Belarusian ruble

Belarusian ruble
беларускі рубель  (Belarusian)
белорусский рубль  (Russian)
National Bank of Belarus, 1992 50 kapeykas reverse200000 rubles (2000)
ISO 4217 code BYR
Central bank National Bank of the Republic of Belarus
 Website www.nbrb.by
User(s)  Belarus
Inflation 12.0%
 Source National Statistical Committee, December 2015
Subunit
 1/100 kapeyka
Symbol
Plural The language(s) of this currency belong(s) to the Slavic languages. There is more than one way to construct plural forms.
Coins
 Freq. used none (coins are issued only for commemorative purposes).
 Rarely used none
Banknotes
 Freq. used 100, 500, 1,000, 5,000, 10,000, 20,000, 50,000, 100,000, 200,000 rubles

The Belarusian ruble (Belarusian: рубель rubyel, (partitive) genitive plural: рублёў rublyow) is the official currency of Belarus. The symbol for the ruble is Br and the ISO 4217 code is BYR.

History

First ruble, 1992 – 2000

As a result of the breakup of the supply chain in the former Soviet enterprises, goods started to be bought and sold in the market, often requiring cash settlement. The Belarusian unit of the USSR State Bank had neither the capacity nor the licence to print Soviet banknotes, so the government decided to introduce its own national currency to ease the cash situation. The German word Taler (Belarusian: талер), divided into 100 hrosh (Belarusian: грош) was suggested as the name for a Belarusian currency; but the Communist majority in the Supreme Soviet of Belarus rejected the proposal and stuck to the Russian word ruble.[1]

From the collapse of the Soviet Union until May 1992, the Soviet ruble circulated in Belarus alongside the Belarusian ruble. New Russian banknotes also circulated in Belarus, but they were replaced by notes issued by the National Bank of the Republic of Belarus in May 1992.[2] The first post-Soviet Belarusian ruble was assigned the ISO code BYB and replaced the Soviet currency at the rate of 1 Belarusian ruble = 10 Soviet rubles. It took about two years before the ruble became the official currency of the country.[2]

Second ruble, 2000 – 2016

In 2000, a second ruble was introduced (ISO code BYR), replacing the first at a rate of 1 new ruble = 1,000 old rubles. This was redenomination with three zeros removed. Only banknotes have been issued, with the only coins issued being commemoratives for collectors.[2]

Monetary integration with Russia

From the beginning of his presidency in 1994, Alexander Lukashenko began to suggest the idea of integration with the Russian Federation and to undertake steps in this direction. From the beginning, there was also an idea of introducing a united currency for the Union of Russia and Belarus. Art. 13 of the 1999 "Treaty of Creation of the Union State of Russia and Belarus" foresaw a unified currency. Discussions about the Union currency has continued past the 2005 implementation goal set by both nations.[3] Starting in 2008, the Central Bank of the Republic of Belarus announced that the ruble would be tied to the United States dollar instead of to the Russian ruble.[4] "Stanislav Bogdankevich, a former bank chairman, called the decision political, saying it was tied to Belarus' open displeasure at Russia's decision to hike oil and gas export prices to Belarus earlier this year. Belarus' economy is largely Soviet-style, centrally controlled and has been heavily reliant on cheap energy supplies from Russia".[4]

Third ruble, since 2016

In July 2016 a new Belarusian ruble will be introduced, at a rate of 1 new ruble = 10,000 old rubles. New and old rubles will circulate in parallel from July 1 to December 31, 2016. Belarus will issue coins for general circulation for the first time. Seven denominations of banknotes (5, 10, 20, 50, 100, 200 and 500 rubles) and eight denominations of coins (1, 2, 5, 10, 20 and 50 kapeykas, and 1 and 2 rubles) will be put into circulation on July 1, 2016.[5][6] The banknotes will have security threads and will show 2009 as an issue date (the date of an unsuccessful attempt at currency reform). Their designs will be similar to those of the euro. The future ISO 4217 code will be BYN.[7]

Coins

First series, 2016

In 2016, for the first time in the whole history of Belarusian ruble, coins will be introduced due to the redenomination planned. Previously, Belarus was one of the few countries in the world never to have issued coins; this is largely due to the rampant inflation which has been a problem since independence.

Slovakia has offered to mint the coins, and has provided prototypes. The coins of up to 5 kapeykas are to be struck in steel and copper; the 10, 20, 50 coins in steel, copper and brass; and the 1 and 2 rubles coins in steel, brass and nickel.[8] All coins will show the National emblem of Belarus, the inscription 'БЕЛАРУСЬ' (Belarus) and the year of minting on their obverses. The reverse will show the value of the coin accompanied by different ornaments with their own meanings.

