What happens in Belarus after the denomination. The procedure for exchanging old money for new in Belarus
Now we will receive not only rubles but also pennies. Denomination will replace today's banknotes in a ratio of 1: 10000.
From July 1, 2016, the Republic of Belarus will hold a denomination of the official currency - the Belarusian ruble. The corresponding decision was adopted by decree of the President of the Republic of Belarus of November 4, 2015 No. 450. The denomination will be carried out by replacing the banknotes of the sample of 2000 in circulation with banknotes and coins of the sample of 2009 in the ratio of 10,000: 1. That is, the smallest bill today - 100 rubles - will be replaced by the lowest denomination of the new money series - 1 kopeck.
In total, from July 1, 2016, seven banknote denominations - 5, 10, 20, 50, 100, 200 and 500 rubles, and eight coin denominations - 1, 2, 5, 10, 20 and 50 kopecks, as well as 1 and 2 rubles.
What will the new money look like?
The general design concept for the new banknotes is in line with the motto “May Kraina - Belarus,” the National Bank’s press service said. Each banknote is dedicated to one of the regions of Belarus and the city of Minsk. The correspondence of the area to the face value of banknotes is determined in alphabetical order. The image of a banknote 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. In the design of new banknotes of the 2009 model, the continuity with respect to the banknote series of the 2000 model in terms of the use of images of monuments of architecture and urban planning is preserved.
On the obverse (front side) of the changeable (circulating) coins put into circulation the State Emblem of the Republic of Belarus is depicted, on the reverse (reverse side) - digital designations of coin denominations.
What to do with old money?
Until July 1, 2016, the only legal tender for cash payments in the Republic of Belarus will be banknotes of the 2000 model currently in circulation.
It will be possible to pay with current money until December 31, 2016 (half a year old and new money will be in parallel circulation and will be obligatory for acceptance when all types of payments are made by all business entities without restrictions).
When and where to exchange new old money for new?
Old money can be exchanged for new over the next five years in any amount without restrictions and without charging a commission.
- from January 1, 2017 to December 31, 2019 inclusively - at the National Bank, banks and non-bank financial institutions of the Republic of Belarus;
- from July 1, 2020 to December 31, 2021 inclusively - at the National Bank of the Republic of Belarus.
The largest bill - 500 rubles - how much?
In terms of current money, 500 new rubles are equal to 5 million. Recall today the largest bill is 200 thousand rubles. That is, from July 1, 2016, many people will be able to issue a salary with one bill.
Why was a denomination needed?
The decision on the denomination was made in order to improve money circulation, simplify accounting and calculations, maintain an optimal bill structure of the money supply, and significantly reduce government spending on servicing cash circulation in the Republic of Belarus.
- The denomination process is of a technical nature and will not affect the purchasing power of the Belarusian ruble, the exchange rate of the national currency against foreign currencies, as well as the actual inflation rate, - noted in the National Bank.
How not to get confused in the store?
If before the denomination any product cost, for example, 100,000 rubles, then after the denomination its price will be 10 rubles. At the same time, in order to make it easier for customers to adapt to such changes during the parallel circulation of old and new banknotes, that is, from July 1 to December 31, 2016, all business entities will be required to indicate two prices - the old and the new.
According to a similar principle, during the denomination, salaries, pensions, scholarships, cash balances on bank accounts, balances of enterprises and institutions, etc. will be recounted.
Why is the new banknote worth 2009 and the signature of P.P. Prokopovich?
Preparation for the denomination took a fairly long period. So, new banknotes, which will be put into circulation on July 1, 2016, were made by order of the National Bank of the Republic of Belarus back in 2008. However, then, in connection with the global economic crisis and, as a consequence, the worsening economic situation in our country, the denomination was postponed, and the banknotes made were transferred to the Central Bank of the National Bank.
Given the time of manufacture, the new Belarusian rubles have certain features. In particular, a facsimile of the signature of P.P. Prokopovich, Chairman of the Board of the National Bank of the Republic of Belarus at that time, was placed on the banknotes issued in 2009; In addition, on the new banknote with a nominal value of 50 rubles there is an inscription “five fifths” which does not comply with the current Belarusian spelling rules. In accordance with the Law of the Republic of Belarus dated July 23, 2008 No. 420-З “On the Rules of Belarusian Spelling and Punctuation”, this word should be written through the letter “I” in the second syllable - “five thousand”.
When the National Bank carries out subsequent orders for the production of new banknotes, these inconsistencies will be eliminated.
More recently, just in July last year, there was another denomination of the ruble in the Republic of Belarus. It is worth noting that it was not the only one, because after the collapse of the Soviet Union, denomination was carried out 4 times. The latest monetary reform greatly facilitated the settlement system in Belarus, because before it it was practically impossible to use monetary units comfortably. We answer the question why there was a denomination of money in Belarus in 2016, its causes and consequences.
