Belarus on Friday redenominated its currency, wiping four zeros off its ruble, the country's Central Bank said Friday.
The move is the third time Belarus has redenominated the ruble since it launched in 1992 after the country gained independence from the Soviet Union.
Belarus entered an economic recession last year which forced it to sharply devalue its currency. The redenomination, announced last year, could help stabilize inflation and mollify the International Monetary Fund, from which Belarus is seeking a $3 billion loan.
New five-ruble banknotes will substitute the old 50,000 ruble bills and five new coins will be created — the first to circulate in the country since the fall of communism.
Old banknotes will continue to be accepted during a transition period until the end of the year.
… we have a small favor to ask. As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.
We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.
Remind me later.