2016 Belarusian ruble coins
Image Value
 Technical parameters Description Date of
Obverse Reverse Diameter
(mm)		 Thickness
(mm)		 Mass
(g)		 Composition Edge Obverse Reverse first minting issue
1 kapeyka 15 1.25 1.55 Copper-plated steel Plain National emblem of Belarus, name of the country, year of minting Value, the ornament symbolizing wealth and prosperity 2009 July 1, 2016
2 kapeykas 17.5 2.01
5 kapeykas 19.8 2.7
10 kapeykas 17.7 1.80 2.8 Brass-plated steel Reeded Value, the ornament symbolizing fecundity and vital force
20 kapeykas 20.35 1.85 3.7
50 kapeykas 22.25 1.55 3.95
1 ruble 21.25 2.3 5.6 Nickel-plated steel Value, the ornament symbolizing the pursuit of happiness and freedom
2 rubles 23.5 2.0 5.81 Nickel brass ring with a Nickel-plated steel center plug Lettered National emblem of Belarus, name of the country, year of minting, divided by Bahach ornament
These images are to scale at 2.5 pixels per millimetre. For table standards, see the coin specification table.

Commemorative issues

Belarus is a large producer of commemorative coinage for collectors’ markets, most particularly gold and silver bullion coins and non-circulating legal tender. The first coins of the Republic of Belarus were issued on December 27, 1996.[9] Their designs range from fairly commonplace to unique and innovative; themes range widely from "native culture and events" to fairy tales and pop culture topics not related to Belarus at all. A majority of these coins have a face value of 1 ruble, there are also a few denominated as 3 rubles and 5 rubles. All these coins are considered novelties and are unlikely to be seen in general circulation.

Banknotes

First ruble

In 1992, banknotes were introduced in denominations of 50 kapeykas, 1, 3, 5, 10, 25, 50, 100, 200, 500, 1,000 and 5,000 rublei. These were followed by 20,000 rublei in 1994, 50,000 rublei in 1995, 100,000 rublei in 1996, 500,000 rublei in 1998 and 1,000,000 and 5,000,000 rublei in 1999.

1992 — 1999 series
Image Value Dimensions (mm) Main Color Obverse Reverse Date of printing Date of annul
50 kapeykas
 105×53 Orange-pink Image of sciurus Pahonia ("Chaser") May 25, 1992 January 1, 2001
1 ruble
 Grey blue Image of the running European hare or "zaichik" which earned the currency its nickname
3 rubles
 Green Image of beavers
5 rubles
 Blue and pink Image of wolves
10 rubles
 Dark green Image of the Eurasian lynx with kitten
25 rubles
 Orange Image of moose
50 rubles
 Violet Image of brown bear
100 rubles
 Green-brown Image of wisent
200 rubles
 Yellow-green Image of the train station square December 8, 1992
500 rubles
 Violet-red Victory Square, Minsk
1,000 rubles
 Green National Academy of Sciences of Belarus in Minsk November 3, 1993
1,000 rubles
 110×60 Large image of the number 1,000 September 16, 1998
5,000 rubles
 105×60 Red Trinity Hill in Minsk Pahonia April 7, 1994
5,000 rubles
 110×60 Large image of the number 5,000 September 16, 1998
20,000 rubles
 150×69 Olive-yellow National Bank of the Republic of Belarus Pahonia December 28, 1994
50,000 rubles
 Light brown Kholm Gate Brest Fortress Memorial September 15, 1995
100,000 rubles
 Grey-brown Opera and Ballet Theatre (Minsk) Scene from the ballet "Favourite" («Избранница») by E.A. Hlebau October 17, 1996
500,000 rubles
 Orange-red The Republican Trade Unions' Palace of Culture in Minsk Architectural decorations on the Republican Palace of Culture of Belarus December 1, 1998
1,000,000 rubles
 Sky-blue The National Museum of Arts of Belarus in Minsk Fragment of the picture "Portrait of wife with flowers and fruits" by I. Khrutski April 30, 1999
5,000,000 rubles
 Light violet Minsk Sports Palace Image of the "Raubichy" sports complex September 6, 1999

Second ruble

In 2000, notes were introduced in denominations of 1, 5, 10, 20, 50, 100, 500, 1,000 and 5,000 rublei. In 2001, higher denominations of 10,000, 20,000 and 50,000 rublei were introduced, followed by 100,000 rublei in 2005 and 200,000 rublei in 2012. There are no coins or banknotes issued in kapeykas.

