New currency in Belarus table. Denomination will be carried out in Belarus - four zeros will be removed
Denomination of the Belarusian ruble in 2016: new banknotes were released into circulation in the country.
On July 1, 2016, Belarus carried out the denomination of its national currency, the ruble. New banknotes were issued in denominations of 5, 10, 20, 50, 100, 200 and 500 rubles, as well as eight coin denominations - 1, 2, 5, 10, 20 and 50 kopecks, and 1 and 2 rubles.
This denomination became the largest in the history of the country - four zeros disappeared from the new Belarusian banknotes.
By decree of the country's President Alexander Lukashenko, residents of the republic will be able to exchange old banknotes intkbbee until December 31, 2016, and there are no restrictions on the exchange amount. Since April 2016, stores in Belarus have been indicating the cost of goods in “old” and “new” versions so that people can gradually get used to paying in denominated rubles.
Denomination in Belarus 2016: new money
Changes also occurred in the bank accounts of Belarusians, and from July 1, 2016, “new” rubles automatically appeared in bank deposits automatically.
Representatives of the National Bank note that, in general, the transition to new money will not be immediate, and a transition period is provided for this.
In addition to the denomination, Belarusian banknotes also changed their design, which was based on the country's landmarks. The appearance of each banknote is dedicated to one of the regions of the republic and its capital - Minsk. All objects included on the banknotes are included in the list of cultural heritage of Belarus.
Denomination in Belarus 2016: what threatens it?
According to the country's authorities, fraudsters will not be able to counterfeit the “new” money, because the banknotes have six visible degrees of protection and a lot of invisible ones.
Also, the country's President Alexander Lukashenko promised to “tear off the heads” of those who take advantage of the denomination of the Belarusian ruble to raise prices.
“There will be no increase in prices due to the denomination. I guarantee you this. We will tear off our heads for this if anyone tries to take advantage of this technical process,” Rossiyskaya Gazeta quotes him as saying.
He also noted that he is not afraid of inflation due to the denomination: according to Belstat, inflation in the country in the period from January to May amounted to 7%, and annual inflation is expected to be 12%.
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 is reported by TUT. BY with reference to the press service of the President 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. The largest bill will be 500 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 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.
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.
More recently, literally in July last year, another redenomination of the ruble took place in the Republic of Belarus. It is worth noting that she was not the only one, because after the collapse of the Soviet Union, the denomination was carried out 4 times. The latest monetary reform has significantly simplified the payment system in Belarus, because before it it was almost impossible to comfortably use monetary units. Let us answer the question why the denomination of money occurred in Belarus in 2016, its causes and consequences.
What is the purpose of denomination?
If we say in simple words what denomination is, then in fact it is just a change in the nominal value of the national currency. This procedure is used to facilitate the settlement system, as well as to stabilize the economic situation within the state after an economic crisis or hyperinflation.
If we talk about the reasons for denomination in general, then when it is carried out, the ratio of money changes, in this case in Belarus it changed 1 to 10,000, and in Russia in 1998, the nominal value of the national currency decreased by 1000. Accordingly, after these events, the entire cost of goods and services also decreased by 10,000 times. Why is a regular denomination needed:
- to establish the national currency in relation to the world one;
- identify hidden incomes of the population;
- simplify the payment system;
- reduce the cost of issuing new banknotes.
Note that in most cases, monetary reforms are carried out during a crisis or after hyperinflation in order to restore the domestic economy.
Historical reference
As stated earlier, denomination was carried out in the Republic of Belarus more than once, and this was only after the collapse of the USSR. The first monetary reform was carried out in 1992, when 1 zero disappeared from the nominal value of the national currency. At that time, Belarusian rubles had an original design, because they were decorated with images of animals, and people called them “bunnies.”
The second monetary reform was not long in coming, and was carried out 2 years after the first, then another zero disappeared from the national currency. But at that time, after leaving the USSR, Belarus gained independence and never carried out economic reforms, which led to inflation, so by the beginning of the new century, the need arose again to redenominate the currency, then the ratio was 1 to 1000.
The last denomination of the Belarusian ruble in 2016, as mentioned earlier, banknotes became 10,000 times smaller. One only has to think about the fact that before the reform, there were bills of 2 and 5 million Belarusian rubles in circulation on the territory of the state, and if translated into modern money, then these are 200 and 500 rubles, respectively.
Please note that today the exchange rate of the Belarusian ruble against the Russian ruble is 1 to 30.57, and the Belarusian ruble to the Russian ruble before the redenomination was approximately 0.003057 to 1.
Reasons for currency reform
Undoubtedly, the main reason for the redenomination, including in Belarus, is the rapid growth of inflation in the country. Although the government of the country explains the reform by saying that the need to reduce the number of zeros on banknotes is due to the fact that they are extremely inconvenient to handle. In general, the denomination, as the government promises, will not affect the purchasing power of goods and services and will not harm the well-being of the citizens of the republic.
Currency of Belarus before and after denomination
But it is also worth noting that inflation also occurs here, which, in essence, is associated with economic stagnation and the need to make internal changes. Although, according to President Lukashenko himself, the country’s economy is stable and the renewal of the national currency will not lead to devaluation, which means that the residents of the state have nothing to fear.
