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Confiscational monetary reform in the USSR 1991
On January 22, 1991, the last Soviet monetary reform began, called "Pavlovskaya" in honor of its creator, Minister of Finance, and later the premiere of the USSR government Valentina Pavlov.
A similar confiscational reform Two months ago, India conducted India - were derived from the turnover of bills of maximum denominations - 500 and 1000 rupees (which was about the same amount in rubles, the rupee course was close to the ruble).
On the eve of the anniversary of the Pavlovsk reform, 01/21/2017, Minister of Finance Anton Siluanov very positively appreciated the Indian experience:
"We probably need to think about the reduction of cash payments. Many countries go through this (the path is Ed.) - Especially look now, in India, a large-scale attack went on cash with cash. It is very correct because it is an element of the economy. Due to this tool, 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.
On the eve of the publication of the volume of M2 on 01.01.2017, against the background of continuing attacks of international enemies to the ruble, the reader is invited to posstalgate and remember as it was. Go.
The official reason for the financial reform was called the fight against fake banknotes, "thrown in essays from abroad", as well as with non-medical income of citizens. It was easier to explain the idea from the point of view of the usual Soviet ideology of those years. Unofficially everyone understood well that it was necessary to get rid of excessive cash The bills printed in the late 1980s for the execution of social guarantees accumulated on the hands of the population and dispersed the deficit of consumer goods.
The main motor of the reform was the 53-year-old Finance Minister Valentin Pavlov, who called himself a supporter of "state capitalism".
The minister insisted that they were exchanged as much as possible, in order not to the banks stored by citizens, and "in Kubashka" monetary savings or did not have time, or did not manage to pass in full. In the Ministry of Finance did not doubt that there is nothing to save the overwhelming mass of the population from meager salaries - only "dishonest people" are capable of keeping under the pillow in large checks.
January 10, 1991, at a meeting of the Supreme Council Valentin Pavlov denied rumors about the coming reform.
No preparation for reform is being conducted, - he assured with a high rostrum. - First, the monetary reform is only part of the set of measures aimed at improving the economic situation, and its insulated carrying out without solving other tasks will not lead to anything. Secondly, the reform will cost about 5 billion rubles. Thirdly, the existing drugs for the release of dennauses allow you to accumulate the necessary number of new money for three years.
Journalists of business publications indicated the premiere on sealed banknotes, which they managed to capture in the photo in various banks, referred to unnamed sources in the financial sector. But the "once lucked" Pavlov fired the then Chairman of the Board of State Bank of the USSR Viktor Gerashchenko, at all angles refuted rumors about the upcoming reform.
And yet a significant part of the Soviet people who lived "from an advance to pay", these rumors were not disturbed. While on January 20, 1991, many of them, contrary to the former practice, did not pay salaries mainly large checks. Three days later, it was difficult to regard it differently as mockery.
Then all this lies explained the "increased secrecy of the operation".
The presidential decree was read at 21.00 in the evening release of the "time" program, when almost all financial institutions and shops were already closed.
Under the conditions of reform, the exchange of invoked bills was accompanied by the strongest restrictions: citizens could exchange 50 - and 100-ruble bills on new only for three days from January 23 to 25. Change money after the specified period was possible only by solving special commissions. It was possible to exchange only in cash no more than 1000 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 the pensioners were allowed to change only 200 rubles. (17 700 rubles in January 2017) - the possibility of exchanging the rest of the bills was considered in special commissions until the end of March 1991, which considered every uniform in the designated time case separately (travel, expedition, health status and other). It was necessary to prove, where a person came from over 1 thousand rubles from over 1 thousand rubles. Rain Executive Commissions, which were entrusted with the reception and verification of such statements of citizens, physically did not cope with the labored work. They were not "descended" even clear criteria for determining the illegality of accumulated.
At the same time and deposits in Savings bank were frozen. From the contribution you could only get 500 rubles. New, in addition, the order of payment of goods and services was established in non-cashless procedure, without limiting the amounts (I propose to recall the epoch in the comments, which could be paid in 1991 by banknote and in what order). Since citizens could have deposits in several savings banks, including in different cities, then in the last pages of the General Passport, the employees of the Sberkass were made marks about the amounts taken from deposits. 40 percent percent per annum were accrued to deposits, but money was available in cash only next year.
