More recently, literally 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, the denomination was carried out 4 times. The last monetary reform greatly facilitated the system of settlements in Belarus, because before it it was almost impossible to comfortably use monetary units. Let's 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 words, what is a denomination, then in fact 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 an economic crisis or hyperinflation.
If we talk about the reasons for the denomination in general, then when it is carried out, the ratio of money changes, in this case in Belarus it changed 1 to 10,000, and in Russia in 1998, the nominal value of the national currency decreased by 1000. Accordingly, after these events, the entire cost of goods and services also decreased by 10,000 times. Why do you need a regular denomination:
- to approve the national currency in relation to the world;
- reveal hidden incomes of the population;
- simplify the payment 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.
History reference
As mentioned earlier, the denomination in the Republic of Belarus was carried out repeatedly, and this was 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, Belarusian rubles had an original design, because they were decorated with images of animals, and among the people they were called "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 secession from the USSR, Belarus gained independence and never carried out economic reforms, which led to inflation, so by the beginning of the new century it again became necessary to denominate the currency, then the ratio was 1 to 1000.
The last denomination of the Belarusian ruble in 2016, as mentioned earlier, banknotes have become 10,000 times smaller. One has only to think about the fact that before the reform, there were banknotes of 2 and 5 million Belarusian rubles in circulation on the territory of the state, and if translated into modern money, these are 200 and 500 rubles, respectively.
Please note that today the exchange rate of the Belarusian ruble against the Russian ruble is 1 to 30.57, and the Belarusian ruble to 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 growth of inflation in the country. Although the country's government 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 harm the well-being of the citizens of the republic.
Currency of Belarus before and after denomination
But it is also worth noting that inflation also takes place here, which, in fact, 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 the renewal of the national currency will not lead to devaluation, which means that the inhabitants of the state have nothing to fear.
Please note that the monetary reform in Belarus is of a technical nature and will not affect purchasing power in any way.
Progress of the reform
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. Approximately six months until the end of 2016 have been allocated for the complete extraction of old banknotes from circulation. Money on the territory of Belarus was withdrawn gradually, that is, citizens could pay both with old banknotes and with new ones, it was possible to exchange the remaining savings in a bank.
The peculiarities of this reform are that before it was carried out, only paper banknotes would be in circulation. And today, residents of Belarus have the opportunity to use coins in denominations of 10.20, 50 kopecks 1 and 2 rubles. Among paper banknotes, banknotes with denominations of 5.10, 20, 50, 100, 200 and 500 rubles today adorn the appearance of the banknote in the cities of Belarus.
It is noteworthy that the monetary reform has been planned since 2009. It was then that the development of the design of new banknotes began. Officially, the version of the denomination appeared in 2014, announced by President Lukashenko during an interview with Belarusian journalists.
Consequences of the reform
The denomination in Belarus in 2016 did not bring any negative consequences for the population. First of all, it should be noted that this monetary reform was really necessary primarily for the common population. In addition, accountants and financial workers received a great advantage from it. In addition, President Lukashenko himself promised to “tear off the head of everyone who raises prices for goods,” which means that the population of Belarus only benefits from the reform.
To summarize, the monetary reform in Belarus is just changes that are of a technical nature and are not related to the domestic economic crisis, although the inflation rate in the country exceeds the permissible limits, and is 15-18% per year. In any case, the reduction of zeros in the denomination of the monetary unit has greatly facilitated the life of the Belarusians. After all, 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 mentioned earlier, the exchange rate of the Belarusian ruble to the ruble before the denomination was 0.003057 to 1.
For the second time in the history of the country's independence, a denomination was announced, and, consequently, new money was put into circulation. In Belarus, which is already accustomed to living in a world of millionaires, such changes have created a real sensation. Even after six months after the announcement of the denomination, when the old money must finally be withdrawn from circulation, many continue to count as they have been accustomed to for many years. So, what are they - new
What changed?
Let's start with the fact that samples of the new money of Belarus were developed long before they were put into circulation - the banknotes themselves were already printed in 2009 and locked in secure vaults. As part of the denomination, four zeros were cut off, that is, if in the old banknotes the minimum denomination was one hundred rubles, now it is one kopeck.
