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Economy, Currency

Central Bank of Russia, Soviet republics, exchange rate, Russian ruble, strict control

After the breakup of the USSR, Armenia continued to use the Russian ruble as its currency. Beginning in mid-1993, however, the Central Bank of Russia refused to accept rubles printed before that year. This action caused a massive inflow of rubles to Armenia and other former Soviet republics where the ruble was still allowed to circulate. Inflation accelerated greatly as a result of the influx of old rubles, which were worthless in Russia. The Central Bank of Russia demanded strict control of the new ruble, prompting Armenian leaders to issue a separate currency, called the dram, in November 1993. The dram was originally issued at a rate of 200 rubles per dram. In 2000 the exchange rate with the U.S. dollar averaged 540 dram per U.S.$1.



Article key phrases:

Central Bank of Russia, Soviet republics, exchange rate, Russian ruble, strict control, breakup, dram, Inflation, USSR, dollar, result, year, action

 
 

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