Belarusian rubles after redenomination. The history of the fall of the ruble in Belarus. …To the present day. What prices will everyone write at now?

When planning a trip to Belarus, it will be useful to familiarize yourself with the features of the country’s payment system. But this article contains valuable information on this topic not only for guests of the Republic, but also for its residents.

A little history

The Belarusian ruble is a relatively young national currency in Belarus. The monetary unit began its history of formation in the first half of the 90s, when the Soviet Union collapsed, Belarus became isolated, and the country began to need its own money. Since 1992, coupons have been in circulation, but non-cash payment transactions were already carried out in Belarusian rubles. In 1993, there were payment cards, and starting from the end of July of that year, Soviet rubles began to be withdrawn from monetary circulation.

Since 1994, the Belarusian ruble has rightfully acquired the status of the country’s only currency.

Belarusian banknotes of the 1992 model

Belarusian banknotes of the 1994-1999 model

Belarusian banknotes of the 2000 model

Denominations

The formation of the country's modern money was long and, to some extent, thorny. Already in 1994, the Bank of Belarus carried out the first redenomination of the ruble by 10 times. In 2000, the currency underwent a second transformation into nominal value, but already 1000 times.

On July 1, 2016, the country's economy again required redenomination. The ratio was 1:10,000. Another innovation was that from the same time the minting of state coins began.

The ratio of banknotes after denomination in 2016 (money of the Republic of Belarus of the new sample and outdated)

Commemorative coins

Previously, the Belarusian ruble did not have any units of exchange, however, since 1996, the National Bank of the Republic of Belarus has been issuing commemorative coins, which are legal tender and represent a certain value for collectors. Such coins are minted from gold, silver or copper-nickel alloy on various themes.

Modern money of Belarus

Previously, the lack of coins distinguished Belarus from other countries. But this was done in order to save the state budget.
Currently, modern Belarusian rubles (abbreviated “Br”) are represented by:

banknotes in denominations of 5, 10, 20, 50, 100, 200 and 500 rubles;
coins in denominations of 1, 2, 5, 10, 20 and 50 kopecks, as well as 1 and 2 rubles.

In this case, 1 ruble is equal to 100 kopecks.
Both coins and paper bills are regulated by the National Bank of the Republic of Belarus.

I am looking for a currency exchange

For both guests and residents of the country, currency exchange is a sensitive and pressing issue. Therefore, we further suggest that you familiarize yourself with the features of the conversion of Belarusian rubles.

Upon arrival

Since the Belarusian currency is not freely convertible, it will not be possible to purchase it before entering the country.

Banks in Belarus easily convert foreign money into national money. You can exchange existing banknotes of other countries for Belarusian rubles at currency exchange offices. Such points are located in bank branches, shopping centers, markets, hotels. You can also convert cash at airports and train stations, but the exchange rate there is very unfavorable, so it’s better not to change money unless absolutely necessary.
It is convenient to quickly analyze exchange rates using special online services that collect up-to-date information from the websites of local banks.

NA note: usually the most favorable currency exchange rates are offered by medium and small banks.

Upon departure

When leaving Belarus, you should take care in advance to transfer money into the currency of the country of arrival. In this case, it is better to be guided by the golden rule: do not put all your eggs in one basket. Namely: take a small part in cash, changing it at the exchanger at the most favorable rate, and transfer the rest to the card. When heading to the countries of the European Union, you should issue a card in euros, to all other countries - in US dollars. In this case, when paying, the conversion will be direct: the local currency will be converted into EUR or USD. But paying with a ruble card abroad is extremely unprofitable due to double conversion: first from the local currency into euros or US dollars, and then into Belarusian rubles.

On the border

When making any payment transactions on the territory of Belarus, it is important not to forget to keep the stamped checks, indicating the transaction. Perhaps they will be checked at customs.

