Russian ruble

Russian ruble (RUB) is the official currency of the Russian Federation. The ruble is subdivided into 100 smaller units known as kopeks.

History

The history of the Russian ruble dates back to the 13th century. The first ruble was a piece of silver used as a new measure of weight for bulk silver and gold commodities in the Russian market. The word "ruble" has its origins in the Russian verb "rubit", meaning "to chop".

In the 17th century, the ruble was associated with the silver wire kopek. By the 18th century, the gold ruble was in circulation, with a value of 10 silver rubles.

The ruble has undergone several redenominations over the centuries, with the most recent one occurring in 1998.

Modern Russian ruble

The modern Russian ruble was introduced in 1998, following the period of financial instability in 1997. The new ruble was equivalent to 1,000 of the old rubles.

The Central Bank of Russia is the sole issuer of Russian ruble banknotes and coins. The banknotes are in denominations of 50, 100, 200, 500, 1,000, 2,000 and 5,000 rubles. The coins are in denominations of 1, 2, 5 and 10 rubles, and also 1, 5, 10 and 50 kopeks.

Exchange rate

The exchange rate of the Russian ruble is determined by the market and is subject to fluctuations based on economic factors such as inflation, interest rates, and geopolitical events.

See also

• Economy of Russia
• Central Bank of Russia
• History of the Russian ruble
• Redenomination (currency)

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