Belarusian Ruble to Shed Four Zeros in 2016

The Belarusian ruble will be redenominated on 1 July 2016.

Lukashenka signed decree No. 450 “Concerning the redenomination of the official currency of the Republic of Belarus” on 4 November.

The document specifies that the official currency of the Republic of Belarus will be redenominated on 1 July 2016. As a result, all banknotes designed in 2000 will be replaced by banknotes and coins designed in 2009 in the following ratio: Br10,000 will become Br1. Starting from 1 July 2016, memorable banknotes issued by the National Bank shall be accepted in all kinds of payments without restriction in the abovementioned ratio, memorable and bullion (investment) coins issued by the National Bank will be accepted in all kinds of payments without restriction depending on their notional value.

The decree envisages that Br1 of the 2009 design will be equal to 100 Belarusian coins of the 2009 design. From 1 July 2016 to 31 December 2016 monetary units of the 2000 design and monetary units of the 2009 design will be used simultaneously and will be accepted in all kinds of payments without restriction in the abovementioned ratio. Banknotes designed in 2000 can be replaced by banknotes designed in 2009 without restrictions and additional fees in the period from 1 January 2017 to 31 December 2019 at the National Bank, banks and non-bank credit and financial institutions of the Republic of Belarus. In the period from 1 January 2020 to 31 December 2021 they can be replaced at the National Bank. From 1 July 2016 to 31 December 2016, manufacturers, traders, suppliers, executives and their representatives will have to provide information about the prices and tariffs on their goods (works, services) calculated both in the new and old design Belarusian rubles. The National Bank has been instructed to ensure the issue of monetary units of the 2009 design and withdraw monetary units of the 2000 design in line with the provisions of the decree.