Belarusian ruble

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Ruble
  • беларускі рубель (Belarusian)
  • белорусский рубль (Russian)
200 Belarus 2009 front.jpg 20 kapeykas Belarus 2009 reverse.png
200 ruble banknote (third ruble, obverse)20 copeck coin (reverse)
ISO 4217
CodeBYN (numeric: 933)
before: BYB, BYR
Subunit0.01
Unit
PluralThe language(s) of this currency belong(s) to the Slavic languages. There is more than one way to construct plural forms.
SymbolRbl
Denominations
Subunit
1100copeck
Banknotes
 Freq. usedRbls 5, Rbls 10, Rbls 20, Rbls 50, Rbls 100, Rbls 200
 Rarely usedRbls 500
Coins
 Freq. used5 cop, 10 cop, 20 cop, 50 cop, Rbl 1, Rbls 2
 Rarely used1 cop, 2 cop
Demographics
User(s) Belarus
Issuance
Central bankNational Bank of the Republic of Belarus
 Websitewww.nbrb.by
Valuation
Inflation4.9%
 SourceNational Statistical Committee, December 2017[needs update]

The ruble (alternatively rubel or rouble; Belarusian: рубель rubeĺ’; Abbreviation: Rbl (plural: Rbls);[1] ISO code: BYN) is the currency of Belarus. The ruble is subdivided into 100 copecks[2] (sometimes written as kopecks; Belarusian: капейка kapeyka).

History[edit]

First ruble, 1992–2000[edit]

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 Thaler (Belarusian: талер), divided into 100 Groschen (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 word ruble that had been used in Belarus from the times of the Soviet Union and the Russian Empire.[3] The word ruble has also been used as a name for a currency in circulation in the medieval Grand Duchy of Lithuania, of which Belarus was a major part (see Lithuanian long currency).

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 were replaced by notes issued by the National Bank of the Republic of Belarus in May 1992.[4] 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.[4]

Second ruble, 2000–2016[edit]

In 2000, a new ruble was introduced (ISO 4217 code BYR), replacing the first at a rate of 1 BYR = 1,000 BYB. This was redenomination with three zeros removed. Only banknotes were issued; coins were minted solely as commemorative collectibles.[4]

Monetary integration with Russia[edit]

From the beginning of his presidency in 1994, Alexander Lukashenko began to suggest the idea of integration with the Russian Federation, and undertook steps in this direction. The idea of introducing a united currency for the Union of Russia and Belarus was floated; Article 13 of the 1999 "Treaty of Creation of the Union State of Russia and Belarus" foresaw a unified currency. Belarus' economy was largely a Soviet-style centrally controlled one heavily reliant on cheap energy supplies from Russia.[5][citation needed] Discussions on the common currency continued well past the 2005 implementation goal set by both nations.[6] Starting in 2008, the Central Bank of Belarus announced that the ruble would be tied to the United States dollar instead of the Russian ruble.[5][dubious ] Former bank chairman Stanislav Bogdankevich called it a political decision, tied to Belarus' open displeasure with Russia's hike of oil and gas export prices to Belarus earlier that year[when?].[5]

Third ruble, 2016–present[edit]

In July 2016, a new ruble was introduced (ISO 4217 code BYN), at a rate of 1 BYN = 10,000 BYR. Old and new rubles circulated in parallel from 1 July to 31 December 2016. Belarus also issued coins for general circulation for the first time. Seven banknote denominations (5-, 10-, 20-, 50-, 100-, 200-, and 500 rubles) and eight coin denominations (1-, 2-, 5-, 10-, 20-, and 50 copecks, and 1- and 2 rubles) are in circulation as of 1 July 2016.[7][8] The banknotes have security threads and show 2009 as an issue date (the date of an unsuccessful attempt at currency reform).

Coins[edit]

First series, 2016[edit]

On December 27, 2016,[9] for the first time in the Belarusian ruble's history, coins were introduced, due to the redenomination. Previously, Belarus was one of the few countries in the world never to have issued coins; this was largely due to rampant inflation, a problem since independence.