For Belarusians who had not previously used coins, such innovations were not a very pleasant surprise: not only did they have to change wallets (after all, there were no special compartments in old purses), but also automatic machines, ATMs and other machines that used to accept even the most small bills, not reconfigured for pennies. It is also worth noting that even the acquisition of new wallets did not help people adapt to new money, but more on that later.
Design
Yes, the new money in Belarus, unlike the old ones, is more reminiscent of European than Soviet. Moreover, denominated rubles (namely, this is how the new currency was called in the country at a time when it still coexisted with the old money) was even criticized for their excessive similarity to the euro.
A separate plus was that Belarus retained the concept of depicting historical buildings on new banknotes, however, now, with the reduction in the number of denominations of paper money, some sights had to be abandoned. Each region of the republic is immortalized on banknotes, and not only famous places were chosen as symbols, but also those whose image evokes positive associations among Belarusians.
Projects not accepted
Of course, there were those who wanted to see completely different new money in Belarus. Photos of possible banknote options appeared on the Internet even a year before the denomination. Many proposed to put famous Belarusians on the portraits, but they disagreed about who exactly deserves to represent the country on its banknotes: some turned to the fighters for Belarusian statehood, others to rulers of different eras, and others to scientists and artists.
Another interesting concept that never came to fruition is the use of images of vintage household items and jewelry to remind people of their roots. The third option suggested reorienting the banknotes, that is, making them not as usual horizontal, but vertical, in the manner of Israeli or Swiss monetary units. The most radical of all proposed is the renaming of the currency into thaler, in the manner of the currency of the Grand Duchy of Lithuania, with the image on the banknotes of people who gave their lives for the sovereignty of the state.
Protection system
Before the release into circulation, no one could say what the new money would be in Belarus. It was known that new security technologies were used in their manufacture, which would make counterfeiting almost impossible. Special signs in the form of geometric shapes were placed on the banknotes, by which visually impaired people could recognize denominations. In addition, a special method of strengthening the corners was used, thanks to which the banknotes will be more resistant to abrasion, which could not be said about the money of the old sample. Another difference is the change in the pattern: not abstract patterns are visible in the light, but the building depicted on the bill. From the traditional, the following has been preserved in the way the new money of Belarus looks like: firmware with a special tape with an embossed abbreviation NBRB (National Bank of the Republic of Belarus). This is also aimed at improving the security of the banknote against counterfeiting.
coins
But the most expected and anticipated in Belarus are coins. Eight denominations were issued - 1, 2, 5, 10, 20, 50 kopecks, 1 and 2 rubles. Coins can be divided into three groups: red (the smallest, the ornament applied to them is a sign of wealth and prosperity), yellow (10-50 kopecks with an ornament symbolizing vitality) and silver (to be more precise, the ruble coin is completely silver, and two-ruble - silver with a wide gold edging; applied ornaments denote freedom and will).
At the same time, despite the originality and unusualness, even today, six months after the introduction of new coins, it is difficult to say what these samples of new money of Belarus will look like in five to ten years. The fact is that coins of small denominations are made so unsuccessfully that it is difficult to see what is written on them even for a young person, not like for someone who does not see well. In addition, the denominations wear out very quickly, and the small coins themselves corrode. As for the two-ruble coins, which the republic is so proud of, it turned out that when not very strong force is applied, the coin easily breaks into two components - all this clearly does not contribute to the popularization of new money among the population.
Consequences
Yes, the time has already passed when people wondered what new money would be in Belarus. Photos of price tags that did not contain the usual zeros, at first incomprehensible recalculations between old and new money, which baffled even those who are good with mathematics - all this has already subsided.
From January 1, 2017, six months after the official introduction of banknotes of the 2009 model (which is why the adjective “new” sounds so paradoxically next to them), the use of old money stops and their withdrawal begins. The population is given another five years to completely get rid of obsolete monetary units and finally get used to how the new money of Belarus looks like.
Attempts to understand
What changed when new money appeared in Belarus? Photos of banknotes immediately after the denomination flooded the Internet, for which a flurry of jokes fell upon the country about long-forgotten banknotes with images of animals, popularly called “bunnies” (they were in use in the mid-nineties).
