Anyone who travels to Russia for business or pleasure will certainly find out more about the Russian currency. And every traveler asks himself how the Russian currency is, which import and export regulations have to be observed and where it is cheapest to change. On all these topics you will find some important information here that can be helpful when entering and leaving Russia.
The history of the Russian currency
The Russian currency is the ruble (российский рубль), it is divided into kopecks. One ruble is one hundred kopecks. The history of the ruble began in the 14th century, when it was still used as gold and silver coins. Before that, precious metals (bars) were used as a means of payment and when small amounts were needed, small pieces were broken off from the bar. This is how the name ruble came about, because ruble means discount. The ruble was introduced as the official currency in Russia from the 16th century. The symbol of the currency is руб, the currency code (ISO 4217) is RUB. Before its re-evaluation in 1998, the code was RUR.
Today’s ruble as a means of payment
Internationally, the Russian ruble is part of the so-called soft currency. What does soft currency mean? The Russian ruble is not exchangeable in all countries in the world and even in Russia it enjoys little trust. This has to do with international economic policy. The ruble exists in three currencies. If the ruble is mentioned without the prefix of the corresponding country name, the Russian ruble is meant. Belarus has the Belarusian ruble and the Transnistrian Ruble of the Transnistrian Moldovan Republic has existed since 1994, but it is not internationally recognized.
International monetary policy
The ruble rate has been linked to a basket of currencies since 2005, which consists of the US dollar and the euro. This is to protect the ruble from exchange rate fluctuations. For example, if the euro and dollar appreciate against the British pound, the Swiss franc and the Japanese yen, the ruble will automatically appreciate. The international abbreviation for the euro-ruble rate is EUR / RUB.
Currency exchange in Russia
An exchange in Russia is usually cheaper than in your home country, as the exchange rates in Russia are better. It is also possible to exchange rubles for Western currency in Russia. However, it should be noted that only banknotes in good condition can be exchanged for rubles, coins are not accepted in either case. However, an exchange should only be made in Russian banks, under no circumstances should an exchange office be visited and certainly not “black” exchanges on the street. The bills of exchange are to be kept as they may have to be presented to customs.