Eighteen years ago a denomination was carried out in Belarus. And a very strange one: non-existent zeros were removed from banknotes. However, this was far from the first denomination on the territory of Belarus. About how money depreciated from the mid-19th century to the Khrushchev reform. Today our story is about recent history.

In the nineties, Lenin's case began to smell like kerosene. The first republics (first autonomous Nakhichevan, then the Baltic ones) began to declare sovereignty. The Belarusian SSR declared its sovereignty on July 27, 1990. At the beginning of 1991, under the Prime Minister of the USSR Valentin Pavlov, another monetary reform took place. Allegedly, to combat counterfeits, they began to exchange 50 and 100-ruble banknotes of the 1961 model for smaller money of the same issue or fifty-ruble and hundred-ruble bills of the new edition of 1991. Only three days were allotted for the exchange, and each citizen could exchange no more than a thousand rubles. This reform was announced 3 hours before it began, late in the evening of January 22. During these three hours, the most astute ones managed to change money at metro ticket offices and train stations, and send money transfers at station post offices, which were open until midnight. They also rushed by taxi to the airport and bought tickets to somewhere far away, as long as they were more expensive, and then, after the exchange was completed, they returned the tickets and returned the money with new bills. In addition to this first “shock therapy,” at the beginning of April, new prices were suddenly set, which turned out to be three times higher than before. And, of course, there were some new banknotes. First, they issued notes in 50 and 100 rubles, then in 200 rubles (on the very day when prices jumped), in the summer they issued updated banknotes in 1, 3, 5 and 10 rubles, in the winter - in 500 rubles, and in March 1992 They also printed a thousand dollar bill. Notes of 50 rubles and more still bore the stern profile of Lenin, who, as Internet jokers would now sarcastically, looked at Pavlov as if he were you-know-what. In July 1992, slightly modified banknotes of 50, 200, 500 and 1000 rubles were issued. The meaning of this remained unclear (by that time the former Soviet republics had already introduced their own currencies), but inflation as a result of Pavlov’s experiments in 1992 alone amounted to 2600%. Although, according to the party schedule, the country should have lived under cashless communism for 12 years.

The first independent money of modern Belarus appeared on May 25, 1992 - these were bills of 50 kopecks, 1, 3, 5, 10, 25, 50 and 100 rubles, on which various animals were depicted, from squirrels to bison.

Officially, 1 Belarusian ruble was equal to 10 Soviet rubles. But while the banknotes were being prepared for putting into circulation, inflation rose, so the authorities decided to inflate the purchasing power of the “bunnies” tenfold according to the principle “we write one, zero in our minds”: a 1 ruble banknote actually meant 10 rubles, and a banknote of 100 rubles was actually considered a thousand. And for small denominations of 1, 3 and 5 rubles, Soviet banknotes were used. That is, five Soviet rubles could be exchanged for 50 new Belarusian kopecks, but these same 50 kopecks were counted as 5 new rubles - in the same way, the same old Soviet 5 ruble bill could be used as five new rubles. As in the jokes about the Georgian school - “remember, kids, it’s impossible to panic this way.” To make life less of a hassle, coupons were invented back in January 1992. They were issued on notebook-sized sheets, these sheets contained coupons in the amount of 20, 50, 75, 100, 200 and 300 rubles. Coupons were used to prevent foreigners from the former Soviet republics from buying up all goods in stores in Belarus for former Soviet rubles. So the sellers cut out squares from the coupon sheets for the amount of the purchase made - literally cutting off the coupons. In stores they put up signs “Citizens of the Republic of Belarus are served without waiting in line!” The number of ruble coupons that was issued to a citizen was less than the number of rubles of salary - a person could spend the remainder of his salary on the purchase of goods at commercial, higher prices.

And finally, on August 20, 1994, the first denomination in the history of independent Belarus took place. Non-existent zeros were removed from banknotes, and now one ruble became one ruble, and one hundred rubles became a hundred. By the way, back in December 1992, banknotes of higher denomination were needed, and therefore they issued notes of 200 and 500 rubles. But since there were no animals larger than the bison in Belarus, they printed views of Minsk - Station Square and Victory Square.

