Russian ruble

1 EUR = 48.998 RUB 100 RUB = 2.0409 EUR

1 CHF = 40.156 RUB 100 RUB = 2.4903 CHF

The Russian ruble (Russian российский рубль, rossiiskii rubl ) is the currency of the Russian Federation. It is divided into 100 kopecks. The name of the ruble dates from the 14th century and means " cut off ", " beat down " (Russian рубить / rubit ), as in " a abgehauenes piece".

The currency symbol is Р and the currency code (ISO 4217) is RUB. ( The unofficial currency symbol is руб. , Rub. ) In contrast, the earlier code RUR marked the ruble before his Neuwertung of 1998 ( 1 RUB = 1000 RUR).

• 4.1 Banknotes 4.1.1 banknotes of 1961-1995
• 4.1.2 banknotes since 1997

• 4.2.1 use coins

• 4.3.1 security features of the banknotes

History

In the 14th century, the Russian ruble was first introduced in the form of gold and silver coins. To date, we used precious metals in bullion as payment. In order to pay smaller amounts, were canceled by the bars in each small pieces. In this way, the actual name of the currency was born. Because " ruble" meant something like " discount".

In the 16th century this became established as means of payment throughout Russia.

In the 17th century, Russia launched a systematic stamping of silver rubles and Silberkopeken. On the new coins the portrait of the Russian tsar was seen. In the 18th century portraits of the coins belonged to the Russian emperors and empresses. During this time, smaller denominations of coins were struck gold. Significant changes in design were made in the early 19th century.

After the collapse of the socialist system in 1991 most former Soviet countries rejected the ruble from as cash and wanted to introduce its own currency. Accordingly, besides the Russian ruble still exist, the Belarusian and Transnistrian rubles.

After the dissolution of the Soviet Union, the newly appointed Russian central bank printed 1992 new banknotes with the motif of the Russian flag and the Russian Central Bank instead of a country name. In the same year began the privatization of state property. The result was that over 70 % of the shops, restaurants, cafes and shops were no longer under government leadership, but could be awarded to individuals. The liberalization of trade and price liberalization triggered simultaneously from hyperinflation. The inflation rate in 1992 was about 2000 %. In the years between 100 % and 500 %. The ruble was thus increasingly unstable. The real incomes of the population declined dramatically, and led among some segments of the population to a huge increase in poverty.

In 1995, the Russian economy was in a state of acute stagflation. The decline in production stopped for the first time since 1991, the gross domestic product (GDP ) stagnated, but prices rose massively on. During this time there was a strong period of appreciation of the exchange rate, which was mainly driven by strong exports and direct investment in the extractive industries. In the following years, the economy recovered by the rising commodity trading. Inflation has declined significantly and GDP grew annually to continue.

From 1 January 1998, the Russian government introduced a new evaluation of its currency. A new ruble was equal to from now on 1000 old rubles. Yeltsin said that this decree draw a definitive line under the economic era of high inflation. In addition, the payment would be easier. The central bank set up for this purpose a helpline to take care of the Russian population. During this time, the economic policy was on course for success. The inflation rates were low, the exchange rate strengthened against the dollar and interest rates declined.

Nevertheless, Russia was recognized in 1998 by the so-called ruble crisis. For this purpose, two triggers were responsible. Firstly, the Asian financial crisis and on the other hand, the subsequent drop in demand for crude oil and non-metals. The result was a strong outflow of capital, because the Russian and Asian Investors retreated from the economy. Thereupon, the more expensive government bonds and the exchange rate of the ruble came under severe pressure. The central bank responded with drastic increases in interest rates. This should prevent the depreciation of the ruble, but without success. On 17 August 1998 a few hours after the Russian president assured that there will be no devaluation of the ruble, the central bank announced a loss of value of the currency by 53 %. In this context, the foreign exchange market was limited and declared a three -month moratorium on the operation of due foreign claims on Russian private debtors. The state declared in short its insolvency. Through the publication of different economic concepts to the rescue of the ruble, such as the transfer of commercial banks in state ownership, the free fall of the ruble has been accelerated. The consequences of this financial crisis was an increase in the inflation rate to 85 %, insolvency of many banks and a 10 % increase of the poverty level by prices of goods by 100%. Despite strong economic problems, the economy experienced a turnaround in 1999. This was due primarily to higher world market prices for crude oil, natural gas and metals in conjunction with the devaluation of the ruble and the reduction in real wages. This gave Russia a huge cost. Due to fiscal policy decisions, the inflation rate in 2000 was reduced to 21%. Economic growth rose annually and Russia recovered relatively quickly. Due to the dependence of the Russian economy on oil profits of the "Russian Oil Stabilization Fund " was established in 2004. This should on the one hand the high volatility of oil prices and on the other to counteract the dangers of a rising real exchange rate. The fund has grown in three years to 84.4 billion U.S. dollars. Decreases the budget balance, it may be partially offset by the savings. However, it must always be kept a minimum reserve.

