The loan distribution strategy should be a very cautious one. The loan should initially be issued on a small scale and for a short term (for 3 months, for example), and have sound guarantees. Once several emissions have been successfully completed and the confidence of the population has been won, more ambitious goals can be set, the term of the loan may be prolonged and the scale of emission be enlarged.

The Nizhni Novgorod regional loan was used for unusual purposes. At the climax of a cash crisis (salary and wages nonpayment reached 4 billion roubles in June and 6 billion in July) it was decided to issue a loan with the purpose of solving that crisis. The loan bonds were known as consumer treasury notes and they were readily accepted in shops as payment for goods. These bonds could also help to eliminate an exchange crisis (small denomination cash deficit).

The circulation system of this loan is strictly voluntary. This means that if a cash crisis is over, the circulation of the consumer treasury notes is automatically minimized. It is also important that no law or legislative act of the Russian Federation be broken. In other words, the loan was absolutely legal and in early August it was registered at the Russian Federation Ministry of Finance.

Currently the cash crisis in the region is not so acute. Nevertheless, it is useful to keep at least part of the bonds as a guarantee against any future disarray in cash circulation. This can easily be expected since a sharp rise of prices and incomes is predicted to happen in autumn and winter. If the Central Bank manages to issue enough cash, the bonds can be used for other purposes (for example, for issuing a "bread loan").

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