Slovakia offered to mint the coins, and provided prototypes. Coins of up to 5 copecks are struck in copper-plated steel; 10, 20, and 50 copeck coins are struck in brass-plated steel; 1 ruble coins are nickel-plated steel and 2 ruble coins a bi-metallic composition with a brass-plated steel ring and a nickel-plated steel center plug).[10] All coins show the national emblem of Belarus, the inscription 'БЕЛАРУСЬ' (Belarus) and the year of minting on their obverse. The reverse shows the value of the coin and different symbolic ornaments.

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 Belarus 2009 obverse.png 1 kapeyka Belarus 2009 reverse.png 1 cop 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 1 July 2016
2 kapeykas Belarus 2009 obverse.png 2 kapeykas Belarus 2009 reverse.png 2 cop 17.5 2.10
5 kapeykas Belarus 2009 obverse.png 5 kapeykas Belarus 2009 reverse.png 5 cop 19.8 2.7
10 kapeykas Belarus 2009 obverse.png 10 kapeykas Belarus 2009 reverse.png 10 cop 17.7 1.80 2.8 Brass-plated steel Reeded Value, the ornament symbolizing fecundity and vital force
20 kapeykas Belarus 2009 obverse.png 20 kapeykas Belarus 2009 reverse.png 20 cop 20.35 1.85 3.7
50 kapeykas Belarus 2009 obverse.png 50 kapeykas Belarus 2009 reverse.png 50 cop 22.25 1.55 3.95
1 ruble Belarus 2009 obverse.png 1 ruble Belarus 2009 reverse.png Rbl 1 21.25 2.3 5.6 Nickel-plated steel Value, the ornament symbolizing the pursuit of happiness and freedom
2 rubles Belarus 2009 obverse.png 2 rubles Belarus 2009 reverse.png Rbls 2 23.5 2.0 5.81 Brass-plated steel ring with a nickel-plated steel center plug Lettered National emblem of Belarus, name of the country, year of minting, divided by Bahach ornament

Commemorative issues[edit]

Alena Aladava, Director of the Belarusian National Arts Museum, on the reverse of a centenary issue.

Belarus is a large producer of commemorative coinage for the numismatic market, most particularly gold and silver bullion coins and non-circulating legal tender. Their designs range from fairly commonplace to unique and innovative ONE; themes range from "native culture and events" to fairy tales and pop culture topics unrelated to Belarus. A majority of these coins have a face value of 1 ruble; a few are 3-, 5 rubles and higher. Considered novelties, these coins are unlikely to be seen in general circulation.

Banknotes[edit]

First ruble[edit]

