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Belarus holds denomination of its national currency

Xinhua, July 2, 2016 Adjust font size:

Belarus is holding the most ambitious denomination of its national currency in its history on July 1, 2016.

All banknotes designed in 2000 are being replaced by banknotes and coins designed in 2009 in the following ratio: Br10,000 will become BYN1.

The country's currency alphabetic code is changed from BYR to BYN where BY is ISO 3166 code and N is the first letter of the English word "new" and the digital currency code is 933.

The lowest banknote in force until the present time, - 100 rubles - is being replaced by the new lowest currency unit - 1 kopeck.

Starting from July 1, seven news banknotes are being released into circulation - 5, 10, 20, 50, 100, 200 and 500 rubles, and eight coins 1, 2, 5, 10, 20 and 50 kopecks, and 1 and 2 rubles.

From 1 July 2016 to 31 December 2016 old and new money will be used simultaneously and will be accepted in kinds of payments without restriction in the abovementioned ratio.

Earlier Belarusian central bank said that the process of a denomination is of a technical nature and will not affect the purchasing power of the Belarusian ruble and inflation in the country.

It will be the third denomination in the history of independent Belarus. The denomination was held on 20 August 1994. The ruble was redenominated by 10 times. The second time the ruble was redenominated on 1 January 2000, then it was redenominated by 1000 times. Endit