at an average of Rbls 4.14 per dollar in the same period 1971–88. The opening up of the economy in the late 1980s under perestroika resulted in the recognition of more realistic exchange rates for the ruble, as follows: In November 1989 the ruble was devalued for foreign travel to a tourist rate of Rbls 6.26 per dollar (versus Rbl 0.6277 officially). In November 1990 a new commercial exchange rate of Rbls 1.80 per dollar was introduced. During this time, however, black market dollars changed hands at 20 Rbls. In April 1991, following the failed monetary reform of 1991, the tourist exchange rate was raised significantly to Rbls 27.60 per dollar, making the average monthly Soviet salary of Rbls 330 worth only $12 on the international market. Further pain would continue later that year with the dollar changing hands at Rbls 35-40 on the black market and Rbls 45-70 in government auctions as of October 1991. By early December 1991, just before the Soviet Union ceased to exist, the ruble was valued at nearly Rbls 100 to the dollar. Official exchange rates Soviet ruble of the time per United States dollar: Replacement currencies in the former Soviet republics Shortly after the fall of the Soviet Union in 1991, local currencies were introduced in the newly independent states. Most of the new economies were weak and hence most of the currencies have undergone significant reforms since their introduction. In the very beginning of the post-Soviet economic transition, it was widely believed by ordinary people and monetary institutions (including the International Monetary Fund) that it was possible to maintain a common currency working for all or at least for some of the former Soviet Union's countries. The wish to preserve the strong trade relations between former Soviet republics was considered the most important goal. During the first half of 1992, a monetary union with 15 independent states all using the ruble existed. Since it was clear that the situation would not last, each of them used their positions as "free-riders" to issue huge amounts of money in the form of credit (since Russia held the monopoly on printing banknotes and coins). As a result, some countries were issuing coupons in order to "protect" their markets from buyers from other states. This also started to cause massive inflation in the formerly high-valued currency. The Russian central bank responded in July 1992 by setting