Breakdown of the ruble zone and formation of the independent monetary system in Belarus (1991–1994)
Abstract
The article casts light on the basic stages of the Belarusian monetary system formation in the early years of independence, reflects the key points of the common ruble space dismantling as well as the role of the Republic of Belarus in these processes, following the memories of political figures, official documents of state bodies, taken from the archival sources, periodical press materials of those times. The author determines the main reasons of our country transition to the national currency and reveals roots of the ruble zone reforming failure in the former USSR. The researcher concludes that despite the intention to maintain the common credit-and-monetary system in the CIS, these attempts failed due to its functioning under the conditions of the vanishing command-administrative economy and non-compliance with the new realities and aspirations of the former Soviet republics leadership to build their own monetary systems on a market basis, spread of inflation and other crisis events in the financial sector in the absence of independent monetary policy.
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