In November 1993, another 1000 ruble banknote was printed (Academy of Sciences), and in April 1994 - 5000 rubles (Trinity Suburb). So eighteen years ago they denominated and began to live more or less stable. In the school diary of the author, at that time a sixth-grader, there is an entry (the spelling is preserved): “on the first of March, circus 4th row - 7000, 1st row - 8000. March 11 - White Theater Yanka Kupala stalls 10th row - 5000. Academic theater - 17 March "Swan Lake" balcony, row 2 - 3000". As of March 29, 1995, 1 dollar was worth 11,600 rubles. The largest banknote then had a denomination of 20,000 rubles (issued at the end of December 1994). That is, the “most expensive money” cost less than two “green” ones. However, the Russian ruble then cost 112 times cheaper than now - only 2 rubles 33 kopecks. Without asking anyone, prices continued to rise. In September 1995, a banknote of 50,000 rubles was issued (Brest Hero Fortress), in October 1996 - 100,000 rubles (National Academic Bolshoi Opera and Ballet Theater in Minsk). Let's continue the extracts from the diary (now for the 10th grade, 1998): "White Theater named after Y. Kupala "Avdei Passion" 10.26, Monday starting at 19.00 6th row 35,000", "10.23 "Wolves and Sheep" named after M. Gorky from 25 to 35 tons."; "December 18, Friday, 19.00. circus, 50,000 rubles. last row." In December 1998, the money came out in the amount of 500,000 rubles (Minsk Palace of Culture of Trade Unions), in April 1999 - 1,000,000 rubles (National Art Museum) and, finally, on September 5, 1999 - 5,000,000 rubles (Sports Palace in Minsk and the Raubichi sports complex). One dollar that day cost 281 thousand rubles, and five million is about 18 dollars. Therefore, in four and a half years the ruble depreciated 24 times.

On January 1, 2000, the second independent denomination took place in Belarus. Three zeros were removed from banknotes, and new bills were exchanged for old ones at the rate of 1 to 1000. One dollar began to cost 320 rubles. The color design of the old banknotes was changed, and at the same time a 10-ruble note was issued, on which the building occupied at that time by the National Library of Belarus was depicted. Zeros again began to fit on calculator screens, but the ruble continued to fall little by little. In April 2001, a 10,000 ruble banknote was issued (image of Vitebsk), and at the end of January 2002, a 20,000 banknote (Gomel). A few days later, from February 1, 2002, travel in Minsk went up from 80 to 120 rubles, and the dollar then cost 1,641 rubles. As you can see, the recent denomination did not help the “bunny” much; in two years it depreciated five times. In December of the same year, a 50,000 ruble banknote was issued (Mir Castle). The dollar already costs 1917 rubles. By the way, with the release of the fifty-thousandth banknote, the National Bank fell into a puddle. A mistake was made in the microtext: instead of “Mirski zamak” they wrote “Mirski zamak”, although on the National Bank’s website it is written that the correct text is still “Mirski zamak”, and even pictures confirming this are given. It turns out that the National Bank has flooded the country with counterfeits.

Another two and a half years later, in mid-July 2005, 100,000 rubles appeared (Nesvizh Palace). By that time, the ruble was quite stable, and the dollar exchange rate had been at 2,150 rubles for a year and a half. Thus, the largest Belarusian banknote is equivalent to $46.5.

This continued until the beginning of 2009. On January 2, residents of a strong and prosperous Belarus, returning to reality from New Year's tours and long feasts, suddenly saw that the exchange rate had jumped sharply: if the day before the dollar was worth 2,200 rubles, now it is 2,650 rubles. Thus, the one-time collapse of the ruble amounted to 20.45%. By the end of February, the ruble dipped a little more, and the dollar began to cost 2,850 rubles, that is, the total devaluation over two months amounted to 30%. Nobody warned the people, but a few hours before the New Year, rumors circulated in Minsk that “the ruble would fall,” and some knowledgeable, cunning townspeople rushed to buy currency at exchange offices. However, there were few of them, and this New Year’s surprise from the Hero of Belarus Pyotr Prokopovich, Chairman of the Board of the National Bank of the Republic of Belarus, significantly hit the pockets of Belarusians. Soon after this, at the very beginning of March, Pyotr Prokopovich announced that there would be no more sharp devaluation in the country. And there was no need for more. Surprisingly, the devaluation had no effect on the cost of travel on public transport. In the future, this omission was more than made up for.

