| The State Bank reopens and is empowered to issue a new ruble, the chervonets, backed by gold reserves and a balanced state budget. |
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| In circulation were the Soviet chervonets and the rubles designed to portray the symbols of the Soviet ideology. |
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| The issue of the chervonets marked the beginning of the monetary reform that ended spiralling post-war inflation. |
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| The Russian envoy procured an analogous sum of 5000 chervonets from Augustus III for the Polish Confederates. |
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| All the better, if the chervonets manages to crowd out the U.S. dollar and Russians start using it as an alternative savings currency. |
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| It was not until June 18th that Victor Gerashenko, the head of the Central Bank of Russia, announced his plans to make chervonets into a real currency. |
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| Coins began to be issued again in 1924, whilst paper money was issued in rubles for values below 10 rubles and in chervonets for higher denominations. |
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