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

1992 — 1999 series [11]
Image Value Dimensions Main Color Description Date of
Obverse Reverse Obverse Reverse issue withdrawal lapse
Belarus-1992-Bill-0.5-Obverse.jpg Belarus-1992-Bill-0.5-Reverse.jpg 50 cop 105 × 53 mm Orange-pink Image of sciurus Pahonia ("The Chase") 25 May 1992 1 January 2001 31 December 2000
Belarus-1992-Bill-1-Obverse.jpg Belarus-1992-Bill-1-Reverse.jpg Rbl 1 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 Rbls 3 Green Image of beavers
Belarus-1992-Bill-5-Obverse.jpg Belarus-1992-Bill-5-Reverse.jpg Rbls 5 Blue and pink Image of wolves
Belarus-1992-Bill-10-Obverse.jpg Belarus-1992-Bill-10-Reverse.jpg Rbls 10 Dark green Image of the Eurasian lynx with kitten
Belarus-1992-Bill-25-Obverse.jpg Belarus-1992-Bill-25-Reverse.jpg Rbls 25 Orange Image of moose
Belarus-1992-Bill-50-Obverse.jpg Belarus-1992-Bill-50-Reverse.jpg Rbls 50 Violet Image of brown bear
Belarus-1992-Bill-100-Obverse.jpg Belarus-1992-Bill-100-Reverse.jpg Rbls 100 Green-brown Image of wisent
Belarus-1992-Bill-200-Obverse.jpg Belarus-1992-Bill-200-Reverse.jpg Rbls 200 Yellow-green Image of the train station square 8 December 1992
Belarus-1992-Bill-500-Obverse.jpg Belarus-1992-Bill-500-Reverse.jpg Rbls 500 Violet-red Victory Square, Minsk
Belarus-1992-Bill-1000-Obverse.jpg Belarus-1992-Bill-1000-Reverse.jpg Rbls 1,000 Green National Academy of Sciences of Belarus in Minsk 3 November 1993 31 December 2003
Belarus-1998-Bill-1000-Obverse.jpg Belarus-1998-Bill-1000-Reverse.jpg Rbls 1,000 110 × 60 mm Large image of the number 1,000 16 September 1998
Belarus-1992-Bill-5000-Obverse.jpg Belarus-1992-Bill-5000-Reverse.jpg Rbls 5,000 105 × 60 mm Red Trinity Hill in Minsk Pahonia 7 April 1994
Belarus-1998-Bill-5000-Obverse.jpg Belarus-1998-Bill-5000-Reverse.jpg Rbls 5,000 110 × 60 mm Large image of the number 5,000 16 September 1998
Belarus-1994-Bill-20000-Obverse.jpg Belarus-1994-Bill-20000-Reverse.jpg Rbls 20,000 150 × 69 mm Olive-yellow National Bank of the Republic of Belarus Pahonia 28 December 1994
Belarus-1995-Bill-50000-Obverse.jpg Belarus-1995-Bill-50000-Reverse.jpg Rbls 50,000 Light brown Kholm Gate Brest Fortress Memorial 15 September 1995
Belarus-1996-Bill-100000-Obverse.jpg Belarus-1996-Bill-100000-Reverse.jpg Rbls 100,000 Grey-brown Opera and Ballet Theatre (Minsk) Scene from the ballet "Favourite" («Избранница») by E.A. Hlebau 17 October 1996
Belarus-1998-Bill-500000-Obverse.jpg Belarus-1998-Bill-500000-Reverse.jpg Rbls 500,000 Orange-red The Republican Trade Unions' Palace of Culture in Minsk Architectural decorations on the Republican Palace of Culture of Belarus 1 December 1998
Belarus-1999-Bill-1000000-Obverse.jpg Belarus-1999-Bill-1000000-Reverse.jpg Rbls 1,000,000 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 30 April 1999
Belarus-1999-Bill-5000000-Obverse.jpg Belarus-1999-Bill-5000000-Reverse.jpg Rbls 5,000,000 Light violet Minsk Sports Palace Image of the "Raubichy" sports complex 6 September 1999

Second ruble[edit]

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

"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'dzesyat) but under the new rules, it should be spelled “пяцьдзясят,” (pyats'dzyasyat) the difference being that the seventh character was the Cyrillic letter YE 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 2mm-wide windowed security thread."[12]

