GKO (abbreviation for Russian : Государственное Краткосрочное Обязательство , romanized : Gosudarstvennoye Kratkosrochnoye Obyazatyelstvo , lit. 'State Short-Term Bonds') are short-term zero-coupon government bonds issued by the Russian Finance Ministry and trade on the Moscow Inter Bank Currency Exchange (MICEX), as well as on five other currency exchanges connected with the MICEX and located in large regional cities. The last GKO auction was held in February 2004.
13-648: The issuance of a short-term, ruble-denominated bond was approved by the Supreme Soviet of Russia in February 1993. The first GKO auction was held on 18 May 1993. Foreign investors were allowed into the trade from 1996. The initials became synonymous with the 1998 Russian financial crisis when the state defaulted on its "GKO obligations" (bonds). The GKO crisis, the most significant financial crisis in post-Soviet Russia, caused turmoil amongst both foreign and domestic investors and creditors . The crisis led to
26-614: A Preamble and 185 articles, and was prepared as part of the whole process of bringing all 15 republican Constitutions in line with new Constitution of the Soviet Union of October 1977 . It was the fourth Constitution of the Russian SFSR. Following a turbulent period of democratization , dissolution of the Soviet Union and subsequent economic reform the Constitution was amended several times. It lost its legal force by
39-576: A new series of state bonds was issued. On 1 November 2006, the volume of the GKO-OFZ market reached 850.7 billion rubles at face value, having exceeded by 17.9% the volume reached at the beginning of the year. The market volume is growing as a result of the implementation of the Russian Finance Ministry's policy of substituting the external debt for the internal debt and developing a liquid internal government-securities market, which
52-663: The Russian SFSR , later the Supreme Soviet of the Russian Federation , was the supreme government institution of the Russian SFSR from 1938 to 1990; between 1990 and 1993, it was a permanent legislature ( parliament ), elected by the Congress of People's Deputies of the Russian Federation . The Supreme Soviet of the Russian SFSR was established to be similar in structure to the Supreme Soviet of
65-583: The events of September–October 1993 . Chairmen of the Supreme Soviet of the Russian SFSR/Federation in 1990-1993 First Deputy Chairmen of the Supreme Soviet of the Russian SFSR/Federation 1990-1993 Article 107. Supreme Soviet of the Russian Federation is an agency of the Congress of People's Deputies of the Russian Federation and a permanently functioning legislative, administrative, and supervisory agency of state power of
78-568: The Republic under Chairman Veniamin Sokolov , and the Soviet of Nationalities under Chairman Ramazan Abdulatipov . However, the bicameral Supreme Soviet was nominal, because the major decisions were adopted as joint resolutions and concurrent resolutions of all chambers; many of the legislative committees were shared between these chambers. The Supreme Soviet of Russia ceased to exist after
91-541: The Russian Federation 1978 Russian Constitution The Constitution of the Russian Soviet Federative Socialist Republic of 12 April 1978 was formally its supreme law . At its Extraordinary Session of 12 April 1978, the Supreme Soviet of the Russian SFSR adopted a new republican Constitution, to replace the old Russian Constitution of 1937 , including its subsequent amendments. The new Constitution initially consisted of
104-819: The Russian SFSR in 1938–1990 Following the adoption of amendments to the Constitution of the Russian SFSR in October 1989, the office of Chairman of the Presidium of the Supreme Soviet was removed, and the position of the Russian head of state passed directly to the Chairman of the Supreme Soviet of the RSFSR in May 1990. From 1990 to 1993 the Supreme Soviet consisted of 252 deputies in the two equal chambers—the Soviet of
117-730: The USSR in 1938, replacing the All-Russian Congress of Soviets as the highest organ of power of Russia. In the 1940s, the Supreme Soviet Presidium and the Council of Ministers of the Russian SFSR were located in the former mansion of counts Osterman (3 Delegatskaya Street), which was later in 1991 given to a museum. The sessions were held in Grand Kremlin Palace . In 1981 the Supreme Soviet
130-525: The abrupt devaluation of the Russian ruble in several steps in August and September 1998. (The result of the ruble's value after the fall and some oscillations was the ruble's exchange rate against other nations' currencies was approximately 1/4 of its previous value .) The crisis severely undermined confidence in the ruble's stability, although such dramatic drops did not happen again until 2014. After 1998
143-487: Was head of state of the Russian SFSR but exercised only nominal powers. In contrast to other Soviet republics of the Soviet Union, the Russian SFSR did not have its own Communist Party and did not have its own first secretaries (which in other republics are relatively independent of power) until 1990. Chairman of the Presidium of the Supreme Soviet of the Russian SFSR Chairman of the Supreme Soviet of
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#1732787986001156-418: Was intended to give market participants sufficient instruments to manage liquidity and form benchmarks for risk-free ruble interest-rates for all economic entities. This Russian history –related article is a stub . You can help Misplaced Pages by expanding it . This economics -related article is a stub . You can help Misplaced Pages by expanding it . Supreme Soviet of Russia The Supreme Soviet of
169-589: Was moved to a specially constructed building on Krasnopresnenskaya embankment, The House of Soviets . The Supreme Soviet was abolished in October 1993 (after the events of Russia's 1993 constitutional crisis ) and replaced by the Federal Assembly of Russia (consists of the Federation Council of Russia and State Duma ). Prior to 1990, the Chairman of the Presidium of the Supreme Soviet
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