People returned to their work rhythm again, and the cherished “popizzots” were getting closer and closer again, when suddenly, just two years later, rumors that were not without foundation appeared. “The clouds are gloomy at the border” and “Why is the heart so upset?” The Belarusians felt that another devaluation was about to happen, and they rushed to exchange offices to buy currency, and those who did not get currency - jewelry and household appliances. In terms of sales growth, "Atlant", "Horizon" and "Vityaz" in the spring of 2011, it seems, they even outpaced Apple. The authorities kept repeating almost every day: calm down, there is no reason to panic, the currency will appear in exchange offices in two or three days, and generally hand over your dollars back. There were those who believed the promises. How can you not believe it when Pyotr Prokopovich himself said: “We can say with confidence that in this five-year period the exchange rate of the national currency will be stable and predictable throughout this entire period” (January 28, 2011) and “There will be no one-time devaluation in Belarus will be. Our experience says that a sharp devaluation is a bad decision for Belarusians" (March 17). However, the most experienced residents of the country recalled an old Soviet joke (“Where do residents of the USSR get the news?” - “From TASS refutations.”) and began to prepare for the worst, continuing to stand for hours and days in queues at the windows of exchange offices. And, of course, the worst was not long in coming. At the end of May, on the 23rd, the dollar was worth 3155 rubles, and the very next day - 4930 (the ruble fell by 56%). They began to say that soon, “within two or three months” (this was said by officials at all levels), the country would “reach the equilibrium ruble exchange rate” (the same sources). And they left. Only in October. And before that, for five months it was impossible to buy currency even at the already “newly approved official rate,” despite the fact that this rate was growing day by day. Finally, according to the results of trading on the currency and stock exchange on October 21, 2011, the dollar began to cost 8,680 rubles. This means that in just 10 months the ruble has collapsed almost threefold. And in less than three years - four times.

“We have survived abundance, we will also survive crisis,” the Belarusians sighed and went back to work. By the way, the president of the country began to say that this global crisis could reach Belarus. What happened before that if not a crisis? No, not a crisis, but just “we have certain problems with the currency. A crisis is when everything collapses, and the economy first of all.”

Since the end of 2011, there has been official talk that they will issue a new banknote of 200,000 rubles, but it is too early to issue banknotes of 500 thousand and a million. The release of the new piece of paper took place on March 12, 2012 - the Mogilev Regional Art Museum was depicted on it. By that time, the dollar had fallen a little in price (8,160 rubles), and it turned out that our largest bill was as much as 24.5 dollars. Half the price of one hundred thousand rubles at the time of its release. It is curious that this banknote suddenly did not contain the inscription “Counterfeiting is prosecuted by law,” which was obligatory for all previous banknotes. It’s as if the National Bank itself does not believe that this is really a banknote.

Well, if you sum up all the denominational events of the last 90 years, you get some interesting arithmetic.

1 ruble of 1922 was exchanged for 10,000 rubles of previous issues.
1 ruble of 1923 was exchanged for 100 rubles of 1922.
1 ruble of 1924 was exchanged for 50,000 rubles of 1923.
1 ruble of 1947 was exchanged for 10 rubles of 1924.
1 ruble of 1961 was exchanged for 10 rubles of 1947.
1 Belarusian ruble of 1992 was exchanged for 10 rubles of 1961.
1 Belarusian ruble of 1992, to which a zero was mentally assigned, was “changed” in 1994 for 1 Belarusian ruble of 1992.
1 Belarusian ruble in 2000 was exchanged for 1000 rubles in 1992.

Now let's go back a little. During the discussion of an independent Belarusian currency in the early nineties, many different options were proposed. They even printed test copies of ruble coupons with poets and views of cities. There was also a proposal to call the money thalers. I remember that during the last presidential campaign, one of the candidates also promised to introduce thalers (and another said that the ruble to dollar exchange rate after his election would become 3:1, and then 1:1). I wonder what the exchange rate of the modern Belarusian thaler would be if historical continuity were observed?

