Russian Ruble
The Russian ruble (RUB) is the official currency of the Russian Federation. It was introduced in December 1991, following the dissolution of the Soviet Union. The ruble is subdivided into 100 kopeks and its ISO 4217 code is RUB.
History of Rubles in Russia
Rubles have been used as a form of currency in Russia since ancient times, when it was known as a silver-based unit called ‘grivna’. This name was derived from an old Slavic word meaning ‘necklace’ or ‘bracelet’. In modern times, the first paper money to be issued in Imperial Russia were issued by Tsar Peter I during his reign in 1704 and were denominated as ‘rubli’.
Monetary Reforms
In 1997, President Boris Yeltsin implemented a major monetary reform which resulted in all existing rubles being replaced with new ones at a rate of 1000:1. This move effectively reduced inflation and stabilized prices within three months after its introduction. As part of this reform process, coins made out of base metals such as aluminum were also introduced for small denomination transactions; however, these coins are no longer legal tender due to their low value relative to banknotes available today.
Exchange Rates & Trading With Foreign Currencies
Today’s exchange rate for US Dollars (USD) against the Russian Ruble fluctuates between 60-80 depending on economic conditions and political events; however this range has been much wider over time due to extreme volatility caused by drastic changes made by both governments since 1997. While trading foreign currencies with Rubles is not prohibited under current regulations ,it should be noted that there are restrictions for certain types of transactions like Forex trading or cryptocurrency exchanges that require additional paperwork before proceeding further . It should also be mentioned that traders must pay attention to potential tax implications arising from such activities especially when dealing with non-residents who are subject different regulations than those applicable locally .