Has the financial well-being of the population changed? No, on the contrary, from a country of millionaires, Belarus has turned into a country where a person can receive the entire salary in a few banknotes.
When there were talks about what new money would be in Belarus, the photo of the banknote, the denomination of which is equivalent to $50, was surprising, let alone the banknotes equal to $100 and $250 (however, it should be noted that the latter are inaccessible to the general population). For people who are used to the fact that “two rubles” (namely, 2000 old rubles used to be called that) is a tenth of a dollar, now the stable “dollar - two rubles” sounds a little even encouraging. In addition, due to the confusion with prices (especially during the period when it was possible to pay and receive change with both new and old money), the state was able to raise them imperceptibly for the population. It is easier to say that the new money in Belarus, despite the fact that it pleased the eye, brought more difficulties and problems. And perhaps this is all a temporary phenomenon that will disappear when the state finally gets rid of old money in its mind.
P.S.
Today we already know the answer to the question of what new money will be in Belarus. It remains only to understand whether they will bring the country the very benefit that those who issued them stood up for.
She left no one indifferent (by the way, if someone offers you to exchange old banknotes for new ones before this date, feel free to call the police - these are scammers!). To this day, our ruble is affectionately called the “bunny”, because it was this little animal, often found in Belarusian forests, that was depicted on the first national currency with a face value of 1 ruble. Those rubles have long been in the archives and collections of numismatists ... And what will they look like?
New banknotes are presented by Deputy Chairman of the Board of the National Bank Dmitry Lapko.
One of the first to see the new money with their own eyes, twirled in their hands and photographed by journalists. Before them yesterday the National Bank opened the doors of the Central Depository, where, with strict observance of temperature and humidity conditions, these banknotes were stored for 7 years. As Deputy Chairman of the Board of the National Bank Dmitry Lapko said, if today's banknotes are printed in Russia, then our new money was produced by a company from Great Britain. Coins were minted at the Lithuanian Mint and in the Slovak "Kremnica".
Why is this design
Continuity has been preserved in the design of the new banknotes - images of architectural and urban planning monuments have been used. By the way, for all the similarity of the new Belarusian banknotes to the euro, this is their main difference. There are no architectural monuments on the euro. And the fact that our money is colorful, and the dollar has been more and more decorated lately.
All denominations of the new Belarusian banknotes differ in size - one is 4 mm larger than the other (135 mm x 72 mm 5 rubles and 159 x 72 mm 500 rubles), and in color - from orange and reddish-brown (5 rubles) to blue-emerald-pink (500 rubles). The general principle: as the denomination grows, “the color scheme of banknotes is distributed from warm and simple to more complex and cold,” Svetlana Nekrasova, chief specialist of the National Bank, clarified the color nuances. On the front side of the banknotes, architectural monuments of Belarus are depicted, on the back - significant periods of the country's history. From ancient settlements, one of which has been preserved in the Brest region, to the present. Such topics, according to the developers, are patriotic and have great cognitive significance, fixing in the minds of specific ideas about the country, its regions, and the cultural wealth of the nation. Correspondence of areas to face value is chosen alphabetically. The front sides of the banknotes present an artistic picture of the monument with its elements. For example, the texture of the brick and masonry of the Kamenets Vezha is the handwriting left by the artists on the 5-ruble banknote. And on the reverse side, iconic and characteristic artifacts were selected for each area. For example, the Vitebsk region is presented as the birthplace of book printing and enlightenment.
Protection
The design of the new money is a tribute to security and banknote recognition technology. Our new money became bright, colorful and meaningful not only at the behest of artists and historians. Marina Demina, Chief Specialist of the Main Department of Cash Circulation of the National Bank, noted that money is, first of all, a bank note with security features. Banknotes are printed on special paper, which itself is protected from counterfeiting. In addition, there are security features visible to the naked eye. This is, say, the presence of a watermark on an unprinted field, which most often corresponds to the plot of the image. All banknotes have a metallic thread with text. In the light, it is a continuous dark stripe. There are also special drawings on the unsealed field. This is a part of the fragments on the front side and on the back, which are combined into a single whole when viewed through the light and correspond to the denomination of the banknote.