On the territory of the Grand Duchy of Lithuania there was a ducat in circulation, which was minted in different eras for almost 700 years, and all this time it complied with the standard: one ducat contained 3.45 grams of pure gold. There were many standards for the thaler, but after the reform of August Poniatowski in 1766 in the Polish-Lithuanian Commonwealth, 1 thaler contained 19.475 grams of pure silver. The thaler was divided into 8 zlotys, the value of which, despite the name, was expressed in silver. Thus, 1 zloty contained 2.434 g of silver. The zloty, in turn, was divided into 4 silver groschen, therefore, one such groschen contained 0.608 grams of silver. Finally, the silver penny consisted of ten pennies. Penyaz also did not have a single standard for a long time and only after the reform it gained a stable dependence on the penny and thus contained 0.0608 grams of silver. By the way, penyaz (modern Polish “peniądzy” - money - that’s where it came from) was also called a denarius. Now let’s take the official prices of the National Bank of the Republic of Belarus for precious metals (1 gram of gold - 444,709 rubles, 1 gram of silver - 7,846 rubles) and for foreign currency (1 dollar - 8,340 rubles, 1 euro - 10,380 rubles) and calculate how much modern ducats should cost, thalers and its derivatives:

1 ducat = 3.45 g of gold = 1,534,246 rubles = 184$ = 148€
1 thaler = 19.475 g of silver = 152,800 rubles = 18.3 $ = 14.7 €
1 zloty = 2.434 g of silver = 19,097 rubles = 2.3$ = 1.83€
1 penny = 0.608 g of silver = 4770 rubles = $0.57 = €0.46
1 denarius = 0.0608 g of silver = 477 rubles.

So today’s mantric 500 dollar salary would be only three ducats...

Banks are reinstalling computer programs. Stores are rewriting price tags. People train in their minds to recalculate the cost of goods using new money. Bonists review the contents of wallets in the hope of finding banknotes in perfect condition. Meanwhile, the current denomination is not the first in the history of our country.

No. 1. The ruble became the ruble

This happened for the first time on August 20, 1994. The essence of that denomination is difficult to explain to the current generation, because the ruble became a ruble, and one hundred rubles (yes, yes, yes) became a hundred. The reason is simple: in 1992, the first Belarusian money appeared - the famous “bunnies”. The series depicted the animal world of our country, from the squirrel (50 kopecks) to the bison (100 rubles). Officially, 1 Belarusian ruble was equal to 10 Soviet rubles. But while the banknotes were being prepared for circulation, prices rose. They decided to inflate the cost of the “bunnies” tenfold: a 1 ruble banknote actually meant 10 rubles. There is still confusion. Especially considering that at this time Belarusians still had Soviet money in their wallets, which were also accepted for payment. During the redenomination, non-existent zeros were simply removed from our rubles.

Two years earlier, payment tickets in denominations of 200 and 500 rubles were introduced into circulation. Since we couldn’t find any animals larger than the bison, we printed views of Minsk – Station Square and Victory Square. In 1993, a 1000 ruble banknote with the image of the Academy of Sciences was put into circulation, and in 1994 - 5000 with the Trinity Suburb.

Total: denomination of the ruble by 10 times.

No. 2. Instead of millions - thousands

Another denomination occurred on January 1, 2000. During this time, banknotes were issued in denominations of 20,000 rubles (1994, with the image of the National Bank), 50,000 rubles (1995, with a view of the Brest Fortress), 100,000 (1996, with the image of the Bolshoi Opera and Ballet Theater), 500 000 rubles (1998, Minsk Palace of Culture of Trade Unions), 1,000,000 rubles (1999, National Art Museum). The largest banknote of 5,000,000 rubles was issued on September 6, 1999. It was decorated with the Sports Palace in Minsk and the ski jumps of the sports complex in Raubichi.

During redenomination, three zeros disappeared from banknotes. The color design of the old banknotes was changed, and at the same time a 10 ruble banknote was issued. It depicted the building that was occupied at that time by the National Library.

Total: denomination of the ruble 1000 times.

No. 3. Hello, penny!

This denomination is scheduled for July 1 of this year. What do we have in stock? In 2001, the National Bank introduced into circulation a banknote of 10,000 rubles (with views of Vitebsk), a year later - a bill of 20,000 rubles with images of the sights of Gomel, a few months later - a banknote of 50,000. It was decorated with the Mir Castle. In 2005, 100,000th banknotes were printed (Radziwill Castle in Nesvizh), and on March 12, 2012, the population received a 200,000th “piece of paper” with an image of the Mogilev Regional Art Museum. All National Bank notes issued since 2001 (the two hundred thousandth note is no exception) refer to the issue of banknotes of the 2000 model, as indicated by the number on the bill.