In addition, since 2013, a value added tax (VAT) refund system has been in place for foreign citizens for purchases made on the territory of Belarus when leaving it. This system is called Tax Free, and about 50 countries are connected to it. It should be taken into account that:

it does not apply to residents of Belarus, Russia, Kazakhstan, Armenia and Kyrgyzstan;
the price of goods must be subject to VAT of 20%;
the purchase amount must exceed 80 Belarusian rubles, and it must be made within 1 day in 1 store;
refund amount – 12.5% of the purchase amount without commissions;
when purchasing, you must have a passport and notify the seller of your intention to issue a “VAT refund check” (hereinafter referred to as the “Check”);
the receipt must be marked with a note about the removal of the goods, with the original cashier's receipt attached and a copy of the seller's receipt;
provide the goods to customs officers strictly within 3 months from the date of purchase;
at customs, have unused goods in intact packaging, a passport, a buyer's receipt (with attached receipts);
within 6 months after export, you must send the original Receipt to RUE Beltamozhservice, indicating the recipient’s bank card details on the envelope (sending is free);
refund of the VAT amount in the recipient’s currency is made within 30 days from the date of receipt of the letter by employees of RUE “Beltamozhservice”;
The refund amount can also be paid in cash at a special Tax Freecash Refund point (at the Minsk National Airport).

participating in the Tax Free program:

Bank cards

Among all payment methods in Belarus, the most popular is non-cash payment via bank payment cards.

Of the debit plastic cards in the republic, Visa and MasterCard are most often used; there are also Belcard and Maestro. And among credit cards (more precisely, installment cards: the annual percentage is 0.000001%) the most popular among the population are Halva (MTBank), Purchase Card (Belgazprombank), Smart Card (Moscow-Minsk Bank), Magnit "(Belarusbank), "Turtle" (VTB Bank).

Traveler's checks

Until 2013, when traveling to Belarus, you could use AmericanExpress traveler's checks, which were the only payment system of this type. Today such a payment system does not function in the country.

Electronic payment systems

Convenient and modern electronic payment systems operate in Belarus. Popular Belarusian EPS:

electronic wallets – EasyPay, WebMoney;
payment via smartphone – iPay, ;
payment systems by bank cards – WebPay, bePaid, Assist Belarus;

Tokens and payment cards

Since coins appeared in circulation not so long ago, tokens and payment cards have remained relevant in the country. Where they can be applied and purchased:

For travel on the subway. Plastic cards and metro tokens are sold at each station.
Operating payphones are installed on city streets, which are activated via smart cards. You can buy them at newsstands or at supermarket checkouts.
Vending machines, of which there are few in the republic, accept special tokens for payment, which are also available in newspaper stalls. By the way, the vast majority of vending machines are equipped with coin and bill acceptors, and national currency is accepted for payment.

A couple of decades ago, to the question “What kind of money is there in Belarus?” there was no clear answer. But now there is an active development of not only the Belarusian currency, but also electronic payment systems.

The denomination of the Belarusian ruble is scheduled for July 1, 2016 in Belarus. The order on this was signed on November 4, 2015 and is contained in Presidential Decree No. 450 “On the denomination of the official monetary unit of the Republic of Belarus.” On this day, banknotes of a new type (2009) will be introduced into circulation. Along with the new money, the old rubles will be in circulation until December 31, 2019.

What is the essence of the denomination?

At its core, denomination is a purely technical operation. This is how it mainly differs from a full-fledged monetary reform. In simple words, old banknotes are replaced with new ones. This is due to a certain convenience and the reduction of zeros on banknotes. As for the general characteristics, during denomination there is a reduction in the money supply. The economic foundations of the state, as a rule, are not affected. The main goal of the denomination process is to simplify and stabilize the state's monetary system.

What is remarkable about the denomination of the Belarusian ruble in 2016?

The current denomination in the history of sovereign Belarus is the third. Its main feature is the largest reduction of zeros (three at once) and the maximum approximation of the denomination to the main convertible foreign currencies (US dollar and euro). So, 10,000 Belarusian rubles of the 2000 model will be equal to 1 ruble of the 2009 model. One new ruble is equal to 100 kopecks. In addition, metal coins are being introduced in the country for the first time since independence.
Preparations for the denomination took a long time. The development of a new version of the Belarusian ruble began back in 2008; the banknotes themselves were printed a year later. Due to the fact that a large-scale global economic crisis occurred in 2009, it was decided to postpone the renewal of the national currency until better times. All this time, rubles ready for circulation were in the vault of the National Bank of the country.

What are the features of the new version of the Belarusian ruble, model 2009?

Firstly, the already printed banknotes bear the signature of the former Chairman of the Board of the National Bank of Belarus P.P. Prokopovich, who currently does not hold this position. The second remarkable fact, which is criticized by many linguists, is the presence on the fifty-ruble banknote of the inscription “pyatsdzesyat”, which does not correspond to the current spelling rules of the Belarusian orthography. Instead of "e" there should be the letter "i". This rule is specified in the law of the Republic of Belarus dated July 23, 2008 No. 420-Z “On the rules of Belarusian spelling and punctuation.”