What is the purpose of denomination?
In simple terms, what is a denomination, then in reality it is just a change in the nominal value of the national currency. This procedure is used to facilitate the settlement system, as well as to stabilize the economic situation within the state after the economic crisis or hyperinflation.
If we talk about the causes of denomination in general, then when it is conducted, the ratio of money changes in this case in Belarus it has changed 1 in 10,000and in Russia in 1998, the nominal value of the national currency decreased by 1000. Accordingly, after these measures, the entire cost of goods and services decreased also 10,000 times. Why do I need a regular denomination:
- to approve the national currency in relation to the world;
- reveal hidden on the income of the population;
- simplify the settlement system;
- reduce the cost of issuing new banknotes.
Please note that in most cases, monetary reforms are carried out during a crisis or after hyperinflation in order to restore the domestic economy.
Historical reference
As mentioned earlier, the denomination in Belarus was carried out repeatedly, and this only after the collapse of the USSR. The first monetary reform was carried out in 1992, when 1 zero disappeared from the nominal value of the national currency. At that time, the Belarusian rubles had an original design, because they were decorated with images of animals, and the people called them “bunnies”.
The second monetary reform was not long in coming, and was carried out 2 years after the first, then another zero disappeared from the national currency. But at that time, after leaving the USSR, Belarus gained independence and never carried out economic reforms, which led to inflation, so by the beginning of the new century there was again a need to denominate the currency, then the ratio was 1 to 1000.
The last denomination of the Belarusian ruble in 2016, as mentioned earlier, banknotes became 10,000 times less. One has only to think about that before the reform in circulation in the state there were banknotes of 2 and 5 million Belarusian rubles, and if translated into modern money, it is 200 and 500 rubles, respectively.
Please note that to date, the Belarusian ruble against the Russian 1 to 30.57, and the Belarusian ruble against the Russian ruble before the denomination was approximately 0.003057 to 1.
Reasons for monetary reform
Undoubtedly, the main reason for the denomination, including in Belarus, is the rapid increase in inflation in the country. Although the government of the country explains the reform by the fact that the need to reduce the number of zeros on banknotes is due to the fact that they are extremely inconvenient to use. In general, the denomination, as the government promises, will not affect the purchasing power of goods and services and will not damage the welfare of citizens of the republic.
Belarus currency before and after denomination
But it is also worth noting that inflation also has a place to be, which, in essence, is associated with economic stagnation and the need to carry out internal changes. Although, according to the statement of President Lukashenko himself, the country's economy is stable and updating the national currency will not lead to devaluation, which means that the residents of the state have nothing to fear.
To pay attention that monetary reform in Belarus is of a technical nature and will not affect purchasing power in any way.
Reform progress
The order on the denomination of the official currency of the Republic of Belarus was signed by the President of the Republic on November 4, 2015, and the reform itself began on July 1, 2016. For the full extraction of old banknotes from circulation, approximately six months were allocated until the end of 2016. Money was withdrawn on the territory of Belarus gradually, that is, citizens could pay both old banknotes and new ones, the remaining savings could be exchanged at the bank.
The peculiarities of this reform are that prior to its implementation they would have been in circulation only on paper bills. And today, residents of Belarus have the opportunity to use coins in denominations of 10.20, 50 kopecks 1 and 2 rubles. Among paper notes, banknotes in denominations of 5.10, 20, 50, 100, 200 and 500 rubles to date, the appearance of the banknote adorn the city of Belarus.
It is noteworthy that the implementation of monetary reform has been planned since 2009. It was then that the design began for new notes. The official version of the denomination appeared in 2014, voiced by its president Lukashenko in an interview with Belarusian journalists.
Consequences of the Reform
The denomination in Belarus 2016 did not bring any negative consequences for the population. First of all, it should be noted that this monetary reform was really necessary in the first place for the ordinary population. In addition, accountants and financial workers got a great advantage from her. In addition, President Lukashenko himself promised to “tear his head to everyone who raises the price of goods,” which means that the population of Belarus only benefits from the reform.
To summarize, monetary reform in Belarus is just a change that is technical in nature and not related to the internal economic crisis, although the inflation rate in the country exceeds the permissible limits, and amounts to 15-18% a year. In any case, the reduction of zeros in the face value of the monetary unit made life easier for Belarusians. Just imagine, in order to make any major purchase, the inhabitants of the country literally had to carry a bag of money with them, because, as already mentioned, the Belarusian ruble to ruble rate before denomination was 0.003057 to 1.
November 4, Minsk / Tatyana Polezhay - BELTA /. In Belarus from July 1, 2016 denomination will be held. According to BelTA in the press service of the President of the country, on November 4, Alexander Lukashenko signed a decree No. 450 “On the denomination of the official currency of the Republic of Belarus”.
