chervonets


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chervonets

(tʃəˈvɔːnɛts)
n
(Currencies) (formerly) a Soviet monetary unit and gold coin worth ten roubles
[from Old Russian červonyi, from Old Polish czerwony golden, purple]
Collins English Dictionary – Complete and Unabridged, 12th Edition 2014 © HarperCollins Publishers 1991, 1994, 1998, 2000, 2003, 2006, 2007, 2009, 2011, 2014
References in periodicals archive ?
This arrangement mirrored Germany, in which the gold-based rentenmark circulated alongside the floating fiat papiennark, and Russia, where the gold-based chervonets circulated alongside the fiat ruble.
(26) The keystone to this market-based edifice, and the seed of its destruction, was to be the reconnection with the liberal world economy through the gold standard and the creation of a new currency whose value would be insured by gold reserves: the chervonets.
These measures included the introduction of Chervonets--a gold-based currency that was used generally for external transactions, the cessation and withdrawal of various money surrogates issued by the Ministry of Finance and other state organizations, the fixing of the ruble-to-Chervonets exchange ratio at 10 to 1, and finally, the discontinuation of the issuance of Chervonets. (3) The hyperinflation ended because the currency reform was successful, and both the state budget balance and the balance of payments moved into surplus by 1925.
(39) Following a brief period of restabilization brought about by the full introduction of the gold-backed chervonets currency in 1924, inflationary tendencies resurfaced abruptly in mid-1926.