Belarusian ruble

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Belarusian ruble
беларускі рубель  (Belarusian)
белорусский рубль  (Russian)
Belarus-1992-Bill-0.5-Obverse.jpg Belarus-2000-Bill-500-Obverse.jpg
National Bank of Belarus, 1992 50 kapeykas reverse 500 rubles (2000)
ISO 4217 code BYR
Central bank National Bank of the Republic of Belarus
 Website www.nbrb.by
User(s)  Belarus
Inflation 108.7%
 Source National Statistical Committee, 2011
Subunit
 1/100 kapeyka
Symbol BYR symbol.svg
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 only issued for commemorative purposes).[citation needed]
 Rarely used none
Banknotes
 Freq. used 100, 500, 1,000, 5,000, 10,000, 20,000, 50,000, 100,000 rubles
 Rarely used 50, 200,000 rubles

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

History[edit]

First ruble, 1992–2000[edit]

The breakup of supply chain in the former Soviet enterprises demanded that goods be bought and sold on the market, often requiring cash settlement. The Belarusian unit of the USSR State Bank did not have capacity or the licence to print Soviet banknotes, hence the government decided to introduce their own national currency to ease up the situation with cash. The German word Taler (Belarusian: талер), divided into 100 hrosh (Belarusian: грош) was suggested as the name for a Belarusian currency, however 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-[edit]

In 2000, a second ruble was introduced (ISO code BYR), replacing the first at a rate of 1 new ruble = 1000 old rublei. 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[edit]

From the beginning of his presidency in 1994, Alexander Lukashenko began to suggest the idea of integration with 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 will be tied to the United States dollar instead of the Russian ruble.[4][dubious ] "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][citation needed]

Coins[edit]

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

Official circulation coinage has yet to be introduced, making Belarus one of the few countries in the world never to have issued coins. The reasons for this are largely due to an endemic problem with rampant inflation which has been a problem since independence.

In 2009 and years since, there has been talk of rebasement and a Third Ruble; the plans for such a revaluation include a set of coins in denominations of 5, 10, 20, 50 Kopecks and 1 Ruble. Slovakia has offered to mint these coins and has provided prototypes. However, despite plans for revaluation and the introduction of coinage, this has yet to occur and no coins have been introduced.

Banknotes[edit]

First ruble[edit]

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 [1]
Image Value Dimensions (mm) Main Color Obverse Reverse Date of printing Date of annul
Belarus-1992-Bill-0.5-Obverse.jpg Belarus-1992-Bill-0.5-Reverse.jpg
50 kopeek
105×53 Orange-pink Image of sciurus Pahonia ("Chaser") May 25, 1992 January 1, 2001
Belarus-1992-Bill-1-Obverse.jpg Belarus-1992-Bill-1-Reverse.jpg
1 ruble
Grey blue Image of the running European Hare or "zaichik" which earned the currency its nickname
Belarus-1992-Bill-3-Obverse.jpg Belarus-1992-Bill-3-Reverse.jpg
3 rubles
Green Image of beavers
Belarus-1992-Bill-5-Obverse.jpg Belarus-1992-Bill-5-Reverse.jpg
5 rubles
Blue and pink Image of gray wolfs
Belarus-1992-Bill-10-Obverse.jpg Belarus-1992-Bill-10-Reverse.jpg
10 rubles
Dark green Image of the Eurasian Lynx with kitten
Belarus-1992-Bill-25-Obverse.jpg Belarus-1992-Bill-25-Reverse.jpg
25 rubles
Orange Image of moose
Belarus-1992-Bill-50-Obverse.jpg Belarus-1992-Bill-50-Reverse.jpg
50 rubles
Violet Image of brown bear
Belarus-1992-Bill-100-Obverse.jpg Belarus-1992-Bill-100-Reverse.jpg
100 rubles
Green-brown Image of wisent
Belarus-1992-Bill-200-Obverse.jpg Belarus-1992-Bill-200-Reverse.jpg
200 rubles
Yellow-green Image of the train station square December 8, 1992
Belarus-1992-Bill-500-Obverse.jpg Belarus-1992-Bill-500-Reverse.jpg
500 rubles
Violet-red Victory Square, Minsk
Belarus-1992-Bill-1000-Obverse.jpg Belarus-1992-Bill-1000-Reverse.jpg
1,000 rubles
Green National Academy of Sciences of Belarus in Minsk November 3, 1993
Belarus-1998-Bill-1000-Obverse.jpg Belarus-1998-Bill-1000-Reverse.jpg
1,000 rubles
110×60 Large image of the number 1,000 September 16, 1998
Belarus-1992-Bill-5000-Obverse.jpg Belarus-1992-Bill-5000-Reverse.jpg
5,000 rubles
105×60 Red Trinity Hill in Minsk Pahonia April 7, 1994
Belarus-1998-Bill-5000-Obverse.jpg Belarus-1998-Bill-5000-Reverse.jpg
5,000 rubles
110×60 Large image of the number 5,000 September 16, 1998
Belarus-1994-Bill-20000-Obverse.jpg Belarus-1994-Bill-20000-Reverse.jpg
20,000 rubles
150×69 Olive-yellow National Bank of the Republic of Belarus Pahonia December 28, 1994
Belarus-1995-Bill-50000-Obverse.jpg Belarus-1995-Bill-50000-Reverse.jpg
50,000 rubles
Light brown Kholm Gate Brest Fortress Memorial September 15, 1995
Belarus-1996-Bill-100000-Obverse.jpg Belarus-1996-Bill-100000-Reverse.jpg
100,000 rubles
Grey-brown Opera and Ballet Theatre (Minsk) Scene from the ballet "Favourite" («Избранница») by E.A. Hlebau October 17, 1996
Belarus-1998-Bill-500000-Obverse.jpg Belarus-1998-Bill-500000-Reverse.jpg
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
Belarus-1999-Bill-1000000-Obverse.jpg Belarus-1999-Bill-1000000-Reverse.jpg
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
Belarus-1999-Bill-5000000-Obverse.jpg Belarus-1999-Bill-5000000-Reverse.jpg
5,000,000 rubles
Light violet Minsk Sports Palace Image of the "Raubichy" sports complex September 6, 1999

