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- November 29, 2016 at 6:20 pm #347229
I just noticed today while reading financial news that Belarus has a new currency since July, 2016. The new currency code is BYN. Also, coins have returned?
“Belarusians haven’t had a coin in their pocket since kopeks went out of circulation two decades ago under the pressure of the country’s chronically double-digit inflation.
But small change returns on July 1 as part of a currency redenomination that is slicing four zeros off the Belarusian ruble, albeit with no indication that policymakers in Minsk can boost the country’s struggling economy or shore up the new rate.
What in June has cost 21,700 rubles, the equivalent of $1, will next month cost 2 rubles and 17 kopeks, supersizing the currency despite Belarus’s shrinking GDP and continued inflation of around 12 percent.
There are at least 23,000 cash registers in Belarus that cannot work with decimals and will have to be totally replaced, says Anatol Shumchanka, a Minsk entrepreneur who also heads Perspektiva, a nationwide association of private vendors. He says replacing those obsolete machines will cost $100 apiece, or more than $2 million.
Add that to a long list of complaints private vendors have in Belarus, one of Europe’s poorest countries and one routinely described in the West as ruled by the continent’s “last dictator.” Here, President Alyaksandr Lukashenka governs over a heavily state-dominated economy that has changed little since the collapse of the Soviet Union in 1991 and is so mismanaged that this will be the THIRD TIME he has redenominated the currency since coming to office in 1995.
On the streets of Minsk, the redenomination is bringing out ordinary Belarusians’ staple defenses of resignation and humor as they try to make do in a state-run economy that produces shortages of everything, offers little room for a private sector, and directly benefits only a small ruling elite.
“There were so many changes during my lifetime that I do not care anymore,” one Minsk resident told RFE/RL’s Belarus Service when asked what she thought of the new currency. Like many Belarusians, she preferred not to give her name for publication.
“I am satisfied that at last we will have normal wallets,” a middle-aged man quipped. “Not wallets where, when you open them, you see millions in there.”
International financial experts say Belarus’s redenomination follows the well-worn practice among countries with weak currencies of lopping off zeros in an effort to win back public confidence in their money at home and abroad.”
A total of 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 copecks, and 1 and 2 rubles – will be put into circulation beginning on July 1, 2016.
The general concept of the new banknotes design meets the motto “Belarus is my country”. Each banknote is dedicated to one of the regions of Belarus and the city of Minsk. The coincidence of the regions and the banknotes denominations was determined in alphabetical order:
- 5 rubles — Brest region;
- 10 rubles — Vitebsk region;
- 20 rubles — Gomel region;
- 50 rubles – Grodno region;
- 100 rubles – Minsk region;
- 200 rubles – Mogilev region;
- 500 rubles – the city of Minsk.
The design of new banknotes of the 2009 series maintains continuity with the banknotes of the 2000 series as to the use of images of the architectural and urban monuments.
The obverse of the coins being put into circulation bears the image of the State Coat of Arms of the Republic of Belarus, the reverse – the numerical symbols of coins’ denominations.November 29, 2016 at 6:42 pm #363098
Belarusians new currencyNovember 29, 2016 at 6:47 pm #363099
Thank you, Sviatogor! Is there a photo of all the new banknotes?November 29, 2016 at 6:51 pm #363096
It’s anot the currency exchange rate as such that influences the real earning of people but rather how much people earn in local currency equivalent to international currency and what they can afford with their earning at home. For example 1 Kuwait dinar is worth around 400 Japanese yen.November 29, 2016 at 6:53 pm #363094
>Thank you, Sviatogor! Is there a photo of all the new banknotes?
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