Belarus banknotes to face rebranding
Posted on 4/22/2014
Amid the political and economic stand-off, the wind of changes affected Belarus. While its neighbor countries are dividing territories, replacing governments, withstanding sanctions, and reconsidering their economic policies, Belarus is afoot to change its national currency. President Aleksander Lukashenko displayed his large-scale mind promising to introduce new banknotes, beautiful like euros. Unfortunately, a similar design will be the only common feature to the European currency, unlike a steady exchange rate and high value on the forex market. The head of state announced that new bills resembling euros will be launched into circulation after the redenomination is over. “I know you demand a new beautiful currency because millions of Belarusian rubles are heavy to carry in wallets. The time will be ripe for it. We need to push forward with the economy. We need to achieve certain stability,” Lukashenko addressed employees of the aircraft repair plant in Baranovichi. At the meeting with the staff of one of the largest factory, it emerged that newly designed banknotes had been printed and delivered to special storage facilities. So, they are about to appear in circulation. Redenomination deadlines are frequently touched on in the local media. Belarus’ President highlighted the gravity of this financial procedure, but he added that “the country is still awaiting the appropriate moment which is not yet ripe for it.” However, Lukashenko noted that the introduction of the new bills has been technically prepared. Besides, he assured nationals that it would not take place all of a sudden. The government will notify people of the exact date at least half a year before the launch. Meanwhile, most of economists believe that it will hardly happen in 2014. Nadezhda Yermakova, the National Bank Governor, shares this view and thinks that a hyperinflation period is not the best time to set about the fiscal reform. Throughout the contemporary history, Belarus will face the third redenomination. The Belarusian currency was redenominated on August 20, 1994, with one new unit equaling 10 old ones, and the second time it lost three zeros on January 1, 2000.
This article was originally published April 8, 2014 on Forex.com.
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