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Coronavirus is slipping away from the economic agenda constraints, the business starts to work, the demand recovers. Against this lull the thunder from news reports swept the long-forgotten word, “denomination.” Cut two banknotes of zero, instead of one hundred rubles was the one suggested in expert circles. Like, if the dream will come true of consumers: it will cost funny money, the dollar returned to the Soviet course, and the millionaires will turn into a modest “thousanders”. Tell repeated deja vu of 1998 now and why do we need a denomination.

crosses on the toe

the Denomination is a change in the value of banknotes in order to stabilize the national currency and simplify the calculations. The process is marked by the issuance of new currency with a different denomination or even a different name, and the old notes and coins gradually go out of circulation. As a rule, when the denomination “extra” zeros to be removed, not added. Soil replacement cuts is usually a hyperinflation, but also have a denomination, when consumer prices stabiliziruemost. A denomination is a technical measure that has no impact on the economy. At least in theory it is. Why, then, around the idea to reset the ruble so much noise?

A denomination of 100 to 1 was offered by a famous analyst Alexander Razuvaev, arguing the idea that since 1998, when was the last denomination, the ruble lost its value against other currencies. He also drew attention to the large, in his opinion, the volume of cash in Russia — about 13 trillion rubles, and calculated that for every citizen, including babies, accounts for 80 thousand rubles. “Circumcision” of the ruble on two scratch much cheaper and the dollar, at least nominally, up to 60-70 cents. “The denomination will be a beautiful ending which began in the 1990s, the years of market reforms with the return of penny, with low inflation, low interest rates, the convertibility of the ruble, full shelves — all what I dreamed the Russians,” — says Razuvaev.

Tempting? The Bank, which would have had to carry out this operation, does not think so. The head of the Central Bank Elvira Nabiullina was harshly suppressed rumors of a possible new reform. “No denominations, no monetary reform we never considered. We in the order of the values, and next, with a set of banknotes. No reason here to change no,” she said, answering a question of the speaker of the Federation Council Valentina Matviyenko to discuss in social networks a new denomination. Itself Matvienko said the denomination “shameless” and “an absolute provocation”.

Denomination scares the devaluation of the

it So happened that the previous zeroing of the ruble in 1998 happenedthe axle in the worst economy of modern Russia the year. By the way, the August default, which the Russians still remember with horror, will be 22 years old. Between the denomination, which began in January, and the devaluation of the ruble with a declared default, erupting after six months, there is no causal relationship. But memory is a tricky thing: in the minds of Russians harmless denomination the beginning of ‘ 98 will forever remain as “neighbor” in default of a nightmare.

“Denomination and devaluation of 1998 coincided, but the economic ties between them were. Whether fail was the chosen moment for the denomination (the stabilization of the economy has not yet ended), whether something went wrong in managing the economy, but one followed the other. Denomination for the economy neutral, though will remain forever in the psychology of the Russians predecessor default”, — says the expert of the Russian Institute for strategic studies, Mikhail Belyaev.

In 1998, the old Soviet banknotes already had to replace with new Russian mnogogolovy value. Then a thousand rubles was a real trifle in the store I had to go with a thick wad of bills, and salaries under a million were common. The country suffered from hyperinflation. In 1997 it managed to drop almost 22% by the end of 1996 (prior to this, annual inflation stood at four – and three-digit numbers), up to 11%. At this point, saying that “inflation is defeated forever,” President Boris Yeltsin decides to immediately conduct a denomination with a ratio of 1000 to 1. Although previously this event was held in the year 2000, but unexpectedly even for the Central Bank Yeltsin in August 1997 he announces on the radio about reform of the currency from January of next year. The Central Bank under the leadership of Sergei Dubinin had to face the consequences of the impulsive act of a President: the sudden statement containing the words “monetary reform”, caused panic on international markets and inside the country have been actively buying up foreign currency. People did not believe in the harmlessness of them conducted before the announcement of polls showed that 90% of Russians were afraid of her, are going to take deposits and otherwise save money. People thought that the next currency reform will be accompanied by confiscation of the funds.

the Central Bank has started to calm the people: on TV around social advertising, Federal and regional media published explanatory material on that in “the circumcision of the three zeros”, there is nothing wrong. In the commercials starred the famous actors, opinion leaders. For example, Alla Pugacheva screens said that the unit is cool, but zero is nothing. Have creativel everyone’s favorite actor Anatoly Kuznetsov. He didn’t want to speak a prepared text and asked the filmmakers to remove it first back to him with the question of denominaltion was addressed by name and patronymic — Anatoly Borisovich. As planned, the audience will think that the question is addressed to the then Deputy Prime Minister Anatoly Chubais, will result in a good old Sukhov of the “White sun of the desert”. However, there were those who refused to advertise the denomination. Among them, “gosh, he’s Gogh” Alexei Batalov, who believed that currency reform will be painless for the Russians.

“Denomination of 1998 was necessary and done correctly. At that time there was little proper financial and economic measures, but the denominations have no complaints. That’s just as mystical coincidence, with the reform of the currency was followed by a fourfold devaluation of the ruble. Therefore, in the popular mind the denomination associated with the pending economic catastrophe”, — explains the scientific Director of the RAS Institute of Economics Ruslan Grinberg.

what held the denomination of 1998, “MK” was told by one of its organizers, the then Chairman of the Central Bank, Aleksandr Khandruev. “The Bank of Russia carried out a great work on studying of the world experience. Our group of experts visited, for example, in Mexico, which carried a denomination in 1993, and other countries. A year in circulation were simultaneously old and new notes. And they were identical, differed only in the number of zeros. This was done on purpose to make sure that people feel more comfortable. Prices are also mentioned in two formats. Old money from the box office is taken, exchanged for a new one, and then destroyed. Everything went smoothly. There were, of course, that the sellers were cheating with the delivery, confused people, but this particular cases,” he recalls.