2000 Series [11]
Image Value Dimensions Main Color Description Date of
Obverse Reverse Obverse Reverse issue withdrawal lapse
Belarus-2000-Bill-1-Obverse.jpg Belarus-2000-Bill-1-Reverse.jpg Rbl 1 110 × 60 mm Green The building of the National Academy of Sciences of Belarus Denomination in figures 1 January 2000 1 January 2003 31 December 2003
Belarus-2000-Bill-5-Obverse.jpg Belarus-2000-Bill-5-Reverse.jpg Rbls 5 Rose-red View of the Trayetskaye Pradmyestsye in Minsk 1 September 2004 30 June 2005
Belarus-2000-Bill-10-Obverse.jpg Belarus-2000-Bill-10-Reverse.jpg Rbls 10 Light blue The building of the National Library of Belarus 1 March 2013 31 March 2014
Belarus-2000-Bill-20-Obverse.jpg Belarus-2000-Bill-20-Reverse.jpg Rbls 20 150 × 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 Rbls 50 Orange-red The Kholm Gate - fragment of the Memorial Brest Hero-Fortress The main entrance to the Memorial Brest Hero-Fortress 1 July 2015 1 July 2016
100-rubles-Belarus-2000-f.jpg 100-rubles-Belarus-2000-b.jpg Rbls 100 Green The National Academic Great Opera and Ballet House of Belarus in Minsk Scene from ballet "Favourite" by E.A. Hlebau 1 January 2017 1 January 2022
Belarus-2000-Bill-500-Obverse.jpg Belarus-2000-Bill-500-Reverse.jpg Rbls 500 150 × 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 Rbls 1,000 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-2000-f.jpg 5000-rubles-Belarus-2000-b.jpg Rbls 5,000 Light violet Minsk Sports Palace Image of the "Raubichy" sporting complex
10000-rubles-Belarus-2000-f.jpg 10000-rubles-Belarus-2000-b.jpg Rbls 10,000 Pink Panorama of Vitebsk city Summer amphitheatre in Vitebsk 16 April 2001
20000-rubles-Belarus-2000-f.jpg 20000-rubles-Belarus-2000-b.jpg Rbls 20,000 Grey Gomel Palace A view of the palace from A. Idzkouski's picture in Homyel 21 January 2002
50000-rubles-Belarus-2000-f.jpg 50000-rubles-Belarus-2000-b.jpg Rbls 50,000 Sky blue A castle in the settlement of Mir, Karelichy district, Hrodna Voblast Decorative collage of architectural elements of Mir Castle 20 December 2002
100000-rubles-Belarus-2000-f.jpg 100000-rubles-Belarus-2000-b.jpg Rbls 100,000 Orange The Nesvizh Castle View of the Radziwills' Castle in Niasvizh from a painting by the Belarusian artist Napoleon Orda 15 July 2005
New 200K belarusian rubles(obverse).jpg New 200K belarusian rubles(reverse).jpg Rbls 200,000 Light green The Mogilev Maslennikov Art Museum Decorative collage of architectural elements of the museum building 12 March 2012

Third ruble[edit]

In 2016, banknotes were 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 had been in use at that time would be replaced by the new ones due to the upcoming redenomination.[10] The redenomination would be made in a ratio of 1:10,000 (10,000 rubles of the 2000 series = 1 ruble of the 2009 series). This currency reform also brought the introduction of coins, for the first time in The Republic of Belarus.[13]

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.[14] 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-year delay conditional on the necessity to lower inflation. Their designs are very similar to the euro banknotes.

2009 Series [15]
Image Value Dimensions Main Color Description Date of
Obverse Reverse Obverse Reverse printing issue withdrawal lapse
5 Belarus 2009 front.jpg 5 Belarus 2009 back.jpg Rbls 5 135 × 72 mm Orange Belaya Vezha in Kamyanyets collage on the theme of the first Slavic settlements 2009
2019
2020 (5, 10, 20 and 50 ruble banknotes)
1 July 2016 Current Current
10 Belarus 2009 front.jpg 10 Belarus 2009 back.jpg Rbls 10 139 × 72 mm Light Blue Transfiguration Church in Polatsk collage on the theme of enlightenment and printing
20 Belarus 2009 front.jpg 20 Belarus 2009 back.jpg Rbls 20 143 × 72 mm Yellow Rumyantsev-Paskevich Residence in Homyel collage on the theme of spirituality
50 Belarus 2009 front.jpg 50 Belarus 2009 back.jpg Rbls 50 147 × 72 mm Green Mir Castle in Mir collage on the theme of art
100 Belarus 2009 front.jpg 100 Belarus 2009 back.jpg Rbls 100 151 × 72 mm Turquoise Niasvizh Castle in Nesvizh collage on the theme of theater and folk holidays
200 Belarus 2009 front.jpg 200 Belarus 2009 back.jpg Rbls 200 155 × 72 mm Violet Regional Museum of Art in Mahilyow collage on the theme of crafts and town-planning
500 Belarus 2009 front.jpg 500 Belarus 2009 back.jpg Rbls 500 159 × 72 mm Pink and Blue The building of the National Library of Belarus in Minsk collage on the theme of literature

Exchange rates[edit]

On 2 January 2009, the National Bank of the Republic of Belarus lowered the exchange rate of the ruble by 50%.