The global financial crisis of 2008 hit the Russian state delayed. Due to the global slowdown in economic broke commodity prices. This was Russia the most. When the U.S. stock market crashed, international investors had their share in Russia, which account for about half the Russian stock market, pay off. After the Russian equities fell by 20 %, the stock market collapsed, too. The Russian oil shares have since fallen by 60%. The nominal exchange rate of the ruble against the dollar has fallen by 3.2 % in August 2008 and in September 2008 to 4.5%. He is therefore in October of the year in a ratio of 26,2:1 to the dollar. The ruble came under heavy pressure. The exchange rate target the Bank of Russia in early 2008 was 41 rubles against a weighted basket of currencies of U.S. dollars and euros. During the year, this still hovered around 30 rubles. The central bank was thus forced to considerable support purchases. However, with success, because of the downward pressure on the ruble weakened. The government was able to keep the ruble and to prevent an outbreak of bank collapses. However, they could not stabilize the stock market.

Russian Central Bank

The Central Bank of the Russian Federation was founded in 1990 on the basis of the Russian State Bank of the USSR. When the Commonwealth of Independent States was established in November 1991, the Soviet government declared the central bank the sole organ of state money and foreign exchange regulation. Their main task is to maintain the stability of the financial system and thus provide a solid foundation for sustainable economic growth.

Monetary policy

The currency basket

As of 2005, the Russian central bank has gone over to tie the rate of the ruble to a basket of currencies consisting of the U.S. dollar and euro. Through this system, the Russian economy should be protected from too abrupt exchange rate fluctuations. Within this basket of euro gets a weighting of 45 % and the dollar 55%. So the ruble upgraded automatically when euro and dollar against other currencies such as the pound, Swiss franc and Japanese yen appreciate in value. Further benefits of the ruble, if the U.S. dollar against the euro appreciates, because the U.S. dollar plays a higher weighting. The euro -ruble exchange rate carries the international abbreviation EUR / RUB. Particular influence on the course have the oil and gas prices, as Russia's economy is dominated by the commodity trading.

Russian Ruble in the international monetary hierarchy

The Russian ruble decreases in the international monetary hierarchy, the position of a soft currency. This means that the currency is not exchangeable indefinitely at home and abroad, and due to the economic policy enjoys little trust in the country. Furthermore, they have against hard currencies higher interest on wealth owners. One reason for this is the risk premium that is allocated to the regular interest. For this reason, the U.S. dollar is the most popular currency in Russia, but also takes the share of the euro on the currency trading exchange offices to.

Exchange rate for euro

Beginning of 2010, the euro fell ruble exchange rate ( EUR / RUB) from 43.15 to 42.61. In January and February 2009, the exchange rate of 40.78 has risen to 46.72. For the rest of the year a sideways movement was observed. This means that the price has moved neither up nor down. The devaluation of the beginning of 2009 due to the global financial crisis and the lows on the stock exchanges in March 2009. Furthermore, the price of oil at that time suffered a slump, which negatively interacted with the exchange rate of ruble / euro. The price of a barrel of oil (159 liters) crashed in a short time from 148 U.S. dollars to 37 U.S. dollars. Russia is next to Saudi Arabia the world's largest oil producer.

Russian Ruble in Abkhazia and South Ossetia

The governments of the world only a few states recognized as independent republics of Abkhazia and South Ossetia have adopted the ruble as the official currency in their territory. In Abkhazia, the National Bank of Abkhazia with the Apsar are still in addition its own currency out whose distribution is currently limited mainly to some high quality commemorative coins. In both countries, the ruble is the common and official means of payment.

Output forms

Bills

Banknotes of 1961-1995

Banknotes since 1997

Currently valid banknotes were issued in the series of the years 1997, 2001 and 2004.

The Series 1997 was introduced on 1 January 1998 and included the nominal values ​​of 5, 10, 50, 100 and 500 rubles. Here, the five - ruble note was a bit small -scale than the same -sized banknotes from 10 to 500 rubles.

The 2001 edition has been expanded to include a glow to 1000 rubles. This is slightly larger than the bills of 10 to 500 rubles. In this issue has been waived the bill to 5 rubles. The bill was due to the low value and therefore frequent use in payments a short shelf life, so that this bill had to be replaced too often. Although introduced in 1997 coin 5 ruble has higher production costs, but it must be far less likely to be replaced by new editions.

The series of 2004 corresponded to the edition of 2001, but with new security features. In 2006, in addition, a new 5,000 - ruble note was introduced.

