transferable ruble

E144894

The transferable ruble was a supranational accounting currency used to settle trade and financial transactions among member countries of the Soviet-led Council for Mutual Economic Assistance (Comecon).

All labels observed (2)

How this entity was disambiguated

Statements (30)

Predicate Object
instanceOf clearing unit
supranational accounting currency
abolishedInYear 1991
backedBy basket of goods
category international reserve and clearing unit
clearingBank International Bank for Economic Cooperation
currencyOf Comecon clearing system
denominatedIn rubles of account
distinctFrom Soviet domestic ruble
linked to: Soviet ruble
economicSystem planned economies of Comecon
governedBy multilateral agreements within Comecon
introducedBy Council for Mutual Economic Assistance
introducedInYear 1964
legalTenderStatus not legal tender in domestic retail transactions
notPhysicalCash true
peggedTo gold (accounting basis)
purpose facilitate intra-Comecon trade
reduce dependence on Western hard currencies
region Eastern Bloc
Soviet Union sphere of influence
replacedBy hard currency settlements
settlementMechanism multilateral clearing through International Bank for Economic Cooperation
usedBetween Soviet Union and other Comecon members
usedBy Comecon member states
Council for Mutual Economic Assistance
usedFor multilateral clearing
settlement of financial transactions
settlement of trade transactions
usedInPeriod Cold War era
linked to: Cold War
valuationMethod fixed relationship to gold

How these facts were elicited

Referenced by (2)

Full triples — surface form annotated when it differs from this entity's canonical label.

DDM peggedTo Soviet ruble (historical clearing arrangements)
linked to: transferable ruble