Transferable Rouble, a new type of collective international currency which is a clearing unit and means of payment in the reciprocal interstate clearings of the member-countries of the Council for Mutual Economic Assistance. The gold content of the transferable rouble is 0.987412 grammes. It became operative as of January 1, 1964, with the introduction of a system of multilateral clearing for the CMEA member-countries. It does not serve internal clearing and monetary circulation of individual socialist countries, and does not circulate as banknotes or cash. It is only used for clearing operations in trade, credit and other payments involving the CMEA member-countries. Its real security is based on the planned development of the CMEA countries’ social production and planned commodity exchange on a foundation of stable foreign trade prices. This ensures the stable purchasing power of the transferable rouble and its being unaffected by the crisis phenomena plaguing the capitalist monetary system. It fulfils all the basic functions of international socialist currency—those of a measure of value, a means of payment and a means of accumulation. The main source of this currency for each country is the export of commodities and services to other CMEA countries, and the credits granted by the International Bank for Economic Cooperation (IBEC) and International Investment Bank in this collective currency. At present, the system of multilateral clearing embraces all the trade and services of the CMEA countries. In accordance with this system, each membercountry of the IBEC can use its monetary receipts, regardless of where they have been obtained, for paying any other IBEC country for commodities or services. This eliminates the need to balance clearings with each partner. The use of the transferable roubles in international clearing operations encourages the further deepening of economic cooperation within the CMEA. The comprehensive programme of socialist economic integration (see Integration, Economic Socialist) stipulates economic, and organisational measures to further strengthen the transferable rouble, ensuring a stable rate of exchange and gold content.