Belarusian ruble

Belarusian ruble
беларускі рубель  (Belarusian) белорусский рубль  (Russian)
National Bank of Belarus, 1992 50 copecks reverse 200,000 rubles (2000)
ISO 4217
Code	BYR
Denominations
Subunit
1/100	copeck
Plural	The language(s) of this currency belong(s) to the Slavic languages. There is more than one way to construct plural forms.
Symbol
Banknotes
Freq. used	100, 500, 1,000, 5,000, 10,000, 20,000, 50,000, 100,000, 200,000 rubles
Coins
Freq. used	none (coins are issued only for commemorative purposes).
Rarely used	none
Demographics
User(s)	Belarus (together with the new ruble until January 1st 2017)
Issuance
Central bank	National Bank of the Republic of Belarus
Website	www.nbrb.by
Valuation
Inflation	12.0%
Source	National Statistical Committee, December 2015

The Belarusian ruble (Belarusian: рубель rubieĺ, (partitive) genitive plural: рублёў rublioŭ) is the official currency of Belarus. The symbol for the ruble is Br and the ISO 4217 code is BYR. It has been replaced by the new ruble (a redenomination of the existing ruble) in 1 July 2016, but will still be in use until January 2017.

History

First ruble, 1992 – 2000

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 Taler (Belarusian: талер), divided into 100 hrosh (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 was usual for Belarus from the times of the Soviet Union and the Russian Empire.^[1] In the medieval Grand Duchy of Lithuania of which Belarus was a major part, the word ruble has also been used as a name for a currency in circulation (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 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 – 2016

In 2000, a second ruble was introduced (ISO code BYR), replacing the first at a rate of 1 new ruble = 1,000 old rubles. 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

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

Third ruble, since 2016

In July 2016 a new Belarusian ruble was introduced, at a rate of 1 new ruble = 10,000 old rubles. New and old rubles will circulate in parallel from July 1 to December 31, 2016. Belarus also issued coins for general circulation for the first time. Seven denominations of banknotes (5, 10, 20, 50, 100, 200 and 500 rubles) and eight denominations of coins (1, 2, 5, 10, 20 and 50 copecks, and 1 and 2 rubles) are in circulation on July 1, 2016.^[5][6] The banknotes have security threads and show 2009 as an issue date (the date of an unsuccessful attempt at currency reform). Their designs are similar to those of the euro. The future ISO 4217 code will be BYN.^[7]

Coins

First series, 2016

In 2016, for the first time in the whole history of Belarusian ruble, coins will be introduced due to the redenomination planned. Previously, Belarus was one of the few countries in the world never to have issued coins; this is largely due to the rampant inflation which has been a problem since independence.

Slovakia has offered to mint the coins, and has provided prototypes. The coins of up to 5 copecks are to be struck in steel and copper; the 10, 20, 50 coins in steel, copper and brass; and the 1 and 2 rubles coins in steel, brass and nickel.^[8] All coins will show the National emblem of Belarus, the inscription 'БЕЛАРУСЬ' (Belarus) and the year of minting on their obverses. The reverse will show the value of the coin accompanied by different ornaments with their own meanings.

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 copeck	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	July 1, 2016
		2 copecks	17.5		2.01
		5 copecks	19.8	2.7
		10 copecks	17.7	1.80	2.8	Brass-plated steel	Reeded		Value, the ornament symbolizing fecundity and vital force
		20 copecks	20.35	1.85	3.7
		50 copecks	22.25	1.55	3.95
		1 ruble	21.25	2.3	5.6	Nickel-plated steel	Value, the ornament symbolizing the pursuit of happiness and freedom
		2 rubles	23.5	2.0	5.81	Nickel brass ring with a nickel-plated steel center plug	Lettered	National emblem of Belarus, name of the country, year of minting, divided by Bahach ornament
These images are to scale at 2.5 pixels per millimetre. For table standards, see the coin specification table.

Commemorative issues

Belarus is a large producer of commemorative coinage for collectors’ markets, most particularly gold and silver bullion coins and non-circulating legal tender. The first coins of the Republic of Belarus were issued on December 27, 1996.^[9] Their designs range from fairly commonplace to unique and innovative; themes range widely from "native culture and events" to fairy tales and pop culture topics not related to Belarus at all. A majority of these coins have a face value of 1 ruble, there are also a few denominated as 3 rubles and 5 rubles. All these coins are considered novelties and are unlikely to be seen in general circulation.