Only 6 visible degrees of protection. Plus, there are a lot of invisible elements that are revealed only to banks and narrow specialists.
For the visually impaired
There are tags for visually impaired people. They are located in the lower left corner, different in shape and shape, printed using a special technology and are well distinguished by touch. Large numbers of the denomination in contrast with the main color of the field will also not allow you to confuse banknotes.
Why coins
Belarus turned out to be the only European country where there are no coins. It was decided to correct this shortcoming. For several reasons. First. Coin life - 10 - 15 years, small banknotes - 6 - 12 months. And this is at best, because the banknote can be easily damaged by the inscription. Second. The appearance of coins is a serious bid to reduce inflation. From January to September, in annual terms, price growth decreased from 17.1 to 11.9 percent. In 2016, prices will rise by a maximum of 12 percent, and in 5 years inflation will be curbed to 5%.
The smallest denomination of the current banknote of 100 rubles will correspond to one kopeck. On its obverse, as well as on all small change coins introduced into circulation, the state emblem is depicted, on the reverse - numbers denoting face values. Plus, the reverse side of 1, 2 and 5 kopecks is complemented by an ornament symbolizing wealth and prosperity, on 10, 20 and 50 kopecks - a symbol of fertility and vitality, on one- and two-ruble coins - happiness and freedom.
Coins are also protected. Like banknotes, they are of different diameters. 1 kopeck - 15 mm, this is a steel alloy coated with copper, the color is red. Exactly the same, but larger in diameter, two- and five-kopeck coins. But 10, 20 and 50 kopecks are yellow, because they are made of steel alloy coated with copper and brass. 1 ruble - white due to copper-nickel coating. The two-ruble coin is two-colored, the largest is 23.5 mm in diameter, weighs 5.81 grams, and is 2 mm thick. It is made of a double combination of alloys - copper-brass and copper-nickel. In addition, the coins have a special edge (rim) with notches of a certain size. There are also small details of the ornament, which are difficult to reproduce in artisanal conditions.
How much does a denomination cost
Deputy Chairman of the Board of the National Bank Dmitry Lapko announced the approximate cost of manufacturing one banknote and coin - from 1 to 4 euro cents. Although it is difficult to talk today about the costs incurred in 2008-2009. To replace the 600 million banknotes of the 2000 model, only 80 million copies of new banknotes and 400 million coins will be required. The new banknote series is 7 times smaller. Therefore, according to forecasts, the cost of storage, packaging, transportation, counting, delivery of money to the end consumer will be seriously reduced. In addition, the National Bank promises to take a restrained approach to issuing large denomination banknotes into circulation.
How will ATMs work?
From July 1, it will be necessary to reprogram ATMs, equip coin acceptors in those devices where they are not, but should be. You can't do it all at the same time. Therefore, at first, ATMs will issue both old and new banknotes. In addition, within six months, any seller will be able to accept new banknotes from you, and give change to old ones.
How to pay
From July 1 to December 31, 2016, inclusive, banknotes of the 2000 sample, as well as banknotes and coins of the 2009 sample, will be in parallel circulation and will be mandatory for acceptance when making all types of payments by all business entities.
Where to change
For the next five years - from January 1, 2017 to December 31, 2021 inclusive - old banknotes will be exchanged for new ones. Until December 31, 2019 inclusive - in the National Bank, banks and non-bank financial institutions, from January 1, 2020 to December 31, 2021 inclusive - in the National Bank. And only from January 1, 2022, the current money will become invalid.
How ruble deposits and loans will be recalculated, what will be the balance on the card on July 1, 2016
This technical issue, the National Bank promises, should not bring any inconvenience to the population. On July 1, 2016, the bank card balance will be shown in new money, that is, without four zeros. All amounts of deposits and loans will change. If you took a loan for 10,000,000 rubles, then on July 1 it will turn into 1,000 rubles. If there were 50,000,000 rubles on the ruble deposit, then on July 1 it will be 5,000 rubles. By a similar principle, during the denomination, salaries, pensions, scholarships, cash balances in bank accounts, balance sheets of enterprises and institutions will be recalculated.
Will prices rise due to denomination
From July 1 to December 31, 2016, for the period of parallel circulation of old and new banknotes, business entities will be required to indicate two prices - old and new. This is done on purpose so that there is no temptation to round the price up.
