Russia and other countries of the post-Soviet space, the termination of the inflow of money not provided with goods, from other republics. In addition, the circulation and money produced by the Bank of Russia was canceled. In hyperinflation conditions, payment funds were issued large denominant And with a new design. For example, there were no Soviet symbols on bill of 10 thousand rubles, but the Russian flag appeared on the Kremlin Tower, the inscriptions remained only in Russian, and on the coin reverse there was an image of the emblem of Russia, which moved unchanged by 50 rubles in 1993. Exchange moneyAs usual, it was confiscated because a number of restrictions were introduced.
Conditions
Russian government Used the experience of Soviet in creating difficulties for the population, the reform began during the holiday season, the money was necessary to exchange within two weeks - from July 26 to August 7. The initial limit for Russian citizens set up 35 thousand rubles (approximately 35 US dollars), the passport was raised a stamp on the exchange. Panic began in the country, Luda could not break through the Sberbank branch, which was responsible for exchange. Later, the amount of exchange increased to 100 thousand rubles, and the period 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 an exchange in more early deadlines. The amounts of above the installed limit lay down on deposits.
Banknotes in 10 thousand rubles sample 1992 exchanged without restrictions. And the coins were driving up to the 1998 reform. The design of the bills of 1992 and 1993 differed slightly, basically, and a coin of 50 rubles in 1993 remained the same as 1992, only from bimetallic it became copper. All the same, many people lost their savings. Enterprises could exchange cash within the cash balances on the day of the exchange, the amount should not be more than certain limits and the amount of trade revenue on July 25. Also announced the abolition of the mythical gold content of the ruble.
RESULTS
The main outcome of the monetary reform in 1993 of Russia is the introduction of its own monetary unit and building a monetary system. 24 billion banknotes were seized. The new ruble finally divided the monetary systems of the post-Soviet countries and indirectly contributed to strengthening their national currencies. The separation of currencies allowed Russia to more effectively monitor the money supply. The result of reform is the creation of its monetary system. She could not improve money turnover or strengthen national currency. Hyperinflation continued to grow, according to the results of 1995, amounted to 834%, increased budget deficit. The 1993 monetary reform in Russia gave rise to a total distrust of the population to its own currency, the "dollarization" of the economy, which in a year led to a collapse fall of the ruble, known as "Black Tuesday".
With the transition to a market economy economic Program Russian governments since 1992 laid concept quantitative theory money. This explains the ease with which the Russian government to liberalize prices in 1992, without creating relevant conditions for this. In addition, during this period of time, the processes associated with the collapse of the USSR began to affect the state of the monetary system of Russia. From January 1992 in all states former USSR Began to form an acute deficit of monetary signs for maintenance of money circulation. By barely starting to emerge from the crisis of cash caused by spontaneous adoption in January 1992. The Cabinet of Ministers of the USSR decisions on withdrawal from the circulation of cash bills of 50 and 100 rubles of the sample of 1961, banks faced the consequences of the transition of the Russian Federation to the policies of price liberalization. It demanded a one-time multiple increase in the money supply in circulation. With the State Bank of the USSR, the specified decision of the Government of the Russian Federation was not worked out and was not coordinated, the corresponding monetary mass at the right time was not made, which immediately led to a cash shortage in Russia, and on a chain reaction - in all republics of the former Union.
A cash crisis coincided in time with the payment crisis due to the implementation of a tough monetary policy in Russia, and after her in other states of the former union. An important importance was also a drop in the level of discipline in interbank relations in the implementation of interbank calculations. The emergence of a rapidly developing network of commercial banks led to the cessation of the functioning of reliably controlling interbank calculations of the system of accounting for interfilient revolutions (MFIs). Insecurity of the non-cash settlement system generated the desire to apply calculations in cash, which aggravated the deficit cash cashCompletely solving the problems of non-payment.
In February 1993, the Cash Tickets of the Bank of Russia samples of 1993 were commissioned in appeal, which were not supplied to the banks of other ruble zone states. But when by mid 1993. Most of the states of the former ruble zone passed to the creation of their own monetary systems, it was decided to terminate the Cash tickets of the USSR state bank in the Russian Federation and the Bank of Russia of the Sample 1961-1992. and use in Russia from July 26, 1993 only in the 1993 standard
However, the rise in prices in 1992-1995. And the expansionist policy of central and commercial banks contributed to the growth of both cash and non-cash money supply. At the beginning of 1992, MO aggregate (cash in circulation) was 165.9 billion rubles in Russia. By the end of 1992, he reached 1678.4 billion rubles, at the end of 1993 - 13,304.3 billion rubles, in 1994 - 36,504.3 billion rubles, as of January 1, 1998 - 137 trillion rubles.
1998 reform
Slow down in the economy in 1996-1997. It caused the adoption by the Government of Russia and the Central Bank of the Russian Federation a decision on the denomination of the ruble and transition to a new price scale. Old money exchanged new to the 1000: 1 ratio.
The monetary reform did not assume any confiscation in any form, no restrictions, nor the exchange of cash "old" money, which still performed their function and participated in the turnover. From January 1, 1998, the 1997 standard banknotes were introduced in dignity of 5, 10, 50, 100 and 500 rubles and metallic coins worth 1, 5, 10, 50 kopecks and 1, 2, 5 rubles. Sample banknotes 1993 and 1995 (including their 1994 modifications) and the coins of the USSR and Russia of 1961-1996 remained in circulation throughout the 1998 and were accepted in all organizations, trade enterprises, service sector, commercial banks As a normal payment agent at the calculation of one thousandth of their nominal value. During the reform, the numerous cost of Russian monetary signs and the scale of prices changed across 1000: 1 (one ruble is a thousand rubles marked on the "old" bill, one penny - a coin ten rubles). By the end of the denomination process, more than six billion banknotes were seized (four times less than in 1993). After December 31, 1998, the walking the "old" money stopped, the remaining paper and even metal money could be exchanged by the end of 2002.
However, in mid-August 1998, the financial situation in the country escaped significantly. Under the influence of the global financial crisis, low tide from the country speculative foreign capital, drops of courses valuable papers on the stock Exchange And the rules arranged in the dead end of the economic policies of the authorities. The state turned out to be in the face of the structural gap between the cash and exorbitant burden of payments for internal and external obligations. Obligations of commercial banks in front of foreign creditors reached $ 16 billion, i.e. Almost equal to the gold and foreign exchange reserves of the Bank of Russia. Payments on GKO-OFZ increased to 22 billion rubles per month, while current tax revenues to the budget were calculated in the amount of 12-13 billion rubles.
The catalyst of negative processes in the economy was ill-conceived in their consequences of the decision of the Government of the Russian Federation and the Bank of Russia dated August 17, 1998, the devaluation of the ruble, the jump in prices, paralysis occurred banking system, a sharp fall of trust from potential lenders and investors, a significant reduction in receipts of both import and manufactured in the country of commodity resources.
Monetary reforms are almost always accompanied by a number of actions to limit the growth of money supply, a decrease in the deficit of the state budget, as well as in some cases, the introduction of price control and wages. In the absence of this kind of effective measures to ensure the implementation of monetary reform, the new money will be only the soil for inflation growth.
At the present stage, the sustained problem is the sustainability of the monetary system of Russia. The need to stabilize the ruble acquires even greater importance, due to the fact that this task throughout recent years It was raised repeatedly, but it was not possible to decide.
The introduction into circulation by the Bank of Russia, bills of 5,000 rubles serves as another proof of the possible reformation of the existing monetary system.
