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Soon Belarusians will put coins and new banknotes – without four zeros – into its purses.
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Expecting redenomination, those Minsk residents who are prone to anxiety are waiting in lines to ATM machines. By the way, Belarusian banks reccomend their customers to stock up with cash because there is every likelihood that technical problems and errors will occur in the coming days.
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One more denomination will take place on July 1, 2016 and will be the most ambitious to date. The old money will be replaced by the new designs in the ratio of 10,000 rubles to 1 ruble. There will be seven types of bank notes (5, 10, 20, 50, 100, 200 and 500 rubles) and coins of eight denominations (1, 2, 5, 10, 20 and 50 kopeks; 1 and 2 rubles) in circulation.
The first denomination of the Belarusian ruble was a 10-fold one and took place on August 20, 1994. A larger denomination was held on January 1, 2000. The currency then was denominated 1,000 times.
Read also: Economist about denomination in Belarus: No sense in having kopeks as they depreciate fast
Belarusian president Alyaksandr Lukashenka does not expect another loop of inflation after July’s redenomination and promises to ‘eat heads off’ in case of any price growth after it.