Why did you decide to remove exactly four zeros
The question of savings. The less money in circulation, the lower the costs. The introduction of small change coins will also have a positive impact on the cost of servicing cash.
By the way
According to the decision of the Board of the National Bank, the reproduction of banknotes can be carried out under certain conditions: with a one-sided image of the carrier, the size of the copy must be less than 75% or more than 125% of the actual size of the banknote. For duplex playback, less than 50% or more than 200%. Coins can also be printed for souvenir purposes on any tangible and intangible media, with the exception of metal alloys. Plastic, for example.
From July 1, 2016, new money will appear in Belarus. Yesterday the President's decree on the denomination was signed. Four zeros will be removed from the current money. Today representatives of the National Bank held a press conference on the denomination of the Belarusian ruble.
From the history. The appearance of Belarusian banknotes began with the collapse of the USSR. On May 25, 1992, the National Bank of the Republic of Belarus issued paper banknotes in kopecks and rubles. According to the image of a hare on a ruble bill, Belarusian money was called "bunnies". Initially, when Belarusian banknotes were issued, 1 our ruble was equal to 10 Russian rubles.
And on July 24, 1993, the banknotes of the USSR and Russia were declared withdrawn and withdrawn from circulation.
On August 20, 1994, the government of the Republic of Belarus announced a 10-fold decrease in the value of Belarusian money. A bargaining chip for Belarus was not minted.
Although the settlement notes of the NBRB were not declared to be banknotes and were initially issued in addition to the main monetary unit - the Soviet, and later the Russian ruble, subsequent events made it possible to raise them to the rank of cash Belarusian rubles. In May 1994, by a resolution of the National of the Bank of the Republic of Belarus, the Belarusian ruble is recognized as the only legal tender in the territory of the Republic of Belarus, and in cash circulation - banknotes, called settlement notes.
5000000 rubles RB 1999.(For many it will be a surprise, but the bill is in excellent condition and a rare series and now costs a lot of money).
Since March 1, 1995, 50 kopecks, as well as 1, 3, 5 rubles, are being withdrawn from circulation due to depreciation. Representatives of the fauna of Belarus are depicted on banknotes from 1 to 100 rubles, and architectural images are placed on banknotes of higher denominations. A 5,000 ruble banknote dated 1992 was put into circulation in 1993, and a 10,000 banknote was skipped altogether, since 20,000 ruble banknotes were put into circulation in 1994. In 1998, due to the change in the state emblem and flag, the design of banknotes also changed. In 2000, a denomination was carried out, so three zeros were removed from banknotes.
In accordance with the Decree of the President of Belarus, on January 1, 2000, new banknotes of Belarus were put into circulation in denominations of 1, 5, 10, also 20, 50, 100, as well as 500, 1000 and 5000 rubles, and in 2001 - 10,000 rubles. , in 2002 - 20,000 rubles and 50,000 rubles, in 2005 - 100,000 rubles.
New money of the Republic of Belarus - July 1, 2016, Rubles, kopecks!
About new money. Approximately 600 million banknotes of the 2000 sample will be in circulation. At the same time, only 80 million new banknotes, as well as 400 million coins, will be required to replace them, architectural monuments are placed on the new Belarusian banknotes, which is not on the euro, and in terms of color scheme, you can consider dollars, which also change in this direction, when developing banknotes and their production, attention was paid, first of all, to security and recognition, as well as convenience for the population.
Features and value of banknotes The design of the banknotes was developed by the artists of the National Bank, as well as the concept of money. The manufacturer's employees and historians were invited to participate in the project. The new banknotes have six visible degrees of difference. In addition, there are many invisible levels of protection that are known only to banks. Moreover, some of these degrees are known only in the National Bank. The Deputy Chairman of the Board of the National Bank said that the cost of manufacturing one banknote or coin is 0.1-0.4 euros.
What to do with old money?
Until July 1, 2016, banknotes of the 2000 model currently in circulation will be the only legal tender for cash settlements in the Republic of Belarus. It will be possible to pay with current money until December 31, 2016 (for half a year, old and new money will be in parallel circulation and will be mandatory for acceptance when making all types of payments by all business entities without restrictions).
