The ruble (also spelled rouble) is the official currency of the Russian Federation and the seventeenth most traded currency in the world with an average daily quantity of $72 billion in 2019. Russia's currency is the ruble. Although a form of the ruble was used as early as the thirteenth century, the modern ruble was first issued by the Bank of Russia after the disintegration of the Soviet Union in 1991. As a result of rising inflationary pressures, foreign money was redenominated between 1999 and 2001. Once, the price chosen was one to one thousand, which meant that one newly issued ruble notice was equal to one thousand of its older counterpart. Russia's financial system is heavily dependent on the export of commodities like coal, oil, and natural gas. Thus, the ruble's fee is often inversely proportional to the price of commodities.