Since the exchange of money was carried out in a very short time, long queues were instantly lined up in savingskassy. The exchange was also carried out at the place of work of citizens and by mail.
The reform hit thousands of people who kept rubles and "in the oven", and in Sberbank. The states were collapsed at 15-30 thousand who copied decades.
After completing the exchange of large money, Pavlov spoke in print with the accusations against Western banks in coordinated disorganization activities cash circulation in USSR.
Because of the sharp impairment of the Soviet ruble, the contributions were dropped earlier than the deadline: according to the decree of the USSR president of July 22, 1991, the compensation of these deposits was still not completed and continues in 2017-2019.
April 2, 1991, 2-4 times increased state-regulated prices for food products, transport, utilities, significantly reduced exchange rate ruble.
In December 1991, experts of the Kommersant newspaper summed up in just 1991 and found out that, taking into account the Pavlovskaya reform, prices increased by 7.8 times. At the same time, not market factors were made to the greatest contribution to the price race, but for various kinds of force majeure, such as the exchange of bills and official statements on the upcoming cataclysms in the monetary circulation.
Confiscational monetary reform in Russia 1993
Although the reform was confiscated, that is, the state limited the number of exchanged old bills to new ones, people had time to forget about it. As it is clear: by the time of the 1993 reform, the population has been particularly nothing.
In fact, the reform of 1993 is the birth of the Russian ruble, which was allocated on July 26 from the currency space of the former Soviet republics. The accumulations in the Soviet ruble were withdrawn, all banknotes with the Soviet ruble were 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 the telegram from July 24, signed by the then chapter of the Central Bank of Viktor Gerashchenko.
In the telegram it was said that from the zero hours on July 26 throughout the country there is a walking of a banknote of the sample of 1961-1992. And all the "old" Soviet rubles must be exchanged until August 7. With restrictions: It was originally prescribed that at registration could be changed not more than 35 thousand rubles (approximately $ 35) per person. After the operation was carried out, the stamp was put in the passport so that people did not try to take advantage of the right twice. Panic began in the country. Therefore, President Boris Yeltsin issued a decree under which the amount increased to 100 thousand rubles, and the term of reform - until the end of August 1993.
Initially, the limit of the exchange was set at 35 thousand rubles (at that time - approximately $ 35, in January 2017 - $ 58, or 12,500 rubles in January 2017). Citizens of Russia (according to registration in the passport) could exchange the specified amounts within two weeks, from July 26 to August 7, in the institutions of Sberbank of Russia, which was installed in the passport. Amounts exceeding 35,000 rubles were to be credited for term 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, which increases the amount of the settlement of 1961-1992 banknotes to 100 thousand rubles to 100 thousand rubles (about 100 US dollars in the equivalent, in January 2017 - 167 dollars, or 35,724 rubles in January 2017) per person, and the term of reform - until the end of August 1993. Banknotes of 10,000 rubles sample 1992 exchanged without limitation. The exchange term has been extended until the end of August, during this period the use of bills in 1, 3, 5 and 10 rubles was allowed. On July 27, a CB telegram was published containing similar provisions.
In the future, the exchange was extended until the end of the year, but it was given an explanation that from October 1, the exchange of banknotes is possible only upon presentation of documents confirming the impossibility of exchange in more early deadlines. The term of use in circulation of bills in 1, 3, 5 and 10 rubles, extended initially until the end of August, was also renewed until December 31, 1993.
Many people physically did not have time to exchange their cash savings, and this money was disappeared.
Coins in rubles and pennies formally remained legal payment to the 1998 monetary reform.
By the time of reform of the 1993th, the average salary in the country rose to 53 thousand rubles. And a kilogram of meat, for example, cost more than 2000 rubles.
Officially, the reform was carried out with two goals - to neutralize inflation, which turned into a "hyper" after the liberalization of prices in 1992, as well as stop the receipt of money from the former Soviet republics that began to go to their currencies.
By the summer of 1993, rumors crawled around the country, which is preparing a new monetary exchange. Perhaps people understood that such problems with inflation could not last forever. But the conversations went, and very confident. The authorities poured oil into the fire, regularly refuting these rumors, but the people were only further approved in the opinion that the banks were coming.
