Pavlov Reform
파블로프 개혁
The final monetary reform of the Soviet Union, carried out on January 22, 1991 by Prime Minister Valentin Pavlov. It forcibly withdrew 50- and 100-ruble notes (1961 series) within three days, imposing a 1,000-ruble-per-person exchange limit to absorb excess cash; only about 14 billion of the 48 billion rubles in circulation were recovered. Pavlov had publicly assured just eight days earlier that there would be no monetary reform, triggering public panic. Followed by price hikes on April 2, it is assessed as a shock-therapy measure that destroyed the last remaining trust in the Soviet government.
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Sources
- Wikipedia (RU) (Russian Wikipedia: full account of the reform, including its initiators, the three-day exchange window, the 1,000-ruble limit, the 14-billion recovery figure, Pavlov's prior denial, and the April 2 price hike)
- Wikipedia (EN) (English Wikipedia: overview of the reform as the last Soviet monetary reform, the confiscation of large-denomination bills, the January 22 decree, and its failure to stabilize circulation)
- hrono.ru (Hrono.ru: confirms the January 22, 1991 decree on the seizure of 50- and 100-ruble notes under Prime Minister Pavlov)