How long has the denomination been planned?

The country's authorities have been hatching long-standing plans to denominate the national currency for quite some time. Actual confirmation of this is the indication of the year the banknote sample was developed - 2009. Alexander Lukashenko first voiced the idea of denomination in 2014, answering questions from Belarusian journalists. The President also said that technically everything is ready to update the national currency and the process can be launched at any time. At the same time, the head of state noted that for a calm and systematic denomination, several conditions must be present: the absence of sudden changes in exchange rate differences, as well as maximum protection of the national economy from the influence of global processes.
What is noteworthy is that Lukashenko assured the population that there is no need to fear devaluation during the denomination. The country’s economy is stable and nothing can provoke it into negative consequences after the formal renewal of the Belarusian ruble.

Why is denomination carried out?

It is believed that the new Belarusian ruble will become a “stronger” national currency in comparison with the main convertible foreign currencies. Despite the fact that citizens of Belarus, unlike foreigners, have long been accustomed to a large number of zeros, it is expected that it will become easier to pay with the new banknotes. Moreover, both for individuals and for other entities. The only concern some people have is the introduction of coins into circulation, which can be lost out of habit. In addition, the wallets of most Belarusians are not suitable for storing them. At the same time, the listed “inconveniences” are certainly temporary. For the state, denomination is beneficial in that government expenses for maintaining cash transactions will be reduced.

An important feature of the redenomination is the fact that the process in no way affects the purchasing power of the Belarusian ruble. The current exchange rate of the national currency will be equal to the exchange rate of the Belarusian ruble without zeros. Thus, the ratio of the Belarusian ruble to the dollar will be approximately 2 to 1.

What period does the denomination cover?

As stated above, the denomination of the Belarusian ruble is officially scheduled for July 1, 2016. The main process of exchanging old banknotes for new ones will take place until December 31 of the current year. Further, for three years, until December 31, 2019, the Belarusian ruble of the 2000 model will be mandatory accepted for payment by all institutions and entities. After this, the National Bank of the Republic of Belarus will accept previous money for another 2 years - until December 31, 2021.

How will banks work on redenomination day, July 1?

The National Bank has made a decision that allows banks not to serve clients on the day of denomination and the first day after. This decision is justified by the fact that banks need to reconfigure the software and recalculate customer accounts. Also, on the day of denomination, the automated interbank settlement system will not work.
The main difficulty for bank clients on July 1 and 2 will be the inability to transfer funds from one bank to another.
The regulator noted that difficulties may arise with other operations: settlements using payment cards, accepting loan payments, etc.

What will the new money look like?

The general theme of the new banknotes is “Maya Krajina - Belarus”. Each banknote corresponds to a specific region of the country and separately to Minsk. The relationship between denomination and area is presented in alphabetical order. Thus, the image of a banknote with a face value of 5 rubles is dedicated to the Brest region, 10 rubles - to the Vitebsk region, 20 rubles - to the Gomel region, 50 rubles - to the Grodno region, 100 rubles - to the Minsk region, 200 rubles - to the Mogilev region, 500 rubles - to Minsk.

As for the coins, the State Emblem of the Republic of Belarus will be depicted on the front side (obverse), and the digital denomination of the coin will be depicted on the reverse side (reverse).

How will prices be formed after the redenomination?

Prices and services from July 1, 2016 will be formed on a scale of 1:10,000. As a clear example of pricing, we can cite a product whose cost before denomination was 300,000 rubles. After the financial transaction, the product will cost 30 rubles.
To make it easier for consumers to adapt to the new money circulation, from July 1 to December 31, 2016, all business entities are required to indicate two prices on the price tag: new and old. Some retail chains and other business entities began doing this on April 1, 2016.
What is noteworthy is that when recalculating salaries, pensions, benefits, institutions and organizations will adhere to a similar principle of indicating prices.

What will the new price tags look like?

From April 1, on the recommendation of the Ministry of Trade, new price tags began to appear in stores indicating the price of goods in two forms: current and after denomination. So, on the price tag next to the current value the “new” value after denomination is indicated. One of the first to make changes was the Radziwillovsky grocery store, which is located in the Stolitsa shopping center. Other popular retail chains in Minsk and other cities followed his example.

