Monetary reform in the Soviet Union, 1922–24

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The monetary reform in the Soviet Union of 1922–1924 was carried out during the New Economic Policy. It was aimed at the stabilizing of the Soviet currency after an enormous hyperinflation during the Russian Civil War (1917–1922) with its policy of War Communism. The reform replaced all currencies of the time (sovznaks, kerenkas, old imperial money, various bonds, coupons, etc.) by a new one, chervonets, backed by the gold standard.[1]

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  1. ^ Денежные реформы в СССР 1922—1924 годов и 1947 года "Monetary reforms in the USSR of 1922-1924 and 1947" , "Финансовый менеджмент" magazine, 2001, no. 6 (retrieved January 20, 2014) (in Russian)