Hello friends!
Imagine, today exactly 32 years have passed since the commercial exchange rate of the ruble against foreign currencies was introduced in the USSR.
On November 1, 1990, the dollar ceased to cost 63 kopecks in the USSR – the commercial exchange rate of the ruble was introduced. The new rate of 1.8 rubles per dollar appeared thanks to the decree of the President of the USSR Mikhail Gorbachev “On the introduction of a commercial exchange rate of the ruble against foreign currencies and measures to create an all-uniоn foreign exchange market.”
The State Bank of the USSR was charged with the duty to adjust the commercial exchange rate of the ruble against foreign currencies of the leading industrialized countries.
Since November 1, 1990, the exchange rate bulletin of the State Bank of the USSR had three columns: “official rate”, “commercial rate” and “special rate”.
The official rate was used for economic analysis, international statistics, as well as for the repayment of previously issued government loans.
The commercial rate was three times higher than the official rate, a special rate was applied when selling freely convertible currencies to citizens when traveling abroad, as well as when buying this type of currency. On April 2, 1991, this rate was canceled, and the currency of citizens began to be exchanged at the market (tourist) rate (up to $ 200 per year).
To purchase foreign currency, it was necessary to present documents confirming that the currency was being purchased for a trip abroad. The current systеm, under which currency can be bought completely freely, was introduced only in July 1992 by a telegram from the Central Bank of the Russian Federation.