The people worried and tried in any way to save at least those small means that had. The bank did not want to carry, remember 1991. Credit organizations lured high ratesbut the people no longer believed and preferred cash form storage. Approximately 10% of income, that is, the remaining money from current consumption, people changed to currency. In 1993, foreign exchange costs exceeded accumulation on deposits and securities about 35%.
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Monetary reform 1993 pursued the goals of inflation and the exchange of remaining monetary signs of 1961-1992 for bills of new sample.
The conditions of monetary reform were set forth in the telegram Central Bank Russian Federation №131-93 of July 24, 1993
The telegram was signed by the Chairman of the Central Bank of the RSFSR (Roscentrbank) Gerashchenko V.V."Central Bank of the Russian Federation in accordance with the Law of the Russian Federation" On the Monetary System of the Russian Federation "and the Law of the RSFSR" On the Central Bank of the RSFSR "in order to eliminate the multiple modification of monetary tickets of one dignity in circulation and due to sufficiency in reserves of banknotes and coins of the Bank of Russia The 1993 sample stops from scratch (local time) on July 26, 1993, appeal to the entire territory of the Russian Federation of state treasury tickets of the USSR, tickets of the State Bank of the USSR and Banknotes of the Bank of Russia Sample 1961-1992.
From July 26, 1993, the State Treasury Tickets of the USSR sample of 1961 in dignity 1, 3, 5 rubles, Tickets of the State Bank of the USSR sample 1961-1992 dignity 1, 3, 5, 10, 25, 50, 100, 200, 500, 1000 rubles And Banknotes of the Bank of Russia of the 1992 Sampling of 1992 are not subject to reception in any payments and transfers throughout the Russian Federation.
In the country's banknote in the territory of the Russian Federation, banknotes of the Bank of Russia Sample 1993 of the Dignity of 100, 200, 500, 1000, 5000, 10,000, and 50,000 rubles and the metal coin of the USSR and the Bank of Russia of the Sample 1961 and the next anniversaries.
Enterprises, organizations and institutions, having as of July 16, 1993, in their cash registers, a cash cash withdrawn from turnover should inactit it at the beginning of the day on July 26 and to pass on the same day in full in the institution of banks to enroll into accounts. "
Since July 28, the reception from commercial banks withdrawn from circulation of money (with the exception of the institutions of a savings bank, carrying out their reception from citizens).
Citizens of the Russian Federation and their equivalent persons having a residence permit or residence permit on its territory could within two weeks, from July 26 to August 7, 1993, to produce a free disposable personal exchange of excessional cash tickets of the State Bank of the USSR, Savings Bank of Russia in the presence of passports. Moreover, cash tickets in the amount of up to 35.0 thousand rubles were exchanged directly upon presentation to the establishment of Sberbank of Russia. Sum cash cash Over 35.0 thousand rubles were subject to enrollment by the establishment of Sberbank of Russia for an urgent deposit for a period of 6 months with the accrual of established interest on the account.
About the exchange of passports (for military personnel - in a military ticket, identity card) was stamped by a mark of the establishment of Sberbank of Russia and the seal.
Citizens of other states temporarily located in the Russian Federation could produce in the branches of the Savings Bank of Russia during July 26, 1993 free exchange of these cash tickets in the amount of up to 15.0 thousand rubles upon presentation of a passport. Due to significant restrictions on the exchange of treasury tickets, the reform was confiscated.
Rumors about reform went in advance, the authorities denied them, while the reform was carried out during the vacation period, when many were away from the spot of registration. This restriction was also aimed at combating the influx of monetary signs from the former Soviet republics. As a result, many people physically did not have time to exchange their cash savings, and this money was disappeared. In this regard, the Central Bank of the Russian Federation issued an explanation that the exchange of dennaunations from October 1, 1993 is made solely upon presentation of documents confirming the impossibility of exchange in deadlines.
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.
They wanted it better, but it turned out as always - Prime Minister of the Russian Federation Viktor Chernomyrdin said on August 6, 1993 at a press conference, telling how the monetary reform of 1993 was preparing.
During the 1993 reform, 24 billion banknotes were seized.