When and where to change new old money for new?
Old money can be exchanged for new money over the next five years in any amount without restrictions and without charging a commission.
- from January 1, 2017 to December 31, 2019 inclusive - in the National Bank, banks and non-bank financial institutions of the Republic of Belarus;
- from July 1, 2020 to December 31, 2021 inclusive - at the National Bank of the Republic of Belarus.
From January 1, 2022, banknotes of the 2000 sample will be considered invalid.
The largest bill - 500 rubles - how much?
Translated into today's money, 500 new rubles are equal to 5 million. Recall that today the largest bill is 200 thousand rubles. That is, many people from July 1, 2016 will be able to pay salaries in one bill.
The economy and the Belarusian society have fully adapted to the new banknotes and coins, which were put into circulation exactly a year ago after the denomination that took place on July 1, 2016.
Sputnik recalls how the denomination took place in Belarus, and also analyzes how the “cutting off extra zeros” was perceived by the economy, the banking community and ordinary citizens, and what consequences the denomination had on prices.
Denomination: the third in a row and the most difficult
The denomination took place in Belarus on July 1, 2016: new banknotes and coins of the 2009 sample were put into circulation. At the same time, coins appeared for the first time in the history of a sovereign republic.
The denomination became known back in 2015: the decree on denomination in Belarus was signed by the President of Belarus Alexander Lukashenko on November 4, 2015.
The last denomination also became the most technically complex: not only banking equipment, but also thousands of ATMs, payment terminals in stores, catering and service enterprises, vending machines, machines at parking lots and gas stations had to be transferred to the new software. In addition, it was necessary to reconfigure remote banking systems, mobile banking and Internet banking, change price tags in stores, and do a lot of other technical measures. The informational work, which, starting from November 2015, was carried out by the National Bank, commercial banks and trade and catering enterprises was also large-scale.
On average, the cost of banks to reconfigure equipment was estimated at millions of dollars.
It is noteworthy that since July 1, not only banknotes have been replaced in Belarus: budget government documents, international and domestic obligations of the government and the National Bank have been transferred to new units of measurement, the assets of all enterprises, the value of shares, bonds and other securities in Belarusian rubles have been recalculated. Salaries, amounts on current accounts, loans and deposits of citizens in Belarusian rubles were also adjusted to "minus four zeros".
Why did they carry out a denomination in Belarus?
Belarusians have been waiting for the denomination since about 2011, but for several years the Belarusian authorities have assured that it is not yet time for monetary reform: inflation is too high.
About a year before the denomination, the ex-head of the National Bank, Nadezhda Ermakova, joked in a conversation with journalists that there was no point in carrying out a denomination yet: according to her, the number of zeros is still placed on banknotes, and the banknotes themselves - in the wallets of citizens.
However, already in 2015, when Belstat published data on the results of the Belarusian economy in 2014, it became clear that the size of the country's GDP "does not fit into trillions of rubles", and Belarusian journalists who were not particularly knowledgeable in mathematics, and at the same time Belstat had to urgently recall , what is the name of the order of digits in excess of a trillion.
By the same time, other calculations of large sums had become excessively cumbersome.
Another unofficial reason in society is the fact that the new money printed in 2009 and placed in the vault of the National Bank allegedly began to deteriorate. Presenting new money to journalists, the National Bank denied this information, but immediately after July 1, citizens massively encountered defects on coins.
How was the new Belarusian money introduced?
Belarusian commercial banks started loading new cash into ATMs in advance and warned citizens that bank branches and remote banking services would not work. In addition, the National Bank allowed banks on July 1 not to provide customer service due to the fact that a number of transactions will be limited.
On the day of the denomination, many banks did not work, on Saturday and Sunday, July 2-3, a number of bank branches worked in a limited mode, only some operations were available to customers - mainly currency exchange and money change.
© Sputnik / Viktor Tolochko
For several days, the country switched almost completely to cash circulation.
Already from zero hours on July 1, many ATMs began to issue new banknotes to customers, however, in the first days after the denomination, change in stores was issued with old money.
In those days, there were problems with paying at payment terminals that accepted cash, as well as at parking meters and vending machines, and, for example, residents of Minsk had to run around in search of old money.