"On 1 September 2010, new rules of Belarusian orthography came into force. According to the old rules, the correct spelling of the word “fifty” in Belarusian was “пяцьдзЕсят,” (pyats'deyesyat) but under the new rules, it should be spelled “пяцьдзЯсят,” (pyats'deyasyat) the difference being that the seventh character was the Cyrillic letter IE but is now the Cyrillic letter YA. As a result of these new rules, the existing 50- and 50,000-ruble notes dated 2000 now technically contain errors where the denominations are spelled out on the notes. On 29 December 2010, the National Bank of Belarus introduced new 50- and 50,000-ruble banknotes to bring the inscriptions on the notes into compliance with the new rules of Belarusian spelling and punctuation. The images, colors, and sizes of the notes remain consistent with the preceding issues of the same denominations dated 2000. The modified 50-ruble notes also no longer has a security thread, and the modified 50,000-ruble notes have replaced the solid security thread for a 2-mm wide windowed security thread."[10]

2000 Series[2]
Image Value Dimensions Main Color Description Date of
Obverse Reverse Obverse Reverse printing issue annul
1 ruble 110 x 60 mm Green The building of the National Academy of Sciences of Belarus Denomination in figures 2000 January 1, 2000 January 1, 2004
5 rubles Rose-red View of the Trayetskaye Pradmyestsye in Minsk July 1, 2005
10 rubles Light blue The building of the National Library of Belarus March 1, 2013
20 rubles 150 x 69 mm Olive-yellow The building of the National Bank of Belarus The interior of the building of the National Bank of Belarus
50 rubles Orange-red The Kholm Gate - fragment of the Memorial Brest Hero-Fortress The main entrance to the Memorial Brest Hero-Fortress July 1, 2015
100 rubles Green The National Academic Great Opera and Ballet House of Belarus in Minsk Scene from ballet "Favourite" by E.A. Hlebau January 1, 2017
500 rubles 150 x 74 mm Light brown The Republican Trade Unions' Palace of Culture in Minsk Architectural decorations on the Republican Palace of Culture of Belarus
1,000 rubles Light blue The National Museum of Arts of Belarus in Minsk Fragment of the picture "Portrait of the wife with flowers and fruits" by I. Khrutski
5,000 rubles Light violet The Palace of Sports in Minsk Image of the "Raubichy" sporting complex
10,000 rubles Pink Panorama of Vitebsk city Summer amphitheatre in Vitebsk April 16, 2001
20,000 rubles Grey Gomel Palace A view of the palace from A. Idzkouski's picture in Homyel January 21, 2002
50,000 rubles Sky blue A castle in the settlement of Mir, Karelichy district, Hrodna Voblast Decorative collage of architectural elements of Mir Castle December 20, 2002
100,000 rubles Orange The Nesvizh Castle View of the Radziwills' Castle in Niasvizh from a painting by the Belarusian artist Napoleon Orda July 15, 2005
200,000 rubles Light green The Mogilev Maslennikov Art Museum Decorative collage of architectural elements of the museum building March 12, 2012
These images are to scale at 0.7 pixels per millimeter. For table standards, see the banknote specification table.

Third ruble

In 2016, banknotes will be introduced in denominations of 5, 10, 20, 50, 100, 200, and 500 rubles. On 4 November 2015 the National Bank of the Republic of Belarus announced that the banknotes that has been in use at that time will be replaced by the new ones due to the upcoming redenomination.[8] The redenomination will be made in a ratio of 1:10,000 (10,000 rubles of 2000 pattern = 1 rubles of 2009 pattern). This currency reform also brings the introduction of coins, for the first time in The Republic of Belarus.[11]

The banknotes are printed by the United Kingdom-based banknote manufacturer, security printing, paper-making and cash handling systems company De La Rue. As for coins, they have been minted by both the Lithuanian Mint and the Kremnica Mint.[12] Both banknotes and coins have been ready in 2009, but the financial crisis prevented them from being put into circulation immediately, resulting in a 7-years delay conditional on the necessity to lower inflation.

2009 Series
Image Value Dimensions Main Color Description Date of
Obverse Reverse Obverse Reverse printing issue annul
5 rubles 135×72 mm Brown Tower of Kamyenyets in Kamyenyets collage on the theme of the first Slavic settlements 2009 year July 1, 2016
10 rubles 139×72 mm Light blue Transfiguration Church in Polatsk collage on the theme of enlightenment and printing
20 rubles 143×72 mm Yellow Rumyantsev-Paskevich Residence in Homyel collage on the theme of spirituality
50 rubles 147×72 mm Green Mir Castle in Mir collage on the theme of art
100 rubles 151×72 mm Turquoise Nesvizh Castle in Nesvizh collage on the theme of theater and folk holidays
200 rubles 155×72 mm Violet Regional Museum of Art in Mahilyow collage on the theme of crafts and town-planning
500 rubles 159×72 mm Pink/blue The building of National Library of Belarus in Minsk collage on the theme of literature
These images are to scale at 0.7 pixels per millimeter. For table standards, see the banknote specification table.