Second ruble[edit]

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. 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,” but under the new rules, it should be spelled “пяцьдзЯсят,” 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."[6]

2000 Series[2]
Image Value Dimensions Main Color Description Date of
Obverse Reverse Obverse Reverse printing issue annul
Belarus-2000-Bill-1-Obverse.jpg Belarus-2000-Bill-1-Reverse.jpg 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
Belarus-2000-Bill-5-Obverse.jpg Belarus-2000-Bill-5-Reverse.jpg 5 rubles Rose-red View of the Trayetskaye Pradmyestsye in Minsk July 1, 2005
Belarus-2000-Bill-10-Obverse.jpg Belarus-2000-Bill-10-Reverse.jpg 10 rubles Light blue The building of the National Library of Belarus March 1, 2013
Belarus-2000-Bill-20-Obverse.jpg Belarus-2000-Bill-20-Reverse.jpg 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
Belarus-2000-Bill-50-Obverse.jpg Belarus-2000-Bill-50-Reverse.jpg 50 rubles Orange-red The Kholm Gate - fragment of the Memorial Brest Hero-Fortress The main entrance to the Memorial Brest Hero-Fortress
100-rubles-Belarus-2000-f.jpg 100-rubles-Belarus-2000-b.jpg 100 rubles Green The National Academic Great Opera and Ballet House of Belarus in Minsk Scene from ballet "Favourite" by E.A. Hlebau
Belarus-2000-Bill-500-Obverse.jpg Belarus-2000-Bill-500-Reverse.jpg 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
1000-rubles-Belarus-2000-f.jpg 1000-rubles-Belarus-2000-b.jpg 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
5000-rubles-Belarus-f.jpg 5000-rubles-Belarus-b.jpg 5,000 rubles Light violet The Palace of Sports in Minsk Image of the "Raubichy" sporting complex
10000-rubles-Belarus-2000-f.jpg 10000-rubles-Belarus-2000-b.jpg 10,000 rubles Pink Panorama of Vitebsk city Summer amphitheatre in Vitebsk April 16, 2001
20000-rubles-Belarus-2000-f.jpg 20000-rubles-Belarus-2000-b.jpg 20,000 rubles Grey Gomel Palace A view of the palace from A. Idzkouski's picture in Homyel 2002
50000-rubles-Belarus-2000-f.jpg 50000-rubles-Belarus-2000-b.jpg 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
100000 rubles Belarus 2000 obverse.jpg 100000 rubles Belarus 2000 back.jpg 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
New 200K belarusian rubles(obverse).jpg New 200K belarusian rubles(reverse).jpg 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.

Third ruble[edit]

The President of Belarus, Aleksander Lukashenko, announced plans to introduce a new series of notes resembling Euro banknotes ahead of a redenomination.[7]

Exchange rates[edit]

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%.[8] 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.[9]

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.[10]

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.com: AUD CAD CHF EUR GBP HKD JPY USD RUB
From OANDA.com: AUD CAD CHF EUR GBP HKD JPY USD RUB
From fxtop.com: AUD CAD CHF EUR GBP HKD JPY USD RUB
Belarusian rubles per currency unit (yearly average rate)[11]
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 (through August)
Euro 2684 2681 2692 2937 3135 3885 3950 6432 10713 11448
Russian ruble 75.00 76.14 78.90 83.91 86.17 88.06 98.11 157.43 268.28 276.75
United States dollar 2160 2154 2145 2146 2136 2793 2978 4623 8336 8709

See also[edit]

References[edit]

  1. ^ http://kp.by/daily/25840.3/2811879/
  2. ^ a b c d 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. ^ "Banknotes and Coins of the National Bank of the Republic of Belarus". National Bank of the Republic of Belarus. Retrieved 2012-06-15. 
  5. ^ Linzmayer, Owen (2011). "Belarus". The Banknote Book. San Francisco, CA: BanknoteNews.com. Retrieved 2011-08-21. 
  6. ^ Belarus banknotes to face rebranding Forex.co. April 8, 2014. Retrieved on 2014-04-16.
  7. ^ http://bnn-news.com/2011/05/24/world/panic-ensues-belarus-residents-56-devaluation-national-currency
  8. ^ Stern, David L., Belarus faces an economic precipice, GlobalPost, May 31, 2011 06:34. Retrieved 2011-08-15.
  9. ^ http://www.france24.com/en/20111020-belarus-ruble-sinks-34-full-free-float
  10. ^ National bank of the Republic of Belarus: Belarusian Ruble Official Average Exchange Rate against foreign currency

External links[edit]