of the financial reforms. Among others he (Bronsky) mentions the follow-
ing table in reference to the alteration in the purchasing power of the
rouble in subsequent times.
[n January 1927
[In February 1927
In March 1927
In April 1927
[n May 1929
According to the Index of
Department.
r October 1927
r April 1928
: May 1928
June 1928
July 1928
54 kopecks
32
3.
detailed Trade of the Central Statistic
51,4 roubles
The unrest caused by the latent inflation had also created a panic on
he exchange market and the commercial market. The peasantry that had
already begun to use the Cherwonez as a means of investment, hastened
again to convert it into current money or into goods. The so-called “black
>xchange’’ responded to this action by an acute rise in value of the ten-
rouble gold pieces, as well as for foreign mediums of exchange. At the
same time the State Bank, exchanged foreign currency at par, but only in
very reduced quantities.
The third period is characterised by the attempts to stem the tide of
‘nflation at any price. The Bolshevics, who have not the possibility of
undertaking some radical measure, — to withdraw a portion of the issue
from circulation, or at all events, to hold back with new issues, — at times
take refuge in measures of administrative action. Banishment for sale
or purchase of currency bonds begins, the difficulties of transferring
Cherwonzes abroad are increased, and furthermore — under various pret-
exts, — the exchange of Tscherwonzes for the currency of foreign monetary
values on the local market are curtailed or finally completely inhibited.
During this period it has, however, been accomplished partly to retard the
rate of issuing money for circulation. From the beginning of the Winter
of 1926 to the Summer of 1927, the issue of currency in comparison to
the general circulation, amounts to 6 to 7 oo. The deposits in the banks
effected by State organs increased by 24 0. The wave of inflation was
stemmed up to a certain degree, but at the beginning of the Summer of
1927, a reaction in business again becan In a direction unfavourable to
1NQ