Exchange rates

On January 2, 2009, the Central Bank of the Republic of Belarus lowered the exchange rate of the ruble by 20%.

On May 24, 2011, the Central Bank of the Republic of Belarus lowered the exchange rate of the ruble by 56%.[13] Alexei Moiseev, chief economist at Russia's VTB Capital, said at the time that "a '91-style meltdown is almost inevitable," referring to the crisis which accompanied the dissolution of the Soviet Union.[14]

On October 20, 2011 the exchange rate of the Belarus ruble dropped 34.2% (from Br 5,712 to Br 8,680 per USD) when it was fully floated following demands to do so by Russia and the IMF.[15]

In January 2015, the Central Bank of the Republic of Belarus devalued its currency by 23% against the United States dollar despite efforts to keep Russia's ruble crisis from spreading across the border. As of February 1, one U.S. dollar was worth 15,400 Belarussian rubles; by Tuesday it fell to 15,450 rubles to the dollar, as per data from the Belarussian Central Bank's website.[16]

Current BYR exchange rates
From Google Finance: AUD CAD CHF EUR GBP HKD JPY USD RUB
From Yahoo! Finance: AUD CAD CHF EUR GBP HKD JPY USD RUB
From XE: AUD CAD CHF EUR GBP HKD JPY USD RUB
From TransferWise: AUD CAD CHF EUR GBP HKD JPY USD RUB
From OANDA: AUD CAD CHF EUR GBP HKD JPY USD RUB
From fxtop.com: AUD CAD CHF EUR GBP HKD JPY USD RUB
From Currency.Wiki: AUD CAD CHF EUR GBP HKD JPY USDRUB
Belarusian rubles per currency unit (yearly average rate)[17]
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Euro 2,684 2,681 2,692 2,937 3,135 3,885 3,950 6,432 10,713 11,782 13,574 17,610
Russian ruble 75.00 76.14 78.90 83.91 86.17 88.06 98.11 157.43 268.28 278.85 269.02 260.57
United States dollar 2,160 2,154 2,145 2,146 2,136 2,792 2,978 4,623 8,336 8,876 10,216 15,865

See also

References

  1. ↑ http://kp.by/daily/25840.3/2811879/
  2. 1 2 3 4 National Bank of the Republic of Belarus. "NBRB banknotes". Retrieved 2006-12-30.
  3. ↑ "Will rouble become Belarus currency?". Pravda.ru. 2003-12-02. Archived from the original on 29 September 2007. Retrieved 2007-10-01.
  4. ↑ Belarus new redenominated notes (B137 - B143) reported for 01.07.2016 introduction BanknoteNews.com November 5, 2015. Retrieved on 2015-11-05.
  5. ↑ On redenomination of the Belarusian ruble since July 1, 2016 National Bank of the Republic of Belarus (nbrb.by). Retrieved on 2015-11-05.
  6. ↑ "ISO 4217 Amendment #161, 18 December 2015", ISO 4217 Maintenance Agency
  7. 1 2 http://www.nbrb.by/Press/?nId=1214 О проведении с 1 июля 2016 г. деноминации белорусского рубля
  8. ↑ "Banknotes and Coins of the National Bank of the Republic of Belarus". National Bank of the Republic of Belarus. Retrieved 2012-06-15.
  9. ↑ Linzmayer, Owen (2011). "Belarus". The Banknote Book. San Francisco, CA: BanknoteNews.com. Retrieved 2011-08-21.
  10. ↑ http://www.ctv.by/novosti-minska-i-minskoy-oblasti/denominaciya-v-belarusi-chto-izmenitsya-s-prihodom-novyh-deneg
  11. ↑ http://people.onliner.by/2015/11/10/denominaciya-6
  12. ↑ http://bnn-news.com/2011/05/24/world/panic-ensues-belarus-residents-56-devaluation-national-currency
  13. ↑ Stern, David L., Belarus faces an economic precipice, GlobalPost, May 31, 2011 06:34. Retrieved 2011-08-15.
  14. ↑ http://www.france24.com/en/20111020-belarus-ruble-sinks-34-full-free-float
  15. ↑ "Belarusian Ruble Drops 20% Against Dollar in January". The Moscow Times. February 3, 2015. Retrieved August 9, 2015.
  16. ↑ National bank of the Republic of Belarus: Belarusian Ruble Official Average Exchange Rate against foreign currency

External links

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