One of the results of the reform also became a refusal to ruble and formation national currencies In the CIS countries (although some time after the reform, the USSR rubles, no longer accepted in Russia, were actively used in the monetary circulation of the CIS countries).
Anna Kaltedina, Economic Observer RIA Novosti.
Twenty years ago, July 26, 1993, monetary reform happened in Russia. And although she wore a confiscational nature, that is, the state limited the number of exchanged old bills to new ones, people had time to forget about it. As it is clear: by the time of the 1993 reform, the population has been particularly nothing. Previous revolutionary transformations in 1991 and 1992, the procedure has exhausted material reserves.
However, it is not worth underestimating the value of the events of 20 years ago. They passed under the accompaniment of folk unrest and historical solutions. After all, in essence, the reform of 1993 is the birth of a new Russian ruble, which on July 26 stood out of the currency space of the former Soviet republics. At a press conference that the then Prime Minister Viktor Chernomyrdin gave in connection with this event, one of his most memorable statements was born: "I wanted it better, and it turned out as always."
Want it better
The formal basis for the start of the reform was the telegram from July 24, signed by the then chapter of the Central Bank of Viktor Gerashchenko.
In the telegram it was said that from the zero hours on July 26 throughout the country there is a walking of a banknote of the sample of 1961-1992. And all the "old" Soviet rubles must be exchanged until August 7. With restrictions: It was originally prescribed that at registration could be changed not more than 35 thousand rubles (approximately $ 35) per person. After the operation was carried out, the stamp was put in the passport so that people did not try to take advantage of the right twice. Panic began in the country. Therefore, President Boris Yeltsin issued a decree under which the amount increased to 100 thousand rubles, and the term of reform - until the end of August 1993.
Nevertheless, the reform caused a storm protest. Fair, it should be noted. After all, the telegram, which launched the exchange, came out on Saturday, when Sberbank did not work, and many people in the midst of the summer season spent time at dachas and on vacations. Even despite the extension of the deadlines, there were enough people who simply physically did not have time to exchange their cash savings, they were simply "burned."
True, there was no such goal in justifying the monetary reform. Officially, it was held with two goals - to neutralize inflation, which turned into a "hyper" after the liberalization of prices in 1992, as well as to stop the receipt of money from the former Soviet republics that began to go to their currencies.
Indeed, both of these problems existed. In January 1992, as soon as the state ceased to regulate prices and sent them to free swimmingThey jumped at 245.3% compared with the previous month. And during the year, every 30 days inflation added from 8.6% to 38%. In 1993, the process continued. Prices grew by 12.5-25.7% per month. The incomes of the population have greatly fell, since prices increased 10 times faster than salaries.
The former Soviet republics did their contribution to Russian inflation. In 1992, many new countries (Estonia, Latvia, Lithuania, Ukraine) introduced their own currencies. In 1993, others joined them. Only Azerbaijan and Tajikistan switched to their monetary units later. But the question got up with an edge. Only the Russian Central Bank could produce ruble. At the same time, 15 independent state banks of the former republics had the opportunity to produce ruble loans. What they actively and did, increasing the burden on the printing machine of Russia. Viktor Gerashchenko explained that this load is superfluous, except that our country will do with the whole ruble mass that former colleagues in the Union will be thrown into Russia when they will introduce their currencies?
Gerashchenko saw the output in order to finally separate the ruble zone, and at the same time neutralize a significant amount of money supply, which, for example, increased by almost 592% in 1992, and in 1993 he grew at a rate of 8.8-23% per month. At the same time, the amount of cash in 1992 jumped 850%, and in 1993, even despite reform, by 782%.
It is impossible to explain such enormous indicators to explain such enormous indicators to explain such enormous indicators to explain such enormous indicators from the current Soviet republics. Although the refusal to regulate prices, of course, played a role.
Trying to keep inflation, the government tightened the monetary policy, but it fired in the other direction. In the country, the crisis of non-payment broke out, the industry was in serious condition. The head of the Central Bank included a "printed machine", trying to solve the problem of mutual settlements, non-payment and economic reforms.
But, as we see, his policy of infringement of problems with money led to the fact that inflation broke out for all possible frameworks. So it took the reform - "time to scatter money, and the time to withdraw them."
