Pravda.ru

Business » Finance

Russian ruble to go palladium

05.06.2009
 
Russian ruble to go palladium

Boris Gryzlov, the speaker of the Russian Parliament, the State Duma, said that the participants of the Economic Forum in St. Petersburg would discuss a possibility of making ruble coins from precious metals.

“We could offer the world the Russian ruble made of palladium. It would be a very strong currency. One may recollect the golden ruble, which Russia had during the tsarist times. It was a freely convertible currency and was circulating very well,” Gryzlov told reporters Thursday.

The President of the Association of Russian Banks, Garegin Tosunyan said that the coins made of precious and semi-precious metals would obviously be in demand on the market. “It has little to do with convertibility, but it would be quite normal as a measure against inflation and devaluation. Why not?” he said.

State Duma deputy Anatoly Aksakov believes that such a measure would not be effective.

“Such coins will become a numismatic rarity, a must-have for private collectors. Golden ten-ruble coins used to play a positive role in domestic and international settlements indeed, although it was the period of hyperinflation. The Russian economy should be modernized to make the ruble attractive.

Palladium is a rare and lustrous silvery-white metal that was discovered in 1803 by William Hyde Wollaston, who named it after the asteroid Pallas, which in turn, was named after the epithet of the Greek goddess Athena, acquired by her when she slew Pallas.

Palladium, along with platinum, rhodium, ruthenium, iridium and osmium form a group of elements referred to as the platinum group metals (PGMs). Platinum group metals share similar chemical properties, but palladium has the lowest melting point and is the least dense of these precious metals. The cost of one gram of palladium makes up about $8.

2122

Popular photos

Most popular

New secret documents hold Ukraine responsible for MH17 plane crash
New secret documents hold Ukraine responsible for MH17 plane crash
A Russian newspaper obtained copies of secret documents of the Security Bureau of Ukraine (SBU) about special operations to destroy evidence of mass murder in the sky over the Donbass on July 17, 2014...
Flying saucer trapped in Antarctica melts
Flying saucer trapped in Antarctica melts
Specialists denied reports about a flying saucer that had been found in Antarctica. It turned out that the saucer was just a rock

Video

Popular photos

Рейтинг@Mail.ru Rambler_s_Top100_Service