The document decides to hold from July 1, 2016 denomination of the official currency of the Republic of Belarus and replace until December 31, 2016 circulating banknotes of the 2000 model in the form of banknotes for banknotes of the 2009 model in the form of banknotes and coins in the ratio of Br10 thousand in 2000 samples to Br1 in banknotes of the 2009 model.
Starting July 1, 2016, new money will appear in Belarus. What will the new money look like, whether people will lose their deposits, whether interest rates on loans will remain, whether the real sector of the economy will suffer - representatives of the National Bank answered these and other questions at a press conference on the denomination of the Belarusian ruble.
The leadership of the National Bank emphasized that the denomination of the national currency is a purely technical process, which involves the replacement of banknotes of the 2000 model with banknotes of the 2009 model.
In total, from July 1, 2016, seven banknote denominations will be issued - 5, 10, 20, 50, 100, 200 and 500 rubles, and eight coin denominations - 1, 2, 5, 10, 20 and 50 kopecks, as well as 1 and 2 rubles.
Commemorative banknotes issued by the National Bank from July 1, 2016 are subject to acceptance for all types of payments without restrictions in the ratio specified above, commemorative and bullion (investment) coins issued by the National Bank are subject to acceptance at face value for all types of payments no limits.
The decree establishes that 1 Belarusian ruble of the 2009 model is equal to 100 Belarusian kopecks of the 2009 model.
From July 1 to December 31, 2016 banknotes of the sample of 2000 and banknotes of the sample of 2009 are in parallel circulation and must be accepted for all types of payments without restrictions in the above ratio.
At the same time, it will be possible to exchange old banknotes for new ones:
from January 1, 2017 to December 31, 2019 inclusive - at the National Bank, banks and non-bank financial institutions of the Republic of Belarus;
from January 1, 2020 to December 31, 2021 inclusive - at the National Bank of the Republic of Belarus.
From January 1, 2020 to December 31, 2021 inclusively, old money for new can only be exchanged at the National Bank. From January 1, 2022, banknotes of the 2000 model will be considered invalid.
From July 1 to December 31, 2016, manufacturers, sellers, suppliers, performers and their representatives, when providing consumers with information about the offered goods (works, services), are required to indicate prices (tariffs) in banknotes of the 2000 model and banknotes of the 2009 model.
The National Bank has been instructed to ensure the issuance of banknotes of the sample of 2009 and the withdrawal of banknotes of the sample of 2000, subject to the provisions of the decree.
Alexander Lukashenko spoke about the denomination of the Belarusian ruble and what will be the new money on April 2, 2014, talking in Baranavichy with representatives of the labor collective of JSC 558 Aviation Repair Plant.
Banknotes and coins of the National Bank of the Republic of Belarus, issued since July 1, 2016
The general design concept for new banknotes is in line with the motto "May Kraina - Belarus". Each banknote is dedicated to one of the regions of Belarus and the city of Minsk. The correspondence of the area to the face value of banknotes is determined in alphabetical order. The image of a banknote 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. In the design of new banknotes of the 2009 model, the continuity with respect to the banknote series of the 2000 model in terms of the use of images of monuments of architecture and urban planning is preserved.
From July 1, Belarus switches to new money. Of course, this is an important stage in the life of the country and the Belarusian people, but in addition, it is also a real stressful situation for all citizens without exception. We all have a few more days so that the denomination is not taken by surprise, and the transition to new money is not fraught with frustration and problems.
5 things to do before denomination
Denomination is a difficult period not only for the population, but primarily for financial institutions and banks. They need to completely rebuild and reconfigure their systems to work with new money. Therefore, banks are already sending out information about their work schedule to their customers and warning: during the period from the afternoon of June 30 to July 4, interruptions in the work with payment cards and online payment systems are possible.
Stock up on cash
Particular attention should be paid to those fellow citizens who will be abroad these days: from the afternoon of June 30 until the morning of July 1 (and, possibly, throughout the day), the cards will not work. Therefore, withdraw cash in advance for 2-3 days.
It is worth stocking up in advance: banks need to reconfigure the operation of ATMs, so it is quite possible that some ATMs will not work on the 20th and 30th.
Pay utility bills, taxes, fines
Certainly pay all utility bills: for gas, water, light. How tariffs will be rounded in new money,. Pay for telecommunications services - Internet, phone, top up the balance of mobile communications. As already mentioned, online payments during the transition from June 30 to July 4 may work intermittently, and bank branches switch to special modes of operation.
Individual entrepreneurs and citizens who rent apartments are required to pay their monthly taxes in advance, up to the 1st day. If suddenly your payment does not pass due to the special denominational regime of banks, the tax will not make you any discounts and will be charged a fine, as on ordinary days.
