Finance:Belarusian rubel

Short description: Currency of Belarus

Rubel

беларускі рубель  (Belarusian) белорусский рубль  (Russian)
200 rubel banknote (third rubel, obverse) 20 copeck coin (reverse)
ISO 4217
Code	BYN (numeric: 933)
Subunit	0.01
Unit
Plural	The language(s) of this currency belong(s) to the Slavic languages. There is more than one way to construct plural forms.
Symbol	Rbl‎
Denominations
Subunit
​1⁄100	copeck
Banknotes
Freq. used	Rbls 5, Rbls 10, Rