Monetary reform in the Soviet Union, 1922–24

The 1922–1924 monetary reform of the Soviet Union was a set of monetary policies which was implemented in the Soviet Union as a part of the Soviet government’s New Economic Policy. The principal objectives of the reform included stopping the effects of hyperinflation, establishing a unified medium of exchange and the creation of a more-independent central bank.

According to economic data recorded in the archives of the Soviet Union and the Russian Federation, results of the reform were mixed; some modern-day economists call the new policies a successful transition towards state capitalism, but others describe them as problematic and failing to uphold the targets laid out in its original blueprint. Economists such as John Maynard Keynes categorize the reform as an aggregation of short-term monetary expansion experiments which defined Soviet monetary and fiscal policies, where the state played an active role in dictating economic growth.