Banknotes

First ruble

In 1992, banknotes were introduced in denominations of 50 copecks, 1, 3, 5, 10, 25, 50, 100, 200, 500, 1,000 and 5,000 rubles. These were followed by 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
Image		Value	Dimensions (mm)	Main Color	Obverse	Reverse	Date of printing	Date of annul
		50 copecks	105×53	Orange-pink	Image of sciurus	Pahonia ("Chaser")	May 25, 1992	January 1, 2001
		1 ruble		Grey blue	Image of the running European hare or "zaichik" which earned the currency its nickname
		3 rubles		Green	Image of beavers
		5 rubles		Blue and pink	Image of wolves
		10 rubles		Dark green	Image of the Eurasian lynx with kitten
		25 rubles		Orange	Image of moose
		50 rubles		Violet	Image of brown bear
		100 rubles		Green-brown	Image of wisent
		200 rubles		Yellow-green	Image of the train station square		December 8, 1992
		500 rubles		Violet-red	Victory Square, Minsk
		1,000 rubles		Green	National Academy of Sciences of Belarus in Minsk		November 3, 1993
		1,000 rubles	110×60			Large image of the number 1,000	September 16, 1998
		5,000 rubles	105×60	Red	Trinity Hill in Minsk	Pahonia	April 7, 1994
		5,000 rubles	110×60			Large image of the number 5,000	September 16, 1998
		20,000 rubles	150×69	Olive-yellow	National Bank of the Republic of Belarus	Pahonia	December 28, 1994
		50,000 rubles		Light brown	Kholm Gate	Brest Fortress Memorial	September 15, 1995
		100,000 rubles		Grey-brown	Opera and Ballet Theatre (Minsk)	Scene from the ballet "Favourite" («Избранница») by E.A. Hlebau	October 17, 1996
		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
		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
		5,000,000 rubles		Light violet	Minsk Sports Palace	Image of the "Raubichy" sports complex	September 6, 1999
These images are to scale at 0.7 pixels per millimeter. For table standards, see the banknote specification table.

Second ruble

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 rubles were introduced, followed by 100,000 rubles in 2005 and 200,000 rubles in 2012. There are 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,” (piaćdziesiat) but under the new rules, it should be spelled “пяцьдзясят,” (piaćdziasiat) 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."^[10]

2000 Series[2]
Image		Value	Dimensions	Main Color	Description		Date of
Obverse	Reverse				Obverse	Reverse	printing	issue	annul
		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
		5 rubles		Rose-red	View of the Trayetskaye Pradmyestsye in Minsk				July 1, 2005
		10 rubles		Light blue	The building of the National Library of Belarus				March 1, 2013
		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
		50 rubles		Orange-red	The Kholm Gate - fragment of the Memorial Brest Hero-Fortress	The main entrance to the Memorial Brest Hero-Fortress			July 1, 2015
		100 rubles		Green	The National Academic Great Opera and Ballet House of Belarus in Minsk	Scene from ballet "Favourite" by E.A. Hlebau			January 1, 2017
		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
		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
		5,000 rubles		Light violet	The Palace of Sports in Minsk	Image of the "Raubichy" sporting complex
		10,000 rubles		Pink	Panorama of Vitebsk city	Summer amphitheatre in Vitebsk		April 16, 2001
		20,000 rubles		Grey	Gomel Palace	A view of the palace from A. Idzkouski's picture in Homyel		January 21, 2002
		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
		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
		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. For table standards, see the banknote specification table.

Third ruble

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 has been in use at that time will be replaced by the new ones due to the upcoming redenomination.^[8] The redenomination will be made in a ratio of 1:10,000 (10,000 rubles of 2000 pattern = 1 rubles of 2009 pattern). This currency reform also brings the introduction of coins, for the first time in The Republic of Belarus.^[11]

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.^[12] 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-years delay conditional on the necessity to lower inflation.

2009 Series
Image		Value	Dimensions	Main Color	Description		Date of
Obverse	Reverse				Obverse	Reverse	printing	issue	annul
		5 rubles	135×72 mm	Orange	Belaya Vezha in Kamyanyets	collage on the theme of the first Slavic settlements	2009	July 1, 2016
		10 rubles	139×72 mm	Light Blue	Transfiguration Church in Polatsk	collage on the theme of enlightenment and printing
		20 rubles	143×72 mm	Yellow	Rumyantsev-Paskevich Residence in Homyel	collage on the theme of spirituality
		50 rubles	147×72 mm	Green	Mir Castle in Mir	collage on the theme of art
		100 rubles	151×72 mm	Turquoise	Niasvizh Castle in Nyasvizh	collage on the theme of theater and folk holidays
		200 rubles	155×72 mm	Violet	Regional Museum of Art in Mahilyow	collage on the theme of crafts and town-planning
		500 rubles	159×72 mm	Pink/Blue	The building of the National Library of Belarus in Minsk	collage on the theme of literature
These images are to scale at 0.7 pixels per millimeter. For table standards, see the banknote specification table.

Exchange rates

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%.^[13] 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.^[14]

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.^[15]

In January 2015, the Central Bank of the Republic of Belarus devalued its currency by 23% against the United States dollar despite efforts to keep Russia's ruble crisis from spreading across the border. As of Sunday, February 1, one U.S. dollar was worth 15,400 Belarussian rubles; by Tuesday it fell to 15,450 rubles to the dollar, as per data from the Belarussian Central Bank's website.^[16]

See also

• Economy of Belarus
• Lithuanian long currency - the Lithuanian ruble, the currency in medieval Belarus
• Ruble

References

External links

Wikimedia Commons has media related to Money of Belarus.

• National bank of the Republic of Belarus - Official Exchange Rates (English)
• Information about Belarusian commemorative coins (English)
• Catalog of Belarus Banknotes
• LIVE Belarus Ruble eXchange Rates : BYR (English)
• Coins of Belarus at CISCoins.net

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