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Monetary Reform In Russia, 1998
The monetary reform of 1998 in Russia was launched on January 1, 1998. Preparation started in August 1997. Replacement of the old banknotes occurred gradually, until 2002. Background Rumours of reform occurred regularly and were repeatedly denied. In June 1996, the head of the Working Center for Economic Reform Minister Sergei Pavlenko announced the imminent denomination. According to his calculations, it could not be implemented before 1998, "when inflation in the country will be permanently suppressed". However, in September 1996, the chairman of the Central Bank of Russia, Sergei Dubinin, said that monetary reform was premature. Reform 250px, 50,000 roubles, pre-reform banknote (issued in 1995) 250px, 50 roubles Redenominated banknote (issued in 1997) On August 4, 1997, President Boris Yeltsin issued a presidential decree, "On change the face value of a currency and the scale of prices". Exchange began on January 1, 1998, with a new rouble being worth 1000 old roubles (1 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Russia
Russia (, , ), or the Russian Federation, is a transcontinental country spanning Eastern Europe and Northern Asia. It is the largest country in the world, with its internationally recognised territory covering , and encompassing one-eighth of Earth's inhabitable landmass. Russia extends across eleven time zones and shares land boundaries with fourteen countries, more than any other country but China. It is the world's ninth-most populous country and Europe's most populous country, with a population of 146 million people. The country's capital and largest city is Moscow, the largest city entirely within Europe. Saint Petersburg is Russia's cultural centre and second-largest city. Other major urban areas include Novosibirsk, Yekaterinburg, Nizhny Novgorod, and Kazan. The East Slavs emerged as a recognisable group in Europe between the 3rd and 8th centuries CE. Kievan Rus' arose as a state in the 9th century, and in 988, it adopted Orthodox Christianity from the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Banknote
A banknote—also called a bill (North American English), paper money, or simply a note—is a type of negotiable instrument, negotiable promissory note, made by a bank or other licensed authority, payable to the bearer on demand. Banknotes were originally issued by commercial banks, which were legally required to Redemption value, redeem the notes for legal tender (usually gold or silver coin) when presented to the chief cashier of the originating bank. These commercial banknotes only traded at face value in the market served by the issuing bank. Commercial banknotes have primarily been replaced by national banknotes issued by central banks or monetary authority, monetary authorities. National banknotes are often – but not always – legal tender, meaning that courts of law are required to recognize them as satisfactory payment of money debts. Historically, banks sought to ensure that they could always pay customers in coins when they presented banknotes for payment. This p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic History Of Russia
After the Dissolution of the Soviet Union, collapse of the Soviet Union in 1991 and collapse of Russian Soviet Federative Socialist Republic, Soviet Russia's centrally-planned economy, controlled economy, a new Russian Federation was created under Boris Yeltsin in 1991. The Russian Federation had multiple economic reforms, including privatization and market and trade liberalization due to the collapse of communism. The economy is much more stable than in the early 1990s, but inflation still remains an issue for Russia. Historically and currently, the Russian economy has differed sharply from major developed economies in terms of a weak legal system, underdevelopment of modern economic activities, technological backwardness, and lower living standards. Historical background For about 69 years, the Russian economy and that of the rest of the Soviet Union operated on the basis of a centrally planned economy, with a state control over virtually all means of production and over inv ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Reform In Russia
Reform ( lat, reformo) means the improvement or amendment of what is wrong, corrupt, unsatisfactory, etc. The use of the word in this way emerges in the late 18th century and is believed to originate from Christopher Wyvill#The Yorkshire Association, Christopher Wyvill's Association movement which identified “Parliamentary Reform” as its primary aim.Reform in English Public Life: the fortunes of a word. Joanna Innes 2003 Reform is generally regarded as antithetical to revolution. Developing countries may carry out a wide range of reforms to improve their living standards, often with support from international financial institutions and aid agencies. This can include reforms to macroeconomic policy, the civil service reform in developing countries, civil service, and Public finance, public financial management. In the United States, rotation in office or term limits would, by contrast, be more revolutionary, in altering basic political connections between incumbents and constit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Monetary Reform
Monetary reform is any movement or theory that proposes a system of supplying money and financing the economy that is different from the current system. Monetary reformers may advocate any of the following, among other proposals: * A return to the gold standard (or silver standard or bimetallism). * Abolition of central bank support of the banking system during periods of crisis and/or the enforcement of full reserve banking for the privately owned banking system to remove the possibility of bank runs, possibly combined with sovereign money issued and controlled by the government or a central bank under the direction of the government. There is an associated debate within Austrian School whether free banking or full reserve banking should be advocated but regardless Austrian School economists such as Murray Rothbard support ending central bank bail outs (" ending the Fed"). * The issuance of interest-free credit by a government-controlled and fully owned central ba ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Finance In Russia
