Resolution of the Council of Ministers of the USSR and the CC of the VKP(b) "On the Implementation of Monetary Reform and the Abolition of Ration Cards for Food and Manufactured Goods," December 14, 1947

Source: Tom 18

The Soviet state now faces the task of carrying out a monetary reform to strengthen the ruble, as well as the task of abolishing the ration card system and transitioning to open trade at uniform state prices.

The Great Patriotic War of 1941-1945 required the utmost exertion of all the forces of the Soviet people and the mobilization of all the country's material resources. Military expenditures necessitated the issue into circulation of a large quantity of money. The amount of money in circulation increased significantly, as in all states that participated in the war. At the same time, the production of goods intended for sale to the population decreased, and retail trade turnover declined sharply.

Moreover, the German and other occupiers issued large quantities of counterfeit rubles in the temporarily occupied Soviet territory, which further increased the surplus of money in the country.

Therefore, the Council of Ministers of the USSR and the CC of the VKP(b) have decided to carry out a monetary reform on the following basis:

First. The exchange of currently circulating cash money for new money shall be carried out at a ratio of ten rubles in old money for one ruble in new money.

Second. Bank deposits in savings banks and the State Bank shall be revalued on more favorable terms than the exchange of cash, with deposits up to 3,000 rubles revalued ruble for ruble.

Third. All previously issued government loans, except the 1947 loan, shall be converted, with exchange at a ratio of 3 rubles in bonds of former loans for 1 ruble in bonds of the new consolidated loan.

Fourth. Wages of workers and employees, monetary allowances of military personnel, stipends, pensions, and benefits shall not be affected by the reform and shall be paid in new money in the same amounts.

Simultaneously with the monetary reform, the Council of Ministers and the CC of the VKP(b) have decided to abolish the ration card system for food and manufactured goods, to abolish high commercial prices, and to transition to the sale of goods at uniform state prices, with a reduction in ration prices for bread and cereals.

The monetary reform in our country differs fundamentally from reforms in capitalist countries. In capitalist states, the consequences of war and monetary reform are accompanied by a major increase in consumer prices, a reduction in real wages, a reduction in the number of employed workers, and an increase in unemployment. In the USSR, wages are not reduced but increased, since commercial prices are reduced severalfold.

Chairman of the Council of Ministers of the USSR — I. Stalin