RUB – Russian Ruble
Sign – ₽ / Code – RUB
Long before our corporate currency exchange brokers were helping our clients with their Russian Ruble transfers, the Russian Ruble was creating its own rich history.
About the Russian Ruble
Although the Ruble has been the currency of Russia since the 16th Century, it only gained an official symbol in December 2013. Although the symbol ‘R’ was often used in local markets, this was not an official symbol. The word “Ruble” apparently derives from the verb “to chop”.
The Soviet Ruble was adopted by Russia in 1922. During the USSR’s dissolution in the 1990s, the Ruble was significantly devalued. An attempt to redenominate it failed as the Russian economy was still suffering from severe problems and was subsequently devalued, losing 70% of its value against the US Dollar.
At the end of 2010, Russia and China started to use their own national currencies instead of the US Dollar in bilateral trade. This decision worked to improve relations between the two countries and to protect their respective economies during the global recession that followed the 2007 US financial crisis.
Subunit: Kopeyka (колейка) – 1/100
Coins: 10 kopeks, 50 kopeks, 1P, 2P, 5P, 10P
Banknotes: 50P, 100P, 500P, 1000P
Bank: Bank of Russia