Finance is the study and discipline of money, currency and capital assets. It is related to, but not synonymous with economics, the study of production, distribution, and consumption of money, assets, goods and services (the discipline of financial economics bridges the two). Finance activities take place in financial systems at various scopes, thus the field can be roughly divided into personal, corporate, and public finance. In a financial system, assets are bought, sold, or traded as financial instruments, such as currencies, loans, bonds, shares, stocks, options, futures, etc. Assets can also be banked, invested, and insured to maximize value and minimize loss. In practice, risks are always present in any financial action and entities. A broad range of subfields within finance exist due to its wide scope. Asset, money, risk and investment management aim to maximize value and minimize volatility. Financial analysis is viability, stability, and profitability assess ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Accounting
Accounting, also known as accountancy, is the measurement, processing, and communication of financial and non financial information about economic entities such as businesses and corporations. Accounting, which has been called the "language of business", measures the results of an organization's economic activities and conveys this information to a variety of stakeholders, including investors, creditors, management, and regulators. Practitioners of accounting are known as accountants. The terms "accounting" and " financial reporting" are often used as synonyms. Accounting can be divided into several fields including financial accounting, management accounting, tax accounting and cost accounting. Financial accounting focuses on the reporting of an organization's financial information, including the preparation of financial statements, to the external users of the information, such as investors, regulators and suppliers; and management accounting focuses on the measure ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Transaction
A financial transaction is an agreement, or communication, between a buyer and seller to exchange goods, services, or assets for payment. Any transaction involves a change in the status of the finances of two or more businesses or individuals. A financial transaction always involves one or more financial asset, most commonly money or another valuable item such as gold or silver. There are many types of financial transactions. The most common type, purchases, occur when a good, service, or other commodity is sold to a consumer in exchange for money. Most purchases are made with cash payments, including physical currency, debit cards, or cheques. The other main form of payment is credit, which gives immediate access to funds in exchange for repayment at a later date. History There is no evidence to support the theory that ancient civilizations worked on systems of barter. Instead, most historians believe that ancient cultures worked on principles of gift economy and debt ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Money Circulation
In monetary economics, the currency in circulation in a country is the value of currency or cash (banknotes and coins) that has ever been issued by the country’s monetary authority less the amount that has been removed. More broadly, money in circulation is the total money supply of a country, which can be defined in various ways, but always includes currency and also some types of bank deposits, such as deposits at call. The published amount of currency in circulation tends to be overstated by an unknown amount because it does not take into account money that has been destroyed, or held by individuals as a form of security (the proverbial “money under the mattress”), or by coin collectors, domestic or foreign, or which is held in reserve within the banking system, including currency held by foreign central banks as a foreign exchange reserve asset. Domestic demand for currency The currency in circulation in a country is based on the need or demand for cash in the community ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Kopeck
The kopek or kopeck ( rus, копейка, p=kɐˈpʲejkə, ukr, копійка, translit=kopiika, p=koˈpʲijkə, be, капейка) is or was a coin or a currency unit of a number of countries in Eastern Europe closely associated with the economy of Russia. It is usually the smallest denomination within a currency system; 100 kopeks are worth 1 ruble or 1 hryvnia. Originally, the kopeck was the currency unit of Imperial Russia, the Russian Soviet Federative Socialist Republic and then the Soviet Union (as the Soviet ruble). , it is the currency unit of Russia, Belarus and Ukraine. The Russian kopeck is also used in two regions of Georgia, the partially recognised states (including by Russia) of Abkhazia and South Ossetia. In the past, several other countries influenced by Russia and the Soviet Union had currency units that were also named kopecks. The name of the coin of Azerbaijan comes from the word kopeck – gapik, ( az, qəpik, manat). No country's kopeck is c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Redenomination
In monetary economics, redenomination is the process of changing the face value of banknotes and coins in circulation. It may be done because inflation has made the currency unit so small that only large denominations of the currency are in circulation. In such cases the name of the currency may change or the original name may be used with a temporary qualifier such as "new". Redenomination may be done for other reasons such as changing over to a new currency such as the Euro or during decimalisation. Redenomination itself is considered symbolic as it does not have any impact on a country's exchange rate in relation to other currencies. It may, however, have a psychological impact on the population by suggesting that a period of hyperinflation is over, and is not a reminder of how much inflation has impacted them. The reduction in the number of zeros also improves the image of the country abroad. Inflation over time is the main cause for the purchasing power of the monetar ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sergei Pavlenko
Sergei Pavlenko (born 1953) is a portrait painter of Russian origin and now based in Britain. Biography Pavlenko graduated in Painting from St. Petersburg Academy of Fine Arts in 1988. He studied under Boris Ugarov, President of the Academy of Fine Arts of the USSR, and was nominated for the Gold Medal. In 1989, Sergei Pavlenko moved to the West, received immediate recognition and began to paint and exhibit his work in London and the USA. Since then he has been living and working in London and is now a British citizen. Now an established portrait painter, both in Europe and the United States, Sergei Pavlenko’s work is in constant demand. His portrait of The Queen, completed in 2000, was reportedly the Queen's favourite portrait since her coronation. It was personally unveiled by the queen. The painting received impressive coverage by the world press and television and a postage stamp was subsequently made in the UK. In 2004, Sergei Pavlenko had a one-man exhibition in Lond ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
