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Monetary reform in Russia, 1993 : ウィキペディア英語版 | Monetary reform in Russia, 1993 Russia's monetary reform of 1993 took place from 26 July to 7 August 1993. ==Objectives== Russia's 1993 currency reform was intended to tame inflation and exchange the banknotes remaining in circulation from 1961–1992 for banknotes of a new design. The reform was confiscatory as there were a number of restrictions on the exchange of banknotes. In addition, the reform was carried out during the summer holidays, which created additional problems for citizens. The Central Bank of the Russian Federation issued a clarification that the exchange of banknotes after 1 October 1993 would be made exclusively on presentation of documents proving the impossibility of exchange in a timely manner. This restriction was also aimed at combating the influx of currency notes from the former Soviet republics, as the central banks of the Republics ceased to look to Russia's State Bank and started printing money.〔(Егор Гайдар: "За рюмкой ключевые вопросы не решались" )〕 In 1993, the central banks of the former member states began issue of their national currencies to replace the former Soviet ruble, which was a threat to Russia since the old rubles could be sent to Russia and would destabilize its financial system. The official aims of the reform were the fight against inflation, the retirement of the old treasury bills of the State Bank of the USSR, and the separation of the monetary systems of Russia and the other CIS countries, to use the ruble as a means of payment in domestic money circulation. In fact, on 17 July 1993, Russia withdrew from the ruble zone of the CIS, the ruble as a means of payment in the interconnected CIS economy virtually ceased to exist, and Viktor Chernomyrdin's government deprived Russia of its ability to control all the cash, and the issue of the economy depended on it republics of the ruble zone. Non-cash rubles in payments between the republics also ceased to exist.
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