Rus News Journal

Denomination

Boris Yeltsin: Without superfluous zero it will be easier
  Denomination

Boris Yeltsin: Without superfluous zero it will be easier

Dear citizens of Russia!
the decision which will concern each of us Today is accepted. With January, 1st, 1998 in Russia there will be a rouble denomination in one thousand times. From bank notes three superfluous zero will disappear. The denomination in one thousand roubles becomes a normal rouble denomination. And simultaneously since January, 1st for the goods, costing one thousand, it will be necessary to pay one rouble.
at introduction in the reference of new bank notes we intend to avoid stresses and shocks. There will be no exchange of old money on new. Especially, as speak, an exchange in three days . New coins and banknotes of Bank of Russia will be included into the reference since January, 1st, 1998. But within all 1998 circulation of old both new denominations will be authorised. And old, and new denominations will be obligatory to reception by all banks, the enterprises, shops. By January, 1st, 1999 we will withdraw old denominations from circulation, but within four years - till the end of 2002 - they will be accepted for an exchange of all establishments of Bank of Russia.
thus, we will smoothly replace old money for the new. And - I want to underline it especially - replacement will occur without any restrictions.
rouble denomination, change of a standard of price will certainly simplify life of people. Not one thousand, and rouble becomes a change. Without superfluous zero will do easier, more habitually calculations.
Besides, as a result of reform anybody will lose nothing. Nobody`s interests will not be infringed. This reform will not be confiscation.
it is not casually declared the planned reform in advance. I want, that all for it were well prepared. That there was no haste and any excitements. Last fifty years everything that is connected with currency reforms, at us always beat on simple people. Now it is excluded. As the president, I guarantee to you it.
we reliably supervise today monetary circulation, we supervise inflation. People know - prompt increase of a price level at us already does not occur. The prices for the basic goods are almost stable, and we are firmly assured that such they both remain. Therefore also have made this decision - to spend currency reform. We declare today to these - inflation any more will not be. It it is finished. New zero on our denominations will not appear any more never.
the Russian rouble already became one of the stablest currencies in the Eastern Europe. Having got wages, today it is not necessary, as absolutely still recently, to run to exchange office. The savings can be stored in banks on rouble accounts. And people should know well - we will not try to solve economic problems of the country by means of the press. It was not also it will not be!
we will remember history of Russia. As a result of the currency reform spent hundred years ago, at Russia has appeared sound gold rouble. On the eve of the First World War it was the firmest, most reliable currency in Europe. I trust, that day when ours with you the Russian rouble will cause again the same respect in the world " is not far;.