The new denomination will help simplify financial transactions. For the first time in the history of the Belarusian ruble, we will have coins. There will be seven denominations of banknotes - 5, 10, 20, 50, 100, 200 and 500 rubles and eight denominations of coins - 1, 2, 5, 10, 20 and 50 kopecks, as well as 1 and 2 rubles. Until December 31 of this year, old money will be accepted for payment on an equal basis with new ones. In a few more years, the population will be given the opportunity to exchange them at a bank. And only from January 1, 2022, our current money will become a full-fledged object of attention for bonuses.

Total: denomination of the ruble by 10,000 times.

TO THE POINT

“Do you often have to count money? Too used to millions? How to live after July 1? Get to know new money in advance using augmented reality technology!” These are the words from the developers of the new mobile application. "Denomination". It is available for Android and IOS users. The principle is simple: you point the camera at one of the current banknotes and get an image of its new counterpart. The application will also automatically calculate the amount in new rubles and convert it into dollars, euros and Russian rubles at the rate of the National Bank. However, the developers clarify, the application does not recognize several bills of the same denomination.

In Belarus, from July 1, 2016, denomination will be carried out. On November 4, Alexander Lukashenko signed decree No. 450 “On the denomination of the official monetary unit of the Republic of Belarus.” This was reported by the press service of the President of Belarus.

The largest bill is 500 rubles. Illustrations: National Bank of Belarus

The decree prescribes to carry out the denomination of the official monetary unit of the Republic of Belarus from July 1, 2016 and to replace, by December 31, 2016, circulating banknotes of the 2000 sample in the form of banknotes with banknotes of the 2009 sample in the form of banknotes and coins in the ratio of 10 thousand rubles in the samples 2000 to 1 ruble in banknotes of the 2009 model.

Commemorative banknotes issued for circulation by the National Bank, from July 1, 2016, are subject to acceptance for all types of payments without restrictions in the ratio specified above, commemorative and bullion (investment) coins issued for circulation by the National Bank are subject to acceptance at face value for all types of payments no limits.

The decree establishes that 1 Belarusian ruble of the 2009 model is equal to 100 Belarusian kopecks of the 2009 model.

From July 1 to December 31, 2016, banknotes of the 2000 sample and banknotes of the 2009 sample are in parallel circulation and are required to be accepted for all types of payments without restrictions in the above ratio.

The exchange of banknotes of the 2000 sample for banknotes of the 2009 sample is carried out without restrictions and without charging a fee from January 1, 2017 to December 31, 2019 - in the National Bank, banks and non-banking financial institutions of the Republic of Belarus, from January 1, 2020 to December 31, 2021 - at the National Bank.

From July 1 to December 31, 2016, manufacturers, sellers, suppliers, performers and their representatives, when providing consumers with information about the goods (works, services) offered, are required to indicate prices (tariffs) in banknotes of the 2000 model and banknotes of the 2009 model.

The National Bank was instructed to ensure the issuance of banknotes of the 2009 model and the withdrawal of banknotes of the 2000 model from circulation, taking into account the provisions of the decree.

Simple explanation

Let us remember that talk about denomination has been raised more than once. In 2014, Alexander Lukashenko, at a meeting with media representatives, said that the design of new banknotes and kopecks had already been approved and they would “somehow resemble the euro.”

He also said then that the denomination would be announced in Belarus six months in advance. " We will think with specialists when this period comes. You have to be very careful here, said the head of state. — We are ready to carry out a denomination at any time. But still, even for this technical step there must be certain conditions. There should not be such an interest rate, there should be no anxiety in the market so that the population does not worry. And so that there are no crisis phenomena in the economy».

« Therefore, we will choose the time and announce this at least six months in advance“, the president noted. — In parallel, both old rubles and new rubles will circulate for at least a year».

The President noted that new money has already been approved, and coins may also be circulated in Belarus along with banknotes. According to the head of state, the new money looks similar to the euro.

« We do not hide, we have been ready for this process for a long time, said Alexander Lukashenko. — But we need to find the time so that under no circumstances will people reproach us for the fact that we carried out a denomination, and someone profited from it. I will have a strict requirement: if we round prices, then only downwards. People won't lose anything here».