It turned out as always
I polled my acquaintances and friends, whether they remember the 1993 monetary reform. Many confused with the Pavlovsk reform of the beginning of 1991, which almost destroyed the savings of people, devaluate them. Just many have already had nothing to lose. By the time of reform of the 1993th, the average salary in the country rose to 53 thousand rubles. And a kilogram of meat, for example, cost more than 2000 rubles.
"When we learned about reform, they were in Moscow, sat in the kitchen," Maryna's friend said from the family of Soviet employees. "- The first reaction - laughter through tears. We have already had nothing to take. And so hard it was necessary to take the parents. . Mom - teacher, dad - military engineer. I barely reduced the ends with the ends. Although the products after the prices released, it was plenty, but we could not afford to buy at market prices. Therefore, even laughed at reform. And it was in our position Something from the figs in your pocket. You need to remove something from us, and there is no. "
This story, I think is typical. But, I confess, my family lived in a slightly different dimension. At least then. The father had a business, at that time quite successful, and the money in the family was enough. Therefore, I have my own story related to the 1993 reform, which to some extent has become the first and last investment experience.
Wallet or ring
By the summer of 1993, rumors crawled around the country, which is preparing a new monetary exchange. I do not know what they gave rise to them. Perhaps people understood that such problems with inflation could not last forever. But the conversations went, and very confident. The authorities poured oil into the fire, regularly refuting these rumors, but the people were only further approved in the opinion that the banks were coming.
The people worried and tried in any way to save at least those small means that had. The bank did not want to carry, remember 1991. Credit organizations lured high rates, but the people no longer believed and preferred a cash storage form. Approximately 10% of income, that is, the remaining money from current consumption, people changed to currency. In 1993, foreign exchange costs exceeded accumulation on deposits and securities by about 35%.
There was a way to try to keep savings - buy something valuable. In the jewelry stores against the background of rumors about the upcoming reform, queues were built. I remember, I decided and I investigate money from me in eternal values, for which gold jewelry took.
Stood in line for a long time. Talked about reform and for life. Run to look at the showcase once, I chose that I will buy. Gold was unpleasant yellow, with big and not very expensive stones. I would know then that investment purposes It is better to buy the most simple ornaments - rings, bracelets, earrings, chains. Anyway to sell the jeweler you can only at the so-called loss price. Stones make the product more expensive when buying, but not taken into account when selling. Unless, of course, the decoration does not apply to really expensive and qualitative and not covered with selected diamonds, sapphires or emeralds. But where did it be from then?
In pleasant excitement, finally, I finally get to the shop window, I choose a bunch of scrap with big stones, I get a cherished receipt and walk to the checkout. And here I find that there is no wallet in the bag. Apparently, while she ran to the shop window, in the crowd, some deft man pulled out a wallet.
I do not know if this person managed to exchange all his money during the reform, but I hope that there is a higher justice in the world. Although for some reason no longer lost money (they would have burned down during the reform), and the time and strength that spent on this hello. That's how my first and last investment experience was so unsuccessful.
I am sure that not only me. Authorities often complain that people do not want to invest in stock market, independently save a pension, voluntarily insure. And the explanation is duty: they say, financially ignite. But is it about this? Just after many confiscation reforms and permanent change of rules, people do not believe in existing tools.
What I taught the reform
Nevertheless, the 1993 monetary reform made it possible to make several useful conclusions.
First, she clearly showed that in Russia it is very dangerous to solve problems through the work of the "Printing Machine". In 1993, 24 billion bills were seized. And for some time, the monetary mass decreased by 4.7%, but then again went to growth. In addition, the Central Bank in the framework of the obligations still had to provide Central Banks of some countries (in particular, Belarus and Kazakhstan) with a new ruble cash. That is, if the target has been achieved, then more in the style of "fraction on the sparrows".
Secondly, it became clear that the work of the "printed machine" could lead not only to financial and economic, but also political instability. In 1993, there were two irreconcilable forces: on the one hand, the Supreme Council, which was to solve the issues of emissions, on the other, the government that insisted on a more rigid control over the release of money.