At the beginning of November 2015, the President of the Republic of Belarus signed a law on the redenomination of the official banknote in the summer of 2016. This entire denomination in Belarus has become the largest, and the news about the change of banknotes is one of the loudest in recent times. What led to the depreciation of the Belarusian currency and what will happen after the redenomination?

and why is it needed

Denomination is an economic procedure that is carried out with the aim of changing the nominal value of the national currency in order to stabilize money circulation after hyperinflation and simplify the payment procedure.

What will happen after the denomination in Belarus? During the procedure, old banknotes are exchanged for new ones, usually of lower value (face value), but with the same purchasing power. The denomination provides for the gradual withdrawal of the old currency from circulation. If this happens over several weeks, then most often not the entire money supply is exchanged, which causes additional problems associated with the subsequent inability to exchange currency and loss of funds. If several years are allotted for the procedure, when old banknotes circulate along with new ones, and currency can be freely exchanged for new money, then the process occurs, albeit slower, but more harmoniously and stably.

During denomination, salaries, tariffs, the cost of food and services provided, scholarships, pensions and other social benefits are recalculated. The state gets rid of excess money supply, which allows:

further reduce the costs of issuing new banknotes of larger and larger denominations;
simplify all calculations: both daily household expenses and monthly income of the population, as well as calculations at the state or international level;
identify hidden incomes of the population, since in order to avoid financial losses, all savings are exchanged, and non-cash funds are transferred into cash;
strengthen the national currency in relation to the banknotes of foreign countries.

Denomination is usually carried out after hyperinflation. In other cases, the procedure can undermine the stability of the country’s economy and negatively affect the psychological state of the population. In addition, when denomination is carried out “not according to indications,” purchasing power suffers.

In simple words about denomination

What is this? Simply put, denomination in any country in the world (including denomination in Belarus) is a process when a certain number of zeros are “removed” from a currency, depending on the scale of previous hyperinflation, that is, a sharp and significant depreciation of money.

What will happen to prices and tariffs? In connection with the procedure, all prices and payments (salaries, tariffs, social benefits, scholarships) are recalculated to new money without changes.

Why is denomination needed? The procedure makes it possible to simplify calculations, increase the status of the national currency and, in the future, reduce government costs for issuing banknotes of ever larger denominations.

Reasons for denomination in Belarus

The denomination in Belarus is carried out due to hyperinflation. The country has been experiencing a depreciation of the national currency since independence. From 1992 to 2012, the monetary unit depreciated 237.5 million (!) times, which is almost 12 million percent per year. However, hyperinflation in Belarus is not so “stable”: the highest percentages occurred in the 1990s, and in the 2000s, inflation could be more than fifty percent per year. For comparison: a normal inflation rate is considered to be 3-5% per year.

A rather strange situation has become the reason that every first resident of Belarus can rightfully consider himself a millionaire. One pair of high-quality jeans, for example, cost a little more than one million Belarusian rubles, and the average salary of a doctor was six million.

What will be the denomination in Belarus?

The redenomination in 1994 made it possible to remove only one zero from the national currency in relation to the 1993 banknotes. In 2000, one thousand was exchanged for one ruble, and in 2016 the exchange ratio will be 1 to 10,000.

A similar situation occurred only in one of the union republics. Thus, in 1995, Georgia reduced the value of the national currency by a million times, but it is also far from Belarus, where the ratio of the 2016 ruble to the 1993 currency was 100 million times.

What will happen after the 2016 denomination? The denomination of the ruble in Belarus in 2016 involves “reducing the number of zeros” on banknotes by 4. Thus, if a certain product previously cost 1,000,000 rubles, now its price will be 100.

Timing of the economic procedure

Money denomination in Belarus will be carried out until the end of 2021. The process started on July 1, 2016 and includes the following stages:

until December 31, 2016, money exchange is carried out without restrictions, the old and new currency are in parallel circulation;
until December 31, 2019, exchange will be possible in banks and non-banking organizations;
Until December 31, 2021, old banknotes can only be exchanged for new ones at the National Bank.

Until the end of this year (2016), sellers are required to indicate two prices simultaneously: the cost of goods and services before and after denomination.

What will the new banknotes be like?

Each of the new banknotes will be dedicated to one of the six regions of the country and the capital. When developing the design, images of architectural monuments were used. Eight coin denominations have also been prepared. according to the President of the Republic of Belarus, “they are somewhat reminiscent of the euro.”