The President once again assured that the denomination would be announced in advance. " I guarantee it! I won't lie", said the head of state.

November 4, Minsk /Tatyana Polezhay - BELTA/. In Belarus from July 1, 2016 denomination will be carried out. As BELTA was informed by the press service of the President of the country, on November 4, Alexander Lukashenko signed decree No. 450 “On the denomination of the official currency of the Republic of Belarus.”

The document decides to carry out from July 1, 2016 denomination of the official monetary unit of the Republic of Belarus and make a replacement until December 31, 2016 circulating banknotes of the 2000 sample in the form of banknotes to banknotes of the 2009 sample in the form of banknotes and coins in the ratio of Br10 thousand in the 2000 sample to Br1 in banknotes of the 2009 sample.

From July 1, 2016, new money will appear in Belarus. What will the new money look like, will people lose their deposits, will loan rates remain the same, will the real sector of the economy suffer - representatives of the National Bank answered these and other questions at a press conference dedicated to the denomination of the Belarusian ruble.

The leadership of the National Bank emphasized that the denomination of the national currency is a purely technical process, which involves the replacement of banknotes of the 2000 model with banknotes of the 2009 model.

In total, from July 1, 2016, seven denominations of banknotes will be issued into circulation - 5, 10, 20, 50, 100, 200 and 500 rubles, and eight denominations of coins - 1, 2, 5, 10, 20 and 50 kopecks, as well as 1 and 2 rubles.

Commemorative banknotes issued for circulation by the National Bank, from July 1, 2016, are subject to acceptance for all types of payments without restrictions in the ratio specified above, commemorative and bullion (investment) coins issued for circulation by the National Bank are subject to acceptance at face value for all types of payments no limits.

The decree establishes that 1 Belarusian ruble of the 2009 model is equal to 100 Belarusian kopecks of the 2009 model.

From July 1 to December 31, 2016 banknotes of the 2000 sample and banknotes of the 2009 sample are located in parallel circulation and are required to be accepted for all types of payments without restrictions in the above ratio.

In this case, it will be possible to exchange old banknotes for new ones:

from January 1, 2017 to December 31, 2019 inclusive– in the National Bank, banks and non-bank financial institutions of the Republic of Belarus;

from January 1, 2020 to December 31, 2021 inclusive– at the National Bank of the Republic of Belarus.

From January 1, 2020 to December 31, 2021 inclusive, old money can be exchanged for new money only at the National Bank. From January 1, 2022, banknotes of the 2000 model will be considered invalid.

From July 1 to December 31, 2016, manufacturers, sellers, suppliers, performers and their representatives, when providing consumers with information about the goods (works, services) offered, are required to indicate prices (tariffs) in banknotes of the 2000 model and banknotes of the 2009 model.

The National Bank was instructed to ensure the issuance of banknotes of the 2009 model and the withdrawal of banknotes of the 2000 model from circulation, taking into account the provisions of the decree.

Alexander Lukashenko spoke about the denomination of the Belarusian ruble and what the new money would be like on April 2, 2014, while communicating in Baranovichi with representatives of the workforce of OJSC “558 Aviation Repair Plant”.

Banknotes and coins of the National Bank of the Republic of Belarus, issued for circulation from July 1, 2016.

The general design concept of the new banknotes corresponds to the motto “My Country – Belarus”. Each banknote is dedicated to one of the regions of Belarus and the city of Minsk. The correspondence of the area to the denomination of banknotes is determined in alphabetical order. The image of a banknote in denomination of 5 rubles is dedicated to the Brest region, 10 rubles - to the Vitebsk region, 20 rubles - to the Gomel region, 50 rubles - to the Grodno region, 100 rubles - to the Minsk region, 200 rubles - to the Mogilev region, 500 rubles - to Minsk. The design of the new banknotes of the 2009 series maintains continuity with the banknote series of the 2000 series in terms of the use of images of architectural and urban planning monuments.

On November 4, 2015, President Alexander Lukashenko signed decree No. 450 “On the denomination of the official monetary unit of the Republic of Belarus.”

