The Ruble is the currency of Russian money

The Ruble is the currency of Russian money. It is also used as the currency of South Ossetia and Abkhazia which are two federations that are partially recognized. The Ruble was formerly used as the currency of the Soviet Union and the Russian Empire before they ultimately broke up. The country of Belarus also has currency of the same name. 100 kopeks make 1 ruble. The Russian currency does not have any symbol that is used officially, though “py6” is an abbreviation that is widely used. Various symbols are being considered as of now to decide on the official symbol.

The Russian currencys

The word “ruble” is derived from the word “rubit” which means “to cut”. In earlier times, ruble was not actually a minted currency; rather it was a measure of value and weight. Other than kopeks, the ruble can also be subdivided into the altyn (3 kopecks), the grivennik (10 kopecks), the polupoltina (25 kopecks), and the poltina (50 kopecks). It was in the year 1704 that the Russian government started issuing silver rubles as Russian currency. 1 ruble was initially valued at 28 gm of silver but in the 1760’s it devalued to 18 gm of silver. Between the years 1756 and 1779, gold coins were issued and between the years 1770 and 1771, copper coins were issued. Assignatsii, which were paper promissory notes were issued between the years1769 and 1849.

The Russian currency has undergone a great decline in value relative to a number of other currencies. In fact, towards the end of August and early September 2014, it touched record lows.

The Russians are suffering from the Economic Depression as well. However, the people are keenly aware of the problems associated with a devalued russian currency. The ruble’s value has been allowed to fall even lower against that of the dollar and the euro. This was allowed because the Russian economy is tied heavily to oil, and since oil is trading at $49 a barrel they are hurting. I read somewhere that Russia needs oil to be about $70.00 per barrel in order for them to balance their budget

Powered by WordPress · Designed by Theme Junkie