Is since 2009 - as before the 5- ruble note - even the 10 - ruble note gradually replaced by the equivalent coin. In 2010, the 1,000 - ruble note with new security features was re-issued.

The no longer issued certificates to 5 and 10 rubles yet there is still validity in payment transactions. On all of the currently valid banknotes is on the back right below the 1997 printed in the first series was issued. In micro-printing on the left side of the front is the " modification year " to read, from which the design of the banknote.

Use coins

In the center of the coin the image of the holy warrior George is depicted on his horse. It shows how he just kills a snake with a spear. Under the front hooves can see the Cyrillic letter M ( Moscow) or С - П (Saint Petersburg ). On the upper part of the kopeck " БАНК РОССИИ " ( Bank of Russia ) is written from left to right. It should also be seen under the snake year of mintage.

On the back the value of the kopeck is shown, including the lettering " КОПЕЙКА " ( kopeck ). On the underside of the disk, the stylized vegetable ornaments in the form of two branches are depicted.

The coins of 1 and 5 kopecks be withdrawn from circulation since 2008 and will not be made ​​. The basic price of a coin 1 kopeck in 2008 was approximately 30 kopecks. Prices have since been rounded up amounts to 10 or 50 kopecks.

The 1 -, 2 - and 5 -ruble coins depict a double-headed eagle, which carries written about the inscription " БАНК РОССИИ " ( Bank of Russia ) in an arc. Under the left paw of the eagle, the impression of mint can be seen. On the lower part of the coins of the denomination of the coin is shown horizontally in words that read: " РУБЛЬ " ( rubles), " ДВА РУБЛЯ " (two rubles) and " ПЯТЬ РУБЛЕЙ " ( five rubles). This is underlined by a horizontal line, which is interrupted by one point. On the lower sides of the coin the year of issue is shown. In issue years from 2002, the caption " БАНК РОССИИ " under the eagle, and the value of the coin above the eagle. Both are now written in an arc around the eagle.

On the other side of the ruble coins to recognize the denomination in words and the number 1, 2 or 5 Below the stylized vegetal ornaments are again displayed in the form of a branch.

In the center of the coin, the emblem of the Central Bank of Russia can be seen ( double-headed eagle with wings down). Below you can see the semicircular inscription БАНК РОССИИ ( Bank of Russia). Under the left paw of the eagle, the impression the Mint is shown. Along the rim of the denomination is summarized in two words, which are: ДЕСЯТЬ РУБЛЕЙ (ten rubles). On the lower edge of the coin can be seen a line that is interrupted by a period.

The second page shows the denomination of the coin, the number ten, and the word РУБЛЕЙ ( rubles). On the right side the stylized plant ornament is in the form of a branch. Also be seen on the inside of the digit zero the hidden pictures of the number 10 and the inscription " РУБ " (RUB ), depending on the angle from which you look at the coin. Before the introduction of the rule coin 10 rubles there was already partly large runs of 10 -ruble commemorative coins that have been brought on the market.

Falsifiability

The thousand - ruble note is very often forged. The police are reported almost daily new cases in which it is attempted to pass counterfeit money in circulation. Therefore, most of cash in Russia are equipped with test instruments. The coins have a number of safety features that make it difficult to fake - there are quite a skilled counterfeiter in Russia. The counterfeit notes are now so well imitated that they can be distinguished only by means of special equipment from the real ones.

Security features of the banknotes

On the two white areas of the banknote there are watermarks. A monochrome picture on the front page changes color in colorful stripes, if you hold the slip angle. If you hold the bill in a 90 ° angle under reflected light, the letters " PP" you can see on the curvy strip. Depending on the angle change its grayscale. A further safety feature is the metallic plastic thread, which is embedded in the paper. If you hold the banknote against the light, the silver band appears as a black solid line. Under a magnifying glass can be seen on the other side of the bill recognize a very small font, which consists of the repetitive declaration of value. Red, light green and two colored threads are integrated throughout on the bill. The two colored threads seem violet, but under high magnification one can discover red and blue parts. People with limited eyesight can feel the characters' Билет Банка России " ( Bilet Banka Rossii ) and the number. These are highlighted on the ticket.

From the 100 - ruble note there is an additional field on the front page that changes its color when you hold it at an angle. Also be seen stamped into the paper from a note value of 100 rubles the dummy value with holes. If you hold it against the light, they become visible. On the 500 - ruble note, you can see the top left of an emblem of the Central Bank of Russia. If you hold the bill up to the light, it changes color from reddish - orange to yellowish- green. On the front pages of the 1000 and 5000 marks one sees also the coat of arms of Yaroslavl and Khabarovsk. When the incidence of light varying in color from purple to olive green changes. All banknotes are printed on special paper. This usually consists of linters, the nichtspinnbaren fibers of cotton. So the bill survives an accidental wash cycle and gives a very special feeling paper.