The former head of the State Bank of the USSR and the Bank of Russia Viktor Gerashchenko died

The Soviet and Russian economist Viktor Gerashchenko died at the age of 87, the Moscow Agency reported. Gerashchenko also wrote about the death of Gosdum, a deputy of the State Duma Oksana Dmitrieva in her telegram channel.

Gerashchenko in 1989-1991 headed the USSR State Bank, and after the collapse of the Soviet Union, he took the post of chairman of the Bank of Russia. In January-April 1991, when Gerashchenko headed the USSR State Bank, the so-called Pavlovskaya reform was held (by the name of the Prime Minister of the USSR Valentina Pavlov). Under the pretext of the fight against counterfeiters and speculators, banknotes with a face value of 50 and 100 rubles of the old model were removed from the circulation. For the exchange of bills for new ones, they allocated only three days, while limiting the amount of a thousand rubles per person. At the same time, all deposits were frozen: it was possible to remove no more than 500 rubles a month. When the deposits were defrosted, due to hyperinflation, they lost their former purchasing power.

In the second half of 1993, a monetary reform was carried out under the leadership of Gerashchenko, in the framework of which they removed from the appeal of a bill of samples of 1961-1992. It was possible to exchange only a certain amount for bills of a new sample, and the exchange time was limited. The purposes of the reform were stated by the fight against inflation and control over the money supply after the collapse of the USSR.

Gerashchenko left the post of head of the Bank of Russia in 1994 after the Black Tuesday, when the exchange rate of the dollar within one day (October 11, 1994) increased by 38.58%, and two days later the rate returned to the previous values.

From November 1998 to August 2000, Gerashchenko was a manager from Russia in the International Monetary Fund, and then returned to the post of head of the Bank of Russia. In March 2002, Gerashchenko resigned again. In 2003, he became a deputy of the State Duma, but in 2004 he resigned his deputy powers to head Yukos after the arrest of Mikhail Khodorkovsky and Plato Lebedev. In 2006, Yukos was declared bankrupt and later liquidated.

Gerashchenko was awarded high state awards, including the Order of the Red Banner of Labor, the Order of Friendship of Peoples, the Order of Honor (1997) and the Order “For Merits to the Fatherland” of the III degree (2000), writes TASS.