Nothing reminds? For example, the current situation when the Economic Block The Government is to reduce the refinancing rate, increasing the issue in order to warm up the cooled economy. And the monetary authorities are frightened by inflation and advocate a fairly rigid monetary credit policy.
Supporters of the soft course are nodding in the US, where they have long and actively pour problems with money. But for some reason, forget that America, the release of the main world currency, can afford it. Including due to the fact that it exports its inflation through high oil prices. And we import it. And we have the levers of exposure to the inflation to be broken from under control. You can fight it due to the removal of money: it was just passed in 1993. And it would not be good forget.
1993 monetary reform in Russia It was conducted from July 26 to August 7, 1993.
Objectives of reform
The 1993 monetary reform pursued the objectives of inflation and the exchange of remaining monetary signs of 1961-1992 per bills of new sample. The reform was confiscated due to the fact that a number of restrictions were established in the exchange of monetary signs. In addition, the reform was carried out during the period of summer vacations, which created additional difficulties for citizens. In this regard, the Central Bank of the Russian Federation issued an explanation that the exchange of dennaunations from October 1, 1993 is made solely upon presentation of documents confirming the impossibility of exchanging on time. This restriction was also aimed at combating the influx of monetary signs from the former Soviet republics.
The objective of the reform was declared the fight against inflation and withdrawing from the appeal of treasury tickets of the old sample of the State Bank of the USSR. In addition, this reform solved the task of sharing the monetary systems of Russia and other CIS countries used by the ruble as a means of means of means of means of means of means of means of means of means of means of means of means of means In the Russian Federation, a decision was made to stop circulation in the territory of the Russian Federation of the Cash tickets of the State Bank of the USSR and the Bank of Russia of the Sample 1961-1992. And use in Russia from July 26, 1993. Only 1993 sample banknotes are essentially due to significant restrictions on the exchange of treasury tickets, the reform was confiscated.
Conditions of reform
The conditions of monetary reform were set out in the telegram of the Central Bank of the Russian Federation No. 131-93 of July 24, 1993, the telegram was signed by the Chairman of the Central Bank of the RSFSR (Roscentrbank) Gerashchenko V.V.
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Central Bank of the Russian Federation in accordance with the Law of the Russian Federation "On the Monetary System of the Russian Federation" and the Law of the RSFSR "On the Central Bank of the RSFSR" in order to eliminate the multiple modification of monetary tickets of one dignity in circulation and in connection with the adequacy in reserves of banknotes and coins of the Bank of Russia Sample 1993 ceases from scratch (local time) on July 26, 1993, appeal throughout the Russian Federation of state treasury tickets of the USSR, tickets of the State Bank of the USSR and Banknote of the Bank of Russia Sample 1961-1992. |
Citizens of Russia (according to registration in the passport) could exchange amounts up to 100 thousand rubles. (just about $ 70 in the equivalent), as the passport was stamped. Rumors about reform went in advance, the authorities denied them, while the reform was carried out during the vacation period, when many were away from the spot of registration. This restriction was also aimed at combating the influx of monetary signs from the former Soviet republics. As a result, many people physically did not have time to exchange their cash savings, and this money was disappeared.
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 the banking day on July 26. 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.
Results of reform
During the 1993 reform, 24 billion banknotes were seized.
One of the results of the reform was also a refusal to the ruble and the formation of national currencies in the CIS countries (although some time after the reform of the USSR rubles, no longer accepted in Russia, were actively used in the monetary circulation of the CIS countries).
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 volumes. monetary emission. Not supported by the expanded production of consumer goods, the growth of money supply led to an increase in 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 cashunlocked with 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 carried out unhindered within the amount of 2000 rubles., The rest of the savings was to be credited to the accounts in the 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 1961 were completely removed from the appeal, banknotes and coins of the Bank of Russia, which had large denial As a result of the galloping hyperification processes that unfolded in the country (Fig. 3.21).
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 currency unit - 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 the assets of the Bank of Russia, and the status of this money as unconditional obligations of the Central Bank of the Russian Federation act.
- canceled Treasury Tickets;
- the types of legal means of law and the new principles of the emission system are established - the procedure for issuing cash and regulating the money circulation not only on the basis of legislation, but also annually approved by the main directions of a 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.