Please note that monetary reform in Belarus is of a technical nature and will not affect purchasing power in any way.
Progress of reform
The order on the denomination of the official currency of the Republic of Belarus was signed by the President of the Republic on November 4, 2015, and the reform itself began on July 1, 2016. To completely remove old banknotes from circulation, approximately six months have been allocated until the end of 2016. Money on the territory of Belarus was withdrawn gradually, that is, citizens could pay with both old and new banknotes, and the remaining savings could be exchanged at the bank.
The peculiarities of this reform are that before it was carried out, only paper bills would have been in circulation. And today residents of Belarus have the opportunity to use coins in denominations of 10, 20, 50 kopecks, 1 and 2 rubles. Among paper banknotes, banknotes in denominations of 5,10, 20, 50, 100, 200 and 500 rubles today decorate the cities of Belarus.
It is noteworthy that the currency reform has been planned since 2009. It was then that the development of the design of new banknotes began. The official version of the denomination appeared in 2014, it was voiced by President Lukashenko during an interview with Belarusian journalists.
Consequences of the reform
The denomination in Belarus in 2016 did not bring any negative consequences for the population. First of all, it should be noted that this monetary reform was indeed necessary primarily for the common population. In addition, accountants and financial workers received great benefits from it. In addition, President Lukashenko himself promised to “tear off the head of everyone who raises prices for goods,” which means that the population of Belarus only benefits from the reform.
Let's summarize that the monetary reform in Belarus is just changes that are of a technical nature and are not related to the internal economic crisis, although the inflation rate in the country exceeds acceptable limits and amounts to 15-18% per year. In any case, the reduction of zeros in the denomination of the monetary unit has made life much easier for Belarusians. After all, just imagine, in order to make any major purchase, residents of the country literally had to carry a bag with money with them, because, as mentioned earlier, the exchange rate of the Belarusian ruble to the ruble before the redenomination was 0.003057 to 1.
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.
From July 1, Belarus will switch to new money. Of course, this is an important stage in the life of the country and the Belarusian people, but in addition, this is also a real stressful situation for all citizens without exception. We all have a few more days so that the denomination does not take us by surprise, and the transition to new money is not associated with frustration and problems.
5 things to do before denomination
Denomination is a difficult period not only for the population, but primarily for financial institutions and banks. They need to completely rebuild and reconfigure their systems to handle the new money. Therefore, banks are already sending out information to their customers about their work schedule and warning: in the period from the afternoon of June 30 to July 4, interruptions in working with payment cards and online payment systems are possible.
Stock up on cash
Particular attention should be paid to this point by those fellow citizens who will be abroad on these days: from the afternoon of June 30 until the morning of July 1 (and possibly throughout the day), cards will not work. Therefore, withdraw cash in advance for 2-3 days.
It is worth stocking up on cash in advance: banks need to reconfigure the operation of ATMs, so it is quite possible that on the 20th and 30th some ATMs will not work.
Pay utilities, taxes, fines
Definitely pay all utility bills: gas, water, electricity. How will tariffs be rounded in new money? Pay for telecommunications services - Internet, telephone, top up your mobile phone balance. As already mentioned, online payments during the transition period from June 30 to July 4 may work intermittently, and bank branches switch to special operating modes.
Individual entrepreneurs and citizens renting out apartments must pay monthly taxes in advance, before the 1st. If suddenly your payment does not go through due to the special denominational mode of operation of banks, the tax office will not give you discounts, and they will charge a penalty, as on ordinary days.
Exchange currency
Exchange offices of all banks without exception are switching to a special operating mode these days. Therefore, if you plan to buy currency or exchange foreign money for Belarusian rubles, do it in advance.
Pay with banks: loans and auto payments.
We would like to pay special attention to paying monthly loan installments. Many banks put loan repayment date is the last or first day of the month. Pay in advance to avoid late payments: many banks will not discount denominations and will charge fines if you fail to repay on time.
For those who have loan repayments (utility payments, mobile phone replenishment, etc.) set up using autopayment on the 30th or 1st, this time you also need to make payment in advance, in “manual” mode. Auto payments may simply not go through due to technical work.
Carefully study the new denominations of money
Naturally, you need to know what the bills and coins put into circulation will look like. Look at their appearance in advance, study them yourself and tell your family about them. If your children already go to stores for some purchases, they should have an idea of what new Belarusian banknotes and coins now look like, what denomination is and how much, for example, 10,000 rubles will be in terms of new money.
What will the new money be like in Belarus (photo and description)
What will the new banknotes and coins look like? The answer to this question can be obtained on almost any website of all financial organizations, in all banking institutions, and in retail outlets. In addition, by order of the government, in all institutions where cash is circulated (shops, markets, banks and post offices), color posters with samples of new money and their ratio to the old must be placed.
Seven denominations of banknotes (5 r, 10 r, 20 r, 50 r, 100 r, 200 r and 500 r), and eight denominations of coins (1 kopeck, 2 kopeck, 5 kopeck, 10 kopeck, 20 kopeck and 50 kopecks, 1 ruble and 2 rubles).