It is noteworthy that initially there were cases when Belarusians could receive Russian coins for change in the markets.
How did trade react?
Trade switched to new price tags gradually.
At first, in order for citizens to get used to the ratio of new and old prices, prices were indicated on price tags in monetary units of 2000 and 2009. Double price tags did not appear in stores immediately, although trade enterprises were seriously preparing for the denomination.
From January 1, 2017, according to the provisions of the decree on denomination, trade, catering and sphere enterprises were required to indicate prices for goods and services only in new monetary units. True, back in early December 2016, MART clarified that the process of changing labels was not quick, and allowed the trade to spend some time on this work - but no more than two months.
Now in Belarusian stores all price tags are only in 2009 monetary units.
Where did the old money go?
The parallel circulation of banknotes of the 2000 model and the 2009 model ended in Belarus on January 1, 2017. However, the National Bank began withdrawing old banknotes from circulation immediately after the denomination.
As of the end of December 2016, 96% of the amount of banknotes of the 2000 sample, or 58% of their number, was withdrawn from circulation, 177.5 million obsolete banknotes were destroyed.
Now the seizure percentage is slightly higher - about 97%.
© Sputnik / Viktor Tolochko
Back in 2015, presenting new money to journalists, representatives of the National Bank said that banknotes of the 2000 model withdrawn from circulation would be crushed, pressed into special briquettes and buried in a secret vault. It is impossible to burn banknotes, since when burning such paper, many toxic and toxic substances are released.
According to the estimates of the National Bank, there were 600 million banknotes of the 2000 sample of various denominations in circulation. This is approximately 7.5 thousand containers used for interbank transportation, or 600 tons of banknotes. If it were necessary to take all these banknotes to the place of destruction at the same time, at least ten railway cars would have to be used.
Nearly two-thirds of the small money used mainly for exchange is still in the hands of citizens. Their arrival at the National Bank was expected in the first quarter of this year, however, as experience shows, only half of such banknotes are returned to the cash desks of central banks.
The destruction process will be completed after the receipt of the last banknote of the 2000 sample.
Have prices changed since the denomination?
The main fear of financial experts and the population was that with a reduction in the number of zeros on banknotes, price growth would accelerate.
However, as shown by official statistics, in 2016 inflation did not even reach the planned parameter - with a forecast of 12%, prices increased by 11.8%.
True, according to the data of independent monitoring of prices by the Federation of Trade Unions of Belarus, which were made public on Wednesday, over the year, prices for important goods increased not by 11.8%, but approximately twice as much - up to 24%.
© Sputnik / Viktor Tolochko
You can easily feel the difference between official and real inflation by buying, for example, greens from grandmothers near the metro or strawberries in the market.
A bunch of dill, which before the denomination cost 5 thousand rubles (50 kopecks in 2009 currency units), now, after the denomination, costs exactly one ruble (10 thousand rubles in 2000 banknotes). This ratio is observed in almost all vegetable products and small "confectionery".
Financial experts believe that the so-called “low numbers effect” played a role here: when a person does not attach importance to small amounts of money and does not understand their real purchasing value. “It would seem that fifty kopecks are. But you can buy a bun and a bottle of kefir and have lunch with them,” Viktor Babariko, head of Belgazprombank, once said in an interview with Sputnik.
Have Belarusians got used to the new money?
During the year, Belarusians as a whole got used to the new banknotes. Most citizens are no longer involved in recalculating prices in the usual before July 1, 2016 calculation "with four zeros".
Citizens learned to pay not only in rubles, but also in kopecks, they understood how to measure the amounts they had with the planned expenses.
Currency relations have also become simpler.
Experts also say that the denomination had a positive psychological effect on the processes of de-dollarization of the economy. If earlier, in order to understand how much we were talking about, given that millions of rubles were meant, it was necessary to convert everything into dollars, today everyone understands that it is enough just to divide the amount by two. The exchange rate of the Belarusian ruble against the dollar has been stable for a year and a half and fluctuates around 1.9-2 rubles per dollar.
Therefore, everyone understands: 100 rubles is 50 dollars. And if there is such an understanding, then why bother with unnecessary calculations.