Even the National Bank indicated in its official statement that the new banknotes are somewhat unusual (“have some features”). Firstly, there will be a spelling error on the fifty-ruble bill, and secondly, P. Prokopovich, who no longer holds this post, will be indicated as the head of the National Bank on the new banknotes. Such confusion resulted from the fact that preparations for a large-scale denomination in Belarus began back in 2008, when part of the banknotes were printed, but the global financial crisis prevented the plan from being carried out. Since then, the republic has managed to carry out a language reform and change the head of the National Bank.

Rate against other currencies

What will happen after the denomination in Belarus in relation to other currencies? Some online converters currently consider the exchange rate the same as before the denomination, others have already “rebuilt”.

At the moment, one ruble costs 33 Russian or 13 hryvnia. One dollar after redenomination in Belarus costs a little less than two rubles, one euro - a little more.

The history of the Republic of Belarus is rich in important events related to its currency. This includes the introduction of the state’s own money into circulation, hyperinflation, and redenomination. It is worth noting that the measures taken by the government led to a reduction in inflation to minimum values, and in certain periods of 2018 deflation was observed. Let's take a closer look at what kind of money is circulating in Belarus now.

Official currency in 2018

In 2018, the approved name of the currency of the Republic of Belarus is the Belarusian ruble. The monetary unit has been called this way since 1992 after the collapse of the USSR. Its symbol is Br (the letter B means the word “Belarusian”, and the r means “ruble”). Some sources note that initially the government planned to give it a different name - “thaler”. In the international format, the Belarusian ruble is indicated in the form of three capital letters - “BYN”.

Over all the years of its existence, the ruble of the Republic of Belarus has gone through three stages of monetary reform:

1994 - 10 times (one zero was removed from banknotes).
2000 – 1000 times (three zeros were removed from banknotes).
2016 – 10,000 times (4 zeros were removed from banknotes).

Denomination means a process (reform), after the completion of which the nominal value of banknotes - their denomination - changes. In simple words, this is the replacement of old money with new ones, with fewer zeros. The main purpose of this is to stabilize the currency, simplify payments and remove excess money supply.

Denomination is possible only in two cases:

If hyperinflation has occurred in the state (a large amount of money has caused inconvenience in its use).
The state went through a crisis, after which the economic situation became stable, the inflation rate was no more than 12%, banking institutions provided loans to the population on favorable terms in relation to monetary policy.

As of November 7, 2018, the Central Bank of the Russian Federation established that for 1 Belarusian ruble you can get 31.11 Russian rubles or 0.47 US dollars (100 BYN = 47.04 $).

In 1992, when the all-Soviet financial system collapsed, the government of the Republic of Belarus introduced first coupons as money, and then NB banknotes. According to the official exchange rate, 1 payment ticket was equal to 10 Soviet rubles. From July 1 of the same year, it became possible to make payments using non-cash Belarusian rubles. In the second half of July 1993, the final process of withdrawing Soviet money from circulation began. And in 1994, the Belarusian ruble was finally approved as the only legal currency that could be used to pay in shops, cafes and other places.

Exchange foreign currency into Belarusian rubles

The Belarusian ruble is non-convertible currency, so it is impossible to purchase it in other countries. But within the state, exchange from any monetary unit is available. To carry out transactions, you must contact the exchange office. As a rule, they are located at airports, railway stations and large shopping centers.

A valid passport is required to exchange money. Receipts or checks issued by exchange office employees must be kept, since border guards will require them to be presented when leaving Belarus.

What has changed since the reform in 2016

On November 4, 2015, Alexander Lukashenko approved and signed decree No. 450 “On the denomination of the official currency.” Based on this paper, in the period from July 1, 2016 to December 31, 2016, a reform should be carried out - the denomination of the Belarusian ruble. The old banknotes, manufactured in 2000, were replaced by paper banknotes and coins of a new type, issued in 2009, in a ratio of 10 thousand to 1. Thus, the banknote with the smallest denomination of 100 rubles was replaced by a coin of 1 kopeck, and 500 new, relative to the denominated ruble, equals 5 million.

Until July 1, 2016, coins were not used in the Republic of Belarus. Until this time, they were issued as commemorative ones, not intended for circulation - they could not be used to pay for services or goods.

