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The transferable ruble. Secret weapons of the USSR
Material posted: Publication date: 12-02-2017
The transferable ruble was the first major project of creating a supranational currency. Other supranational currency came later. So in this matter our country was ahead of the rest.

The transferable ruble, in effect since January 1964, is a collective unit, the collective currency of the CMEA countries, designed to serve the system of multilateral payments. Entered according to the agreement signed on 22 October 1963, the governments of Bulgaria, Hungary, GDR, Mongolia, Poland, Romania, USSR and Czechoslovakia. After joining the COMECON to this agreement also joined the Republic of Cuba and Vietnam.

Calculations in PR began on 1 January 1964 through the international Bank for economic cooperation (IBEC) expressed by transferring in funds from one country to another. The gold content of the transferable ruble was established at 0.987412 g of pure gold. PR is the unit of account and was the scale of prices of goods in mutual trade of the CMEA countries.

In a specific subject form (e.g., in the form of banknotes, Treasury notes, or coins) the transferable ruble was not addressed. Source of the transferable ruble for each country were crediting import of goods and services by the participating countries of a system of multilateral payments. The basis of the system of settlements in transferable rubles has formed a multilateral balancing of commodity supply and payments.

It was the first large-scale project of creating a supranational currency. Other supranational currency came later. I mean especially the so-called Special drawing rights, usually abbreviated as SDRs (Special Drawing Rights — SDR). SDR is the currency, which was published by the International monetary Fund for payments between the member countries of the Fund.

At the time of the emergence of a new system of international units of account the unit value of the SDR was pegged to gold and were 0,888671 g of pure metal, which corresponded to the value of $ 1. The first issue of SDR was launched on 1 January 1970. Then some believed that over time, the SDR will become the main world currency. To date, however, the amount of SDRs is extremely small, the share of this currency in the international reserves of all countries does not exceed 1%.

From time to time, different political figures and officials to make statements about that condition of overcoming of crisis of international Finance is the sharp increase of the issue of SDRs by the International monetary Fund that the SDR should become the world's money. Such statements are made, for example, a recent IMF Director Dominique Strauss-Kahn.

Of course, this kind of proposals are in conflict with the interests of the home owners "printing press" the fed, who by all means fighting to preserve the dollar status as international money. It is for the instruction of the owners of the fed Strauss-Kahn was expelled from the Foundation and destroyed politically.

Ten years later (after SDR) in Europe has a supranational unit ECU, and in 1992 in the framework of the European Union was born a supranational currency called the "Euro" (the Maastricht Treaty). Initially it was designed only for the international non-cash payments. Some time the currency Euro coexisted with the national currency units, but later the national money was abolished.

Today, 17 European countries that make up the so-called Eurozone, the Euro as used for international payments and in domestic circulation.

If you compare the Euro with the transferable ruble, we should note that the latter is not excluded and does not limit the use of national money in the member countries of the CMEA. No encroachment on the national sovereignty of the countries participating enterprises did not exist. PR was in the international turnover for 27 years — from 1964 to 1990. The scope of the use of PR at the time was great. The total volume of transactions using the currency of the new type for the period amounted to 4.5 billion transferable rubles, which is equivalent to 6.25 trillion.

The utilization of PR is constantly increasing. If in the first five years of existence PR (1964-1969) volume of transactions amounted to 220 billion units in the last five years (1985-1990) — is 2100 billion units (equivalent to almost $ 3 trillion).

Thus, the PR speed increased almost 10 times.

In the period 1985-1990, according to the UN, the annual turnover of international trade amounted to about $ 6 trillion. And the average annual volume of foreign trade of the CMEA countries with the use of the transferable ruble — 310 billion dollars (see: S. M. Borisov. The ruble is the currency of Russia. — M.: Konsaltbankir, 2004. — P. 126).

Therefore, more than 5% of international trade in the world in the last five-year period of existence of the CMEA was provided through the transferable ruble.

In transferable rubles expressed the values of contracts for the supply of goods, provision of services, implementation of construction and installation and other works, compiled estimates and feasibility studies of many projects together.

Second, the transferable ruble was the currency of the payment. These amounts were transferred from the accounts of the buyer (importer) and customers were transferred into accounts of sellers (exporters) and contractors. The payment transaction was carried out with the participation of MBES.

Third, the transferable ruble — credit money. They got into circulation in the form of loans of some countries on others under the supply of goods and for the implementation of investment projects. Therefore, using the PR expressed the debts and obligations of countries and individual enterprises and organizations, participants of trade and economic relations.

It is noteworthy that in the CMEA countries sought to ensure balanced trade in order to prevent the excessive accumulation of debts of individual countries in transferable rubles.

In addition, with the help of PR was formed the capital of international banks such as IBEC and international investment Bank (IIB) has funded the activities of several international organizations in the framework of the CMEA.

Just as national currencies of the countries — members of the CMEA could not participate in international payments, and the transferable ruble, under any circumstances, could not be used in the internal circulation of these countries.

How useful is this tool? He helped the economy to maintain independence from Western markets, from the international crisis processes. The experience of the 1960-ies do not need to copy, but to use it to our advantage need.

Terentyev Andrey


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