Russian ruble

economic-dictionary

The Russian ruble is the official currency of the Russian Federation, being equivalent to 100 kopecks. Likewise, it is partially admitted as a means of payment in Abkhazia and South Ossetia.

The ruble is the official currency of Russia and it was also in the past during the Russian Empire and the Soviet Union, although with a slightly different name as we will see later.

It should be noted that the ruble was divided in 1704. Thus, the kopek was established, which is equivalent to one ruble out of 100.

Banknotes and coins of the Russian ruble

Banknotes of 5, 10, 50, 100, 500, 1,000, 2,000, 5,000, 10,000 and 50,000 Russian rubles can be found in circulation.

In turn, metal coins of 1, 5, 10, and 50 kopecks and of 1, 2, 5 and 10 Russian rubles circulate.

These notes and coins are issued by the Bank of Russia.

History of the Russian ruble

The ruble has been used as a medium exchange rate in Russian territories since the 14th century. However, what is known today as the Russian ruble began to be issued in 1991 (the year the Soviet Union disappeared). Thus, it circulated in parallel with the Soviet ruble.

All Soviet ruble coins issued between 1961 and 1991, as well as 1, 2 and 3 kopeck coins, those issued until 1961, could be used as a means of payment until December 31, 1998. Also, between 1999 and 2001 , these coins could be exchanged for Russian rubles.

Another highlight is that in March 2014 the Russian ruble began to be introduced into two new territories: the Republic of Crimea and the federal city of Sevastopol. This, after its accession to the Russian Federation.

Likewise, it is worth mentioning that in 2012 the Bank of Russia stopped minting the 1 and 5 kopeck coins. This, because they are very little used and, therefore, little demands. However, the decision to definitively stop minting these coins is in the hands of the Government.

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