Lukashenka: Redenomination is serious political event

The upcoming currency redenomination is a serious political event, Alyaksandr Lukashenka said Thursday in Minsk while meeting with Prime Minister Andrey Kabyakow and Pavel Kalaur, head of the National Bank of Belarus.

 
The upcoming currency redenomination is a serious political event, Alyaksandr Lukashenka said Thursday in Minsk while meeting with Prime Minister Andrey Kabyakow and Pavel Kalaur, head of the National Bank of Belarus.

“I receive information that the National Bank and the government have done a lot of work to calmly move to the new currency,” Mr. Lukashenka said, according to the presidential press office. “People are waiting for this redenomination. It concerns everyone, so it is a serious political moment as well. The redenomination should be well organized.”

Mr. Lukashenka pointed out that Belarus was carrying out the redenomination – which is not an altogether popular measure – ahead of the parliamentary elections.

“It means that we are not afraid of anyone,” Mr. Lukashenka said. “We are not just politicians but statesmen and statesmen always think about the prospects and the development of the state.”

On November 4, 2015, Alyaksandr Lukashenka signed a presidential edict that provides for the redenomination of the Belarusian rubel on July 1, 2016. One new rubel will be equal to 10,000 old rubels ($0.5 at the National Bank’s current exchange rate).

The existing banknotes in denominations of 100, 1000, 5,000, 20,000, 50,000, 100,000, and 200,000 rubels will be replaced with bills denominated with face values of five, 10, 20, 50, 100, 200, and 500 rubels, as well as coins in denominations of one kapeyka, two, five, 10, 20 and 50 kapeykas and also one and two rubels.