The most recent stage of Soviet foreign trade reform is embodied in the Decree of the Council of Ministers published on 2 December 1988, entitled “On the further development of the foreign economic activities conducted by state, cooperative and other social enterprises, associations and organizations.” Of everything contained in this bulky document, commentators have mainly focused on the announcement of a devaluation of the ruble, effective 1 January 1990. This news created such excitement that it had to be corrected later that month by the chairman of the State Commission on Foreign Economic Relations, V. Kamentsev. 1 In fact, this decree denotes a marked liberalization of the first reform measures, implemented in August 1986, and even of the follow-up measures (in September and December 1987 and January 1988).