Today, banknotes of seven denominations are in circulation in the territory of the Republic of Belarus - 5, 10, 20, 50, 100, 200 and 500 rubles. Metal coins of eight denominations were also used - 1, 2, 5, 10, 20, 50 kopecks and 1 and 2 rubles. Visually, the new banknotes look almost the same as the old ones. Their size is almost identical; images of cities and landmarks are not missing. The only difference is for banknotes with a face value of less than 100 rubles. Now images of animals, including the well-known bunnies, are no longer applied (previously they decorated paper bills in denominations of 1 ruble).

Changes in trade and prices after the 2016 redenomination

Starting from July 1, 2016, price tags in stores, of course, were not completely changed to new ones. Even the government decided at first to indicate two prices for the convenience of citizens. The first is based on monetary units of 2000, and the second is based on the new banknotes issued in 2009. This continued until January 1, 2017, until it was published decree, according to which trade and service enterprises had to indicate the cost only in the new monetary unit.

The redenomination process led many Belarusians and financial experts to think about an increase in prices for commercial products due to a decrease in the number of zeros on banknotes. However, according to official statistics, the inflation rate did not reach the predicted parameter for 2016, that is, 12%. It was recorded at 11.8%, the country's government took various containment measures ().

It should be noted that there were still cases when sellers of vegetables, confectionery and other types of goods hoped for the “effect of small numbers”. That is, if previously 1 unit of goods cost 5 thousand rubles (50 kopecks at new prices), then after the reform it can be sold at twice the price - for 1 ruble. The calculation failed, buyers felt the difference, and the state did its best to stop the rise in prices.

The economy and Belarusian society have fully adapted to the new banknotes and coins, which were introduced into circulation exactly a year ago after the redenomination that took place on July 1, 2016.

Sputnik recalls how the redenomination took place in Belarus, and also analyzes how the “cutting off of extra zeros” was perceived by the economy, the banking community and ordinary citizens, and what consequences the redenomination had on prices.

Denomination: third and most difficult

The denomination took place in Belarus on July 1, 2016: new banknotes and coins of the 2009 model were introduced into circulation. At the same time, coins appeared for the first time in the history of a sovereign republic.

The denomination became known back in 2015: the decree on the denomination in Belarus was signed by the President of Belarus Alexander Lukashenko on November 4, 2015.

The latest denomination also became the most technically complex: not only banking equipment had to be converted to the new software, but also thousands of ATMs, payment terminals in stores, catering and service establishments, vending machines, machines in parking lots and gas stations. In addition, it was necessary to reconfigure remote banking systems, mobile banking and Internet banking, change price tags in stores and carry out many other technical measures. The information work that, starting in November 2015, was carried out by the National Bank, commercial banks and trade and catering enterprises was also extensive.

On average, banks' costs for reconfiguring equipment were estimated at millions of dollars.

It is noteworthy that since July 1, Belarus has not only replaced banknotes: government budget documents, international and domestic obligations of the government and the National Bank have been transferred to new units of measurement, the assets of all enterprises, the value of shares, bonds and other securities in Belarusian rubles have been recalculated. Salaries, amounts on current accounts, loans and deposits of citizens in Belarusian rubles were also subject to a “minus four zero” adjustment.

Why was the denomination carried out in Belarus?

Belarusians have been waiting for the denomination since about 2011, but for several years the Belarusian authorities have been insisting that it is not yet time for monetary reform: inflation is too high.

About a year before the redenomination, the former head of the National Bank, Nadezhda Ermakova, joked in communication with journalists that there was no point in carrying out the redenomination yet: according to her, the number of zeros is still placed on the banknotes, and the banknotes themselves are in the wallets of citizens.

However, already in 2015, when Belstat published data on the results of the Belarusian economy for 2014, it became clear that the size of the country’s GDP “does not fit into trillions of rubles,” and Belarusian journalists who were not particularly knowledgeable in mathematics, and at the same time Belstat, had to urgently remember , what is the name for numbers greater than a trillion.

By this time, other calculations of large sums had also become excessively cumbersome.

Another unofficial reason in society is the fact that new money printed in 2009 and placed in the National Bank’s vault allegedly began to deteriorate. Presenting the new money to journalists, the National Bank denied this information, but immediately after July 1, citizens were massively faced with defects on coins.

How was the new Belarusian money introduced?

Belarusian commercial banks began loading new cash into ATMs in advance and warned citizens that bank branches and remote banking services would not work. In addition, the National Bank allowed banks on July 1 not to provide customer services due to the fact that a number of operations will be limited.

On the day of denomination, many banks did not work; on Saturday and Sunday, July 2-3, a number of bank branches worked in a limited mode, only some operations were available to customers - mainly currency exchange and money change.

