Belarusian ruble

Article

July 5, 2022

Belarusian ruble has been the official currency of Belarus since 1992. No coins were issued until 2016. Due to the country's weak economy, the currency had to be revalued several times.

History

It was introduced in 1992 and denominated twice (in 1994 and 2000) due to high inflation.

The First Ruble (1992–2000)

With the collapse of the Soviet financial system, the first (temporary) Belarusian banknotes were issued in September 1992, which completely replaced the old Soviet banknotes by June 1993. The new Belarusian money was popularly called zajchik (rabbit) because of the jumping rabbit depicted on it. The following denominations were issued: 50 kopecks, 1, 3, 5, 10, 25, 50, 100, 200, 500, 1000 rubles. Banknotes with denominations of 100 and less depict various animals, while higher denominations depict famous buildings. The reverse side of the paper money was uniform, depicting the Belarusian coat of arms at the time. In August 1994, the first ruble was denominated at a ratio of 10:1. In 1996, the National Bank was brought under state control. The issuance of large amounts of money was an integral part of President Alyaksandr Lukashenka's economic policy, so inflation was constantly high. The double exchange rate of the ruble (official and black market) has been published. The high inflation of the new ruble is shown by the issuance of new denominations: 1994: 20,000 rubles 1995: 50,000 rubles 1996: 100,000 rubles 1998: 500,000 rubles 1999: 1 million rubles, 5 million rubles

The Second Ruble (2000-2016)

On January 1, 2000, the second ruble was introduced. Initially, the following denominations were issued: 1, 5, 10, 20, 50, 100, 500, 1000, 5000 rubles. The new ruble proved to be a relatively stable currency, after a rapid depreciation in the first 2 years (in 2000, $1 was equivalent to 877 rubles, in 2002 to 1,920 rubles). Inflation, which used to be over 30%, has decreased to below 10%. As part of the union with Russia, they also decided to create a currency community. Initially, the introduction of the Russian ruble in Belarus was planned for 2003, and later for 2005, but this has not yet taken place. President Lukashenko fears the country's economic independence to a certain degree from the unification, which is why the stumbling block in the formation of the union can be traced back to this. Due to the 2014-2016 Russian financial crisis, in December the central bank "temporarily" imposed a 30 percent tax on all foreign currency conversion operations, which applies to both citizens and companies. The Central Bank of Belarus devalued the Belarusian ruble several times in January 2015 , which was worth 12,740 Belarusian rubles on the 6th and then 14,060 on the 8th against the US dollar. Previously, 10,000 Belarusian rubles had to be paid for 1 dollar.

The Third Ruble (2016–)

On November 11, 2015, it was announced that on July 1, 2016, the national currency would be revalued at a ratio of 1:10,000 and coins would be minted. The old and new series will be in circulation together for half a year. Between January 1, 2017 and December 31, 2021, banknotes of the 2000 series can be redeemed at the national bank. The ISO 4217 code also changes from BYR to BYN.

Coins

The proof mints of the coins were made in Slovakia. The final coins were minted from several metals at the Körmöcbánya Mint and the Lithuanian Mint.

Banknotes

Series 2000

On March 12, 2012, due to inflation, the 200,000-ruble banknote was introduced, and the 10- and 20-ruble notes were withdrawn. According to news published on December 16, 2011, banknotes of 500,000 and 1,000,000 rubles will be introduced. To this news, Nadzeya Yermakova replied that with figures of this magnitude, it is necessary to think about revaluing the ruble. On July 1, 2015, the 50-ruble banknote was withdrawn. In January 2015, the press reported that the national