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(1923) [MARC] Author: Fridtjof Nansen - Tema: Russia
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the Finance Commissariat, the State Bank, and
the various commissariats and economic organisa
tions whose aim is to restore the national
In October, 191 7, at the beginning of the
Bolshevik revolution, 18*9 milliards of paper
roubles were in circulation, and their value was
reduced to one third ( 1 pound sterling Was equal
to between 27 and 30 roubles on the London
The volume of paper increased rapidly ; in
January, 1 9 1 9, it had reached 6o- 8 milliards, in
January, 1920, 223 milliards, and at the beginning
of 1 92 1, 1, 1 68- 6 milliards.
The introduction of the " new economic policy "
again rendered money necessary for economic
operations, and still further stimulated the issue
of notes. By January, 1922, the volume of notes
had risen to 17,539 milliards.
Concurrently with the increasing volume of notes
the gold-value of the Soviet rouble sank between
January and May with even greater rapidity. Even
when notes were issued every month equal to more
than half of the total amount of notes previously
in circulation, the rouble’s decline continually
reduced the value of the total amount of notes,
and in so doing reduced the State debt.
For instance, when the note-issue in March,
1922, was equal to over 32 billion roubles (a
billion = one million millions), and raised the
total amount of notes in circulation from 47 to
79 billions, the value of the whole circulating

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