Cross Out Zeroes: Minsk Redenominates Belarusian Ruble by Ratio of 10,000:1
Belarus will start using coins for the first time in its history.
MOSCOW (Sputnik) — Minsk on Friday redenominated its national currency, slashing four zeros from the Belarusian ruble, the National Bank of the Republic of Belarus said in a statement.
"Starting from July 1, 2016, the Republic of Belarus is conducting the redenomination of its official currency unit — the Belarusian ruble. The banknotes from the 2000 series currently in circulation will be gradually replaced by banknotes and coins from the 2009 series according to a ratio of 10,000:1," the statement published on Thursday reads.
According to the statement, the country's authorities have taken all the necessary measures and adopted all the required regulations to provide credit and financial institutions with the new currency.
In 1992, Belarus introduced its own currency soon after the collapse of the Soviet Union. Since gaining independence, Belarus has already redenominated its currency twice, in 1994 and in 2000 by 10 and by 1,000 times respectively.
Due to Friday's redenomination, Belarus will start using coins for the first time in its history, as up until now only paper currency was in circulation.