Exchange currency
These days, exchange offices of all banks, without exception, are switching to a special mode of operation. Therefore, if you plan to buy currency or exchange foreign money for Belarusian rubles, do it in advance.
Settle with banks: loans and auto payments.
We want to pay special attention to the payment of monthly installments on loans. Many banks put loan repayment date last or first days of the month. Pay in advance to prevent delays: many banks will not make a discount on denomination, and in case of late repayment, they will be charged fines.
For those who have loan repayments (utility bills, mobile balance replenishment, etc.) set up by auto payment on the 30th or 1st, this time it is also necessary to make payment in advance, in “manual” mode. Auto payments may simply not go through due to technical work.
Carefully study the new denominations of money
Naturally, you need to know what the bills and coins put into circulation will look like. Look in advance at their appearance, study for yourself and tell your family about them. If your children already go to the shops for some kind of shopping, they should have an idea of \u200b\u200bwhat the new Belarusian banknotes and coins look like now, what a denomination is and how much, for example, will be 10,000 rubles in terms of new money.
What will be the new money in Belarus (photo and description)
What will the new bills and coins look like? The answer to this question can be obtained on almost any website of all financial organizations, in all banks, in retail outlets. In addition, by order of the government, in all institutions where the circulation of cash is provided (shops, markets, banks and post offices), color posters must be placed with samples of new money and their ratio to old ones.
Seven denominations of banknotes (5 r, 10 r, 20 r, 50 r, 100 r, 200 r and 500 r), and eight denominations of coins (1 cop, 2 cop, 5 cop, 10 cop, 20 cop and 50 kopecks, 1 rub and 2 rub).
From July 1, 2016 a denomination will be held in Belarus. On November 4, Alexander Lukashenko signed into action Decree No. 450 “On the Denomination of the Official Currency of the Republic of Belarus”. It is reported Tut. BY with reference to the press service of the President of Belarus.
The decree prescribed the denomination of the official monetary unit of the Republic of Belarus from July 1, 2016 and the replacement of circulating banknotes of the sample of 2000 in the form of banknotes with banknotes of the sample of 2009 in the form of banknotes and coins in the ratio of 10 thousand rubles in samples by December 31, 2016 2000 to 1 ruble in banknotes of the 2009 model. The largest will be a bill of 500 rubles.
Commemorative banknotes issued by the National Bank from July 1, 2016 are subject to acceptance for all types of payments without restrictions in the ratio specified above, commemorative and bullion (investment) coins issued by the National Bank are subject to acceptance at face value for all types of payments no limits.
The decree establishes that 1 Belarusian ruble of the 2009 model is equal to 100 Belarusian kopecks of the 2009 model.
From July 1 to December 31, 2016, banknotes of the sample of 2000 and banknotes of the sample of 2009 are in parallel circulation and are mandatory for all types of payments without restrictions in the above ratio.
Exchange of banknotes of the 2000 model for banknotes of the 2009 model is carried out without restrictions and without charging fees from January 1, 2017 to December 31, 2019 - at the National Bank, banks and non-bank financial institutions of the Republic of Belarus, from January 1, 2020 to December 31, 2021 - at the National Bank.
From July 1 to December 31, 2016, manufacturers, sellers, suppliers, performers and their representatives, when providing consumers with information about the offered goods (works, services), are required to indicate prices (tariffs) in banknotes of the 2000 model and banknotes of the 2009 model.
The National Bank has been instructed to ensure the issuance of banknotes of the sample of 2009 and the withdrawal of banknotes of the sample of 2000, subject to the provisions of the decree.
Recall that talk of denomination has been raised more than once. In 2014, Alexander Lukashenko at a meeting with media representatives said that the design of new banknotes and cents has already been approved and they "will somehow resemble the euro."
He also said then that a denomination would be announced in Belarus in six months. " We will think with experts when this period comes. You have to be very careful here- said the head of state. - We are ready to hold a denomination at any time. But still, even for this technical step, certain conditions must exist. There should not be such an interest rate, there should be no worries in the market so that the population does not worry. And in the economy so that there are no crisis».
« Therefore, we will select the time and declare this at least six months in advance.- said the president. - At the same time, at least both old rubles and new rubles will go at least in the course of the year».
The President noted that new money had already been approved, and, along with banknotes in Belarus, coins might also go around. According to the head of state, outwardly new money is similar to the euro.
« We do not hide, we have long been ready for this process- said Alexander Lukashenko. - But we must take the time so that in no case do people blame us for the fact that we held a denomination, and someone profited from it. I will have a strict requirement: if we round in prices, then only in a smaller direction. People here will not lose anything.».
The President once again assured that the holding of the denomination would be announced in advance. " I guarantee! I won’t cheat", The head of state said.