Monetary reform in Russia, 1998

In June 1996, the head of the Working Center for Economic Reform Minister Sergei Pavlenko announced the imminent denomination.

However, in September 1996, the chairman of the Central Bank of Russia, Sergei Dubinin, said that monetary reform was premature.

On August 4, 1997, President Boris Yeltsin issued a presidential decree, "On change the face value of a currency and the scale of prices".

All redenominated coins of the Central Bank of Russia (1, 5, 10, 20, 50, 100 roubles and collectible), unlike in the previous two denominations, ceased to be legal tender.

The monetary reform had a positive impact on the money circulation: it reduced the nominal amount of money catering to payment transactions, it simplified the calculation of the population for goods and services, and accounting operations could be performed with and without cash.