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RUSSIA (RUB) RUSSIAN RUBLE
The Ruble is the official currency of Russia. The international currency code is
RUB. One ruble is made up of 100 kopeks. The ruble was the currency in use at
the time of the former Soviet Union and even back in the day of the old Russian
Empire. The Bank of Russia is the country’s central bank and the Moscow and St.
Petersburg Mints are responsible for the money circulation.
Currently in circulation
The coins in circulation are the 1, 5, 10 and 50 kopeks and the 1, 2 and 5
rubles. Due to extreme rates of inflation in Russia, the 10 rubles coin is also
becoming more and more popular. The notes in Russia come in the denominations of
5, 10, 50, 100, 500 and 1,000 rubles. The lower notes are losing their value
quickly and are gradually being replaced by the coins.
Exchange facilities and traveller’s cheques
There are ample places to change your money at bureaux de change in the larger
towns and cities. However, like anywhere else, you may struggle in the more
remote parts of the country. Be careful to ensure that you are changing your
money at an officially designated bureau de change as it is illegal to use any
other type of facility. If you are taking traveller’s cheques, you will find it
hard to spend US dollar cheques, although you should be able to change them in
the banks.
Using credit/debit cards
It is not ideal to travel to Russia and rely on either of these types of cards.
In short, they are very difficult to use and much of Russia is not amenable to
them. Credit cards would tend to be restricted to the more exclusive and often
most expensive establishments. Try to take sufficient cash and traveller’s
cheques if travelling to the largest cities.
Restrictions
There are strict restrictions in place which help to ensure that Russia is not
an easy country to visit. It is prohibited to import or export any local
currency apart from traveller’s cheques which have been issued through the
Russian Federation. As far as foreign currency is concerned, there is no
restriction on importing, provided a declaration has been made to customs. You
would be entitled to export up to the value that was declared when entering
Russia.
Russia: an overview
In terms of land area, Russia is the largest country in the world. Much of the
country is covered by Siberia and the majority of the population tend to live in
the more hospitable western, southern and coastal areas. Russia has a wealth of
historical treasures to visit in its main cities of Moscow and St. Petersburg.
Russia is becoming increasingly expensive. There is an annual rate of inflation
at around 12 per cent and this is forcing the price of goods and services up at
an alarming rate. Accommodation in the Russian capital is following this same
trend and it is becomingly more and more difficult to find a decent hotel room
below £200/$300 per room per night.
