Belarusian National Bank prepares for redenomination

The National Bank of Belarus will start preparations for redenomination and working out new Belarusian rubles next year.

The National Bank of Belarus plans to start preparations for redenomination of the Belarusian ruble in 2013. The date of the redenomnation have not been set yet, Belarusian National Bank Chief Nadzezhda Yermakova said Thursday in the “parliament”, Interfax news agency reports.

“Considering the growth of economy and people's incomes, we can start preparations for redenomination in 2013. We need to study the issue and prepare new banknotes,” Yermakova said.

Yermakova stressed redenomination would not take place in 2013, it would be the year of preparations. According to her, the process may be carried out in the nearest ten years,

She stressed the National Bank had definite plans not to carry out the redenomination in 2012. “The National Bank does not consider this issue [redenomination – Interfax] this year. It's too early now,” the  National Bank Chief said.

Accoridng to her the main task for the economic and monetary authorities this year was decreasing the inflation to the planned level [19-22% - Interfax]. “Redenomination cannot take place when the inflation rate is high,” Yermakova is confident.

She said no redenomination is needed today. “Computers still can cope with zeros. Wallets still have place for banknotes with zeros,” the National Bank Chief shared her vision of the situation.