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((Use dmy dates|date=March 2021))
((More citations needed|date=March 2021))

[[File:10Roubles1947-1Rouble1961.jpg|thumb|One new ruble of 1961, superimposed on 10 old rubles of 1947.]]

A '''monetary reform of the [[Soviet ruble]]''', also known as the '''Khrushchev reform''' (after [[Nikita Khrushchev]], the Soviet leader at the time), took place on 1 January 1961. The reform consisted of the devaluation of the ruble against the [[United States dollar]], and the [[redenomination]] of the ruble at a ratio of 10 to 1.

It was the fifth monetary reform in the Soviet Union, succeeding the [[Monetary reform in the Soviet Union, 1947|1947 reform]] that occurred in response to the impact of the [[Second World War]].

== Details ==

The first part of the reform was to [[redenomination|redenominate]] the ruble at a ratio of 10 to 1. All prices and salaries would be dealt at one new ruble for every 10 old rubles. Copper coins of 1, 2, 3 and 5 old kopeks were not exchanged: amounts less than one new kopek (or 10 old kopeks) were rounded downwards for essential goods, and upward for the rest. 

The second part of the reform was to devalue the ruble against the [[gold standard]], from 14 new rubles per [[Troy weight|troy]] ounce to 31.5 new rubles per ounce: by devaluing the [[Soviet ruble#Historical official exchange rates|official exchange rate]] of the ruble by 55((frac|5|9))%, [[US$]]100 bought 90 new rubles instead of 40.

== Later developments ==

The 1961 monetary reform was the last time during the Soviet era in which ruble was redenominated. The [[Monetary reform in Russia, 1998|next (and most recent) redenomination]] of the [[Russian ruble]], at a ratio of 1000 to 1, took place on 1 January 1998 – eight years after the dissolution of the Soviet Union.

The 1961 ruble ([[ISO 4217]] code: SUR) became the longest-lasting incarnation of the [[Soviet ruble]], at 37 years and 194 days. However, banknotes of 50 and 100 rubles were [[Demonetization (currency)|demonetised]] in another [[Monetary reform in the Soviet Union, 1991|monetary reform]] in 1991, and the last banknotes of the 1961 ruble were [[Monetary reform in Russia, 1993|demonetised]], on 26 July 1993.

== Bibliography ==

* ((cite web |title=Monetary reform of 1961 |url=http://opoccuu.com/r1961.htm |website=Russian Portal |access-date=11 March 2021 |archive-url=https://web.archive.org/web/20110301030018/http://opoccuu.com/r1961.htm |archive-date=1 March 2011 |language=Russian |url-status=unfit))<!-- Editor's note: Current snapshot is unfit because it contains pornographic advertising. -->

==References==
((Portal|Money))
((reflist))

((USSR-stub))
((money-stub))
((econ-hist-stub))

[[Category:Economic history of Russia]]
[[Category:Reform in the Soviet Union]]
[[Category:Finance in the Soviet Union]]
[[Category:Monetary reform]]
[[Category:1961 in economic history]]
[[Category:1961 in the Soviet Union]]

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