On 24 May 2011, the National Bank of the Republic of Belarus lowered the exchange rate of the ruble by 56%.[16] 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.[17]

On 20 October 2011, the exchange rate of the ruble dropped 42% (from Rbl 5,712 to Rbl 8,680 per US$) when it was fully floated following demands to do so by Russia and the IMF.[18]

In January 2015, the National Bank of the Republic of Belarus devalued its currency by 23% against the US dollar despite efforts to keep Russia's currency crisis from spreading across the border. As of 1 February, one U.S. dollar was worth Rbls 15,400; by Tuesday, it fell to Rbls 15,450 to the dollar, as per data from the Belarusian Central Bank's website.[19]

As of mid-March 2022, the Belarusian ruble had reached an all-time low of Rbls 3.33 per US$1, during fallout from the 2022 Russian invasion of Ukraine. On 1 April 2022, it traded at Rbls 3.26 per US$, and had lost 21.5% of its value year-to-date.[20] By 8 October 2022, it had recovered.

Current BYN exchange rates
From Google Finance: AUD CAD CHF CNY EUR GBP HKD JPY USD RUB EUR JPY
From Yahoo! Finance: AUD CAD CHF CNY EUR GBP HKD JPY USD RUB EUR JPY
From XE.com: AUD CAD CHF CNY EUR GBP HKD JPY USD RUB EUR JPY
From OANDA: AUD CAD CHF CNY EUR GBP HKD JPY USD RUB EUR JPY

See also[edit]

References[edit]

  1. ^ "World Bank Editorial Style Guide 2020 - page 134" (PDF). openknowledge.worldbank.org. Retrieved 2022-09-03.
  2. ^ "Coins Put into Circulation by the National Bank of the Republic of Belarus | National Bank of the Republic of Belarus". www.nbrb.by. Retrieved 2019-07-23.
  3. ^ http://kp.by/daily/25840.3/2811879/
  4. ^ a b c National Bank of the Republic of Belarus. "NBRB banknotes". Retrieved 2006-12-30.
  5. ^ "Will rouble become Belarus currency?". Pravda.ru. 2003-12-02. Archived from the original on 2007-09-29. Retrieved 2007-10-01.
  6. ^ Belarus new redenominated notes (B137 - B143) reported for 01.07.2016 introduction BanknoteNews.com November 5, 2015. Retrieved on 2015-11-05.
  7. ^ On redenomination of the Belarusian ruble since July 1, 2016 National Bank of the Republic of Belarus (nbrb.by). Retrieved on 2015-11-05.
  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. ^ a b "О проведении с 1 июля 2016 г. деноминации белорусского рубля | Национальный банк Республики Беларусь | Национальный банк Республики Беларусь". Archived from the original on 2016-07-13. Retrieved 2016-07-01. О проведении с 1 июля 2016 г. деноминации белорусского рубля
  10. ^ a b "Banknotes of the National Bank of the Republic of Belarus Out of Circulation". National Bank of the Republic of Belarus.
  11. ^ Linzmayer, Owen (2011). "Belarus". The Banknote Book. San Francisco, CA: BanknoteNews.com. Retrieved 2011-08-21.
  12. ^ "Новости: Деноминация в Беларуси: что изменится с приходом "новых" денег?".
  13. ^ "Новые деньги".
  14. ^ "Banknotes of the National Bank of the Republic of Belarus in Circulation". National Bank of the Republic of Belarus.
  15. ^ "Panic ensues amongst Belarus residents after 56% devaluation of national currency". Baltic News Network. May 24, 2011. Retrieved August 15, 2011.
  16. ^ Stern, David L., Belarus faces an economic precipice, GlobalPost, May 31, 2011 06:34. Retrieved 2011-08-15.
  17. ^ "Belarus ruble sinks 34% in full free float - FRANCE 24". Archived from the original on 2011-10-21. Retrieved 2012-07-17.
  18. ^ "Belarusian Ruble Drops 20% Against Dollar in January". The Moscow Times. February 3, 2015. Retrieved August 9, 2015.
  19. ^ "Belarusian Ruble Exchange Rate (USD to BYR) - News & Forecasts". FocusEconomics | Economic Forecasts from the World's Leading Economists.

[1]

External links[edit]

  1. ^ Belarus - a Strong Nation for the 21st Century, Jessop and Bridgot, 2017 Oxford Press, pp. 15, 17, 28, 29, 33, 42, 163, 285, 386.