The document decides to carry out from July 1, 2016 to December 31, 2016 the denomination of the current official monetary unit and to replace circulating banknotes of the 2000 sample in the form of banknotes with banknotes of the 2009 sample in the form of banknotes and coins in the ratio of 10 thousand Belarusian rubles in cash in banknotes of the 2000 model to 1 Belarusian ruble in banknotes of the 2009 model. The National Bank of the Republic of Belarus has been instructed to ensure the issuance of banknotes of the 2009 model into circulation and the withdrawal from circulation of banknotes of the 2000 model, taking into account the provisions set out in the decree.

The corresponding press release from the NBRB provides details of the implementation of the presidential directive. “The decision to denominate the Belarusian ruble,” the document says, “was made in order to improve monetary circulation, simplify accounting and settlements, maintain an optimal banknote structure of the money supply, and significantly reduce government expenses for servicing cash circulation in the Republic of Belarus.”

The redenomination provides for a reduction in the scale of prices and denomination of circulating banknotes by 10,000 times from July 1, 2016. Accordingly, prices for goods and services, salaries, pensions, scholarships, cash balances in bank accounts, and balance sheets of enterprises and institutions will be recalculated in the same amount. The exchange rate of the Belarusian ruble will be increased in the same proportion, which will become a fairly significant monetary unit.

If we assume that currency quotes remain at the level of November of this year, the new monetary unit will become equivalent to 0.57 US dollars and 0.52 euros. At nominal value it will be equal to 2.2 Polish zloty and Israeli shekels, 3.6 Chinese yuan, 3.9 Danish kroner, 4.9 Norwegian and Swedish kroner. The Belarusian ruble will become the most significant monetary unit in the Eurasian Economic Union: it will be equivalent to 36 Russian rubles and almost 300 tenge of Kazakhstan.

Calendar-wise, until July 2016, the situation will remain virtually unchanged - banknotes of the 2000 model will remain the only legal means of payment in cash circulation. From July 1 to December 31, 2016, the main stage of denomination will take place, when non-cash funds and exchange rates will be recalculated to a new price scale simultaneously, and in cash circulation a parallel circulation of old banknotes of the 2000 sample and new bills and coins of the 2009 sample will be established, mandatory for acceptance when making all types of payments by all business entities on an equal basis and without any restrictions. At the same time, to make it easier for buyers to adapt to the changes taking place, during the parallel circulation of old and new money, all business entities will be required to indicate two prices - old and new.

In total, seven denominations of banknotes (5, 10, 20, 50, 100, 200 and 500 rubles) and eight denominations of coins (1, 2, 5, 10, 20, 50 kopecks, as well as 1 and 2 rubles) will be put into circulation. The lowest denomination of banknotes currently in circulation - 100 rubles - will be replaced by the smallest of the new money - 1 kopeck. It is expected that during the exchange, 600 million copies of banknotes currently in circulation will be exchanged for 80 million copies of new banknotes and 400 million coins.

The exchange of old banknotes for new bills and coins will continue over the next five years, i.e. until December 31, 2021. Moreover, during the period from January 2017 to December 2019, exchange is possible at the National Bank, banks and non-bank financial institutions, and during the period from January 2020 to December 2021 - at the National Bank of the Republic of Belarus.

The Belarusian public generally reacted positively to the news of the denomination. Finally, a more or less normal system of monetary circulation with traditional rubles and kopecks will be established in the country. According to one of the commentators, “we will no longer count in hundreds of thousands, millions, but in normal amounts.” “I have a feeling,” said another expert, “that the denomination and appearance of coins is a demonstration of the seriousness of the National Bank’s intentions to reduce inflation.”

True, there are other opinions. Some commentators consider the NBRB's statement that the redenomination will not affect the purchasing power of the Belarusian ruble, as well as the actual level of inflation, to be too optimistic. Indeed, during denomination, the method of rounding prices is widely used, and if rounding occurs at the upper limit, an increase in prices is inevitable with a corresponding negative impact on inflation.

A number of observers have expressed confusion about the denomination's mid-year start. From the point of view of accounting and reporting, 2016 is, as it were, cut in half, which can result in certain difficulties for business entities.

But be that as it may, the decision has been made, and we can only wait and hope for its successful implementation. If everything goes according to plan, the country's reformed monetary system will certainly help overcome the current difficulties in the economic and financial spheres, ensuring their further development.