ROUBLE REVALUED
.PRICES CUT IN RUSSIA (Rec. 11.35 a.m.) LONDON, Feb. 28. ; Russia to-day revalued the rouble against sterling and the dollar—placing it on a gold basis —and cut the prices of food, tobacco, liquor, and clothes to Russians by 10 to 49 per cent. Moscow radio, in making this an-nouncement'to-night, said that re-valu-ation and price cuts begin to-morrow. The price of bread has been cut 25.9 per cent., beer 30, and meat 24 per cent.
The new exchange is 11.2, roubles to £1 sterling against the old rate of 14.48 and four roubles to the dollar, The Soviet State Bank will revise exchange rates with other foreign countries on the new sterling dollar basis. .
A Moscow radio broadcast said: “The rate of exchange of the Soviet rouble will be improved as compared with foreign exchange. There will be a great improvement in the standard of living of the Soviet people.”
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Ashburton Guardian, Volume 70, Issue 116, 1 March 1950, Page 5
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151ROUBLE REVALUED Ashburton Guardian, Volume 70, Issue 116, 1 March 1950, Page 5
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