According to our interlocutor, much more painful took place the replacement of old Soviet rubles to a new Russian in 1993. “But it was not a denomination, because there are new national currency. The issue of money is another sample needed, because the former Soviet republics began secretly to enter your currency and the Soviet ruble, used in Russia, but don’t need them, began to buy goods in Russia. We had a huge outflow of goods from our country to other republics of the CIS. The entry into circulation of the Russian roubles was necessary, but began to confusion,” — said the Khandruev. By the way, the famous phrase of Viktor Chernomyrdin, “we Wanted the best, but it turned out as always” was said after the currency reform of 1993. Chernomyrdin at that time held the post of Prime Minister.

it is believed that in the USSR and Russia denomination occurred four times. For the first time to change banknotes decided in 1922. Then 10 thousand old rubles were exchanged for one new. Following the monetary reform was in 1947 and is remembered by many as unfair and predatory. Cash changed by a factor of 10 to 1, and for different accounts had different friction coefficient close toNT. So, the money in the accounts of the savings banks of the USSR up to 3 thousand rubles were exchanged 1 to 1, or from 3 to 10 thousand rubles — a factor of 3 to 2. For deposits of more than 10 thousand rubles, and even gave half of the actual amount.

1961 also removed from the ruble has a single zero, so not even had to withdraw from circulation coins of 1, 2, and 3 pennies. But there is a coin 50 kopeks and 1 ruble, which was not there before. However, then these coins disappeared and returned only after the denomination in 1998, but in the new coinage. Then coins were introduced in denominations of 1, 5, 10 and 50 kopecks with the image of St. George and coins in 1, 2 and 5 roubles double-headed eagle on the back. These coins in circulation so far. In 2009, joined the coin is 10 rubles, designed to replace the banknote of the same denomination.

“I remember 1961, shares his memories of Mikhail Belyaev. — New money was introduced gradually and “go” along with the old. You could even mixed to pay. Then it was easier: the cash turnover was less, and the goods were less. And even then people did not believe in the harmlessness of zeroing ruble: crawled rumors that the denomination started to surreptitiously raise prices.”

By the way, recently, in 2016, the denomination held a “colleague” in the Union state Belarus. The Belarusian ruble has removed four zeros, so instead of 10 000 was 1 BYR. Authorities have released new banknotes for the first time in the history of independent Belarus introduced into circulation coins. Money old and new samples were in the simultaneous handling of six months.

the Ruble will save a penny

Among the arguments in favor of a new denomination of the ruble Alexander Razuvaev called the return of respect for the penny. That’s just penny the Russians have not held in high esteem. Fresh study of the Bank “Opening” showed that nearly 42% of respondents believe that the turnover of need to withdraw 1 and 5 cents unnecessary. A further 37% are not against a full withdrawal from circulation of all the little things. Long ago, the Central Bank launched a programme of collecting coins and exchange them for banknotes or crediting funds to the card. Small coins few people paying, and in their stores are reluctant. If the denomination will hold, one penny will be “worth” as of today, the ruble, and so she needed again.

“Penny’s not very respected in the past. In 1980-e years it was the fashion for metal eyeglass frames. Their factories mass were done, they were expensive. So artisanal producers found out that they were buying coins and melted the rim of them. It was more profitable and advantageous. Coinage has always been unprofitable for the state”, — says Mikhail Belyaev.

“If we get two zero, will have to dramatically increase the output of metallic money, and their production much more expensive than paper — agrees Alexander Khandruev. The denomination is generally very expensive�� fun. It is necessary that Goznak has printed new products, the old cash you need to take away and destroy, to ensure parallel operation of the old and new notes. In circulation is 13 trillion rubles that have to be reissued. It’s a big waste, which is now absolutely not necessary to the Russian economy. Now that the state has to spend money. The denomination is carried out in the framework of stabilization policy or after a period of hyperinflation. But the inflation rate is 3%, the key rate reduced. With the cost of the ruble against the dollar is also okay. In Japan for one dollar give 110 — and nothing else. In the future 5 years in Russia just will not carry a denomination, and then — do not promise”.

Interviewed by “MK” experts believe that the denomination, no matter how calm, still scares people and psychologically will be perceived negatively. “Remove two zero is possible, but now and in the near future the denomination more harm than good. Unnecessary hurt, when you do not have the technical means of calculation. Now the money I think electronic machines. As for money supply, which is supposedly too big, then it’s denomination will not be affected. Cash may be less, but the savings on collection do not pay off a huge expenditure on denominations,” he broke two more argument in favor of denomination Mikhail Belyaev.

the Interlocutor of “MK” and warned about a possible jump in prices due to the denomination, “even Though zeroing currency itself does not change the macro-economy, from vendors and manufacturers there is a temptation to raise prices. Imagine when that cost 1000 rubles, will cost 10 rubles, it is tempting to throw a ruble or two. Will play a role psychology: people who took 10 rubles a trifle, can not pay attention to the rise in prices, although in old money it would be significant.”

in addition, you will need to enter rounding rules, says Belyaev. “For example, something that was 227 roubles, will cost 2 rubles 27 kopecks. To pay uncomfortable. Which way round? If greater, then the affected consumers. If less, then the profit will be missing sellers”, — said the economist.

Ruslan Grinberg also believes that the denomination now “when the future is a thick fog”, will only increase the nervousness of citizens. “Talk about denomination is then that the authorities were able once again to save everyone. They say, let the Russians are bad and we are all silenced. In such an environment will be a crazy conspiracy theorist” — ironically the scientist.

How to change money in Russia:

1922

1947

1961

1998

Now,