For several days the country switched almost entirely to cash circulation.

Already from zero on July 1, many ATMs began to issue new banknotes to customers, but in the first days after the redenomination, change in stores was given out in old money.

In those days, there were problems with paying at payment terminals that accept cash, as well as at parking meters and vending machines, and, for example, residents of Minsk had to run around looking for old money.

It is noteworthy that initially there were cases when Belarusians could receive Russian coins for change at markets.

How did trade react?

Trade switched to new price tags gradually.

At first, in order for citizens to get used to the ratio of new and old prices, prices were indicated on price tags in monetary units of 2000 and 2009. Double price tags did not appear in stores immediately, although retail enterprises were seriously preparing for the denomination.

From January 1, 2017, in accordance with the provisions of the decree on denomination, trade, catering and industry enterprises were required to indicate prices for goods and services only in new monetary units. True, at the beginning of December 2016, MART clarified that the process of changing labels is slow, and allowed the trade to spend some time on this work - but no more than two months.

Now in Belarusian stores all price tags are only in 2009 monetary units.

Where did the old money go?

The parallel circulation of banknotes of the 2000 model and the 2009 model ended in Belarus on January 1, 2017. However, the National Bank began withdrawing old banknotes from circulation immediately after the redenomination.

As of the end of December 2016, 96% of the 2000 banknotes, or 58% of their number, were withdrawn from circulation, and 177.5 million obsolete banknotes were destroyed.

Now the withdrawal rate is slightly higher - about 97%.

Back in 2015, presenting new money to journalists, representatives of the National Bank said that banknotes of the 2000 model withdrawn from circulation would be crushed, pressed into special briquettes and buried in a secret storage facility. You cannot burn banknotes, since when such paper burns, many poisonous and toxic substances are released.

According to the National Bank’s calculations, there were a total of 600 million 2000 banknotes of various denominations in circulation. This is approximately 7.5 thousand containers used for interbank transportation, or 600 tons of banknotes. If it were necessary to simultaneously transport all these banknotes to the place of destruction, at least ten railway cars would have to be used.

Almost two-thirds of small money, used mainly for change, is still in the hands of citizens. The National Bank expected their receipt in the first quarter of this year, however, as experience shows, only half of such banknotes are returned to the cash desks of central banks.

The destruction process will be completed after the last 2000 banknote has been received.

Have prices changed after redenomination?

The main concern of financial experts and the population was that with a reduction in the number of zeros on banknotes, price growth would accelerate.

However, as official statistics showed, in 2016 inflation did not even reach the target level - with a forecast of 12%, prices increased by 11.8%.

However, as evidenced by independent price monitoring data from the Federation of Trade Unions of Belarus, which was made public on Wednesday, over the year prices for important goods increased not by 11.8%, but approximately twice as much - to 24%.

You can easily feel the difference between official and real inflation by buying, for example, greens from grandmothers near the metro or strawberries at the market.

A bunch of dill, which before the denomination cost 5 thousand rubles (50 kopecks in 2009 currency units), now, after the denomination, costs exactly one ruble (10 thousand rubles in 2000 currency units). This ratio is observed for almost all vegetable products and small confectionery products.

Financial experts believe that the so-called “low numbers effect” played a role here: when a person does not attach importance to small amounts of money and does not understand their real purchasing value. “It would seem like what fifty kopecks are. But with them you can buy a bun and a bottle of kefir and have lunch,” the head of Belgazprombank Viktor Babariko once noted in an interview with Sputnik.

Have Belarusians gotten used to the new money?

Over the past year, Belarusians have generally become accustomed to the new banknotes. Most citizens no longer recalculate prices into the usual “four zeros” calculation before July 1, 2016.

Citizens learned to pay not only in rubles, but also in kopecks, and understood how to compare the amounts they have with their planned expenses.

Currency relations have also become simpler.

Experts also say that the denomination had a positive psychological effect on the processes of de-dollarization of the economy. If earlier, in order to understand what amount we are talking about, given that millions of rubles were meant, everything had to be converted into dollars, today everyone understands: it is enough to simply divide the amount by two. The exchange rate of the Belarusian ruble to the dollar has been stable for a year and a half and fluctuates around 1.9-2 rubles per dollar.

Therefore, everyone understands: 100 rubles is 50 dollars. And if there is such an understanding, then why bother with unnecessary calculations.