I blame Trevor Pateman, of course. While investigating modern Uzbekistan and Turkmenistan I was suddenly struck by the fact that the 15 Post-Soviet republics (not counting interesting breakaway areas like Transnistria and Abkhazia) have had a wide variety of monetary experiences since December 1991. All, at some point, abandoned the ruble, with Lithuania first (naturally) and Tadzhikistan last. Estonia has completely left the Post-Soviet sphere since adopting the Euro on 1 January 2011, but what's been happening in the other 14 republics? An overview, exchange rates as of today.
- ARMENIA: 22 November 1993, 200 rubles = 1 dram. 1$ = 407
dram, 1R = 13 dram
- AZERBAIJAN: 15 August 1992, 1 manat = 10 rubles; 1 January
2006, 1 new manat = 5000 manat. 1$ = 0.78 new manat, 1R = 0.025 new manat
- BELARUS: May 1992, 1 Belarusian ruble = 10 rubles; 2000, 1
new ruble = 1000 Belarusian ruble. 1$ = 8570 new ruble, 1R = 277 new ruble
- GEORGIA: 5 April 1993, 1 kupon lari = 1 ruble; 2 October
1995, 1 lari = 1000000 kupon lari. 1$ = 1.66 lari, 1R = 0.054 lari
- KAZAKHSTAN: 15 November 1993, 1 tenge = 500 rubles. 1$ = 150
tenge, 1R = 4.85 tenge
- KYRGYZSTAN: 10 May 1993, 1 som = 200 rubles. 1$ = 47 som, 1R
= 1.52 som
- LATVIA: 7 May 1992, 1 rublis = 1 ruble; 1993, 1 lats = 200
rublis. 1$ = 0.53 lats, 1R = 0.017 lats
- LITHUANIA: August 1991, 1 talonas = 1 ruble; 25 June 1993, 1
litas = 100 talonas. 1$ = 2.65 litas, 1R = 0.086 litas
- MOLDOVA: 1992, 1 cupon = 1 ruble; 29 november 1993, 1
moldovan leu = 1000 cupon. 1$ = 12.2 moldovan leu, 1R = 0.39 moldovan leu
- RUSSIA: 1 January 1998, 1 new ruble = 1000 old rubles. 1$ =
31 new rubles
- TADZHIKISTAN: 10 May 1995, 1 Tadzhik ruble = 100 rubles; 30
October 2000, 1 somoni = 1000 Tadzhik rubles. 1$ = 4.76 somoni, 1R = 0.15
somoni
- TURKMENISTAN: 27 October 1993, 1 manat = 500 rubles; 1
January 2009, 1 new manat = 5000 manat. 1$ = 2.85 new manat, 1R = 0.092 new
manat
- UKRAINE: 10 January 1992, 1 karbovanets = 1 ruble; 16
September 1996, 1 hryvnia = 100000 karbovanets. 1$ = 8.11 hryvnia, 1R = 0.26
hryvnia
- UZBEKISTAN: 15 November 1993, 1 som = 1 ruble; 1 July 1994,
1 new som = 1000 som. 1$ = 1942 new som, 1R = 62.7 new som.
Some interesting differences come to light if we express the current currencies of these republics in pre-1992 rubles, particularly looking at the exchange rates:
- ARMENIA: 1 dram = 200 rubles. 1$ = 407
dram = 81.400 rubles
- AZERBAIJAN: 1 new manat = 50000 rubles. 1$ = 0.78 new manat = 39.000 rubles
- BELARUS: 1
new ruble = 10000 rubles. 1$ = 8570 new ruble = 85.700.000 rubles
- GEORGIA: 1 lari = 1000000 rubles. 1$ = 1.66 lari = 1.660.000 rubles
- KAZAKHSTAN: 1 tenge = 500 rubles. 1$ = 150
tenge = 75.000 rubles
- KYRGYZSTAN: 1 som = 200 rubles. 1$ = 47 som = 9400 rubles
- LATVIA: 1 lats = 200
rubles. 1$ = 0.53 lats = 106 rubles
- LITHUANIA: 1
litas = 100 rubles. 1$ = 2.65 litas = 265 rubles
- MOLDOVA: 1
moldovan leu = 1000 rubles. 1$ = 12.2 moldovan leu = 12.200 rubles
- RUSSIA: 1 new ruble = 1000 old rubles. 1$ =
31.000 rubles
- TADZHIKISTAN: 1 somoni = 100.000 rubles. 1$ = 4.76 somoni = 476.000 rubles
- TURKMENISTAN: 1 new manat = 2.500.000 rubles. 1$ = 2.85 new manat = 7.125.000 rubles
- UKRAINE: 1 hryvnia = 100000 rubles. 1$ = 8.11 hryvnia = 811.000 rubles
- UZBEKISTAN: 1 new som = 1000 rubles.1$ = 1942 new som = 1.942.000 rubles
In general, the lower the latter number, the stronger the currency is, relative to the others. The differences are staggering! Belarus is clearly on some economic planet of its own and the relative strength of the Baltic states is clear. If I find the time I will track down domestic letter rates for the republics and express them in old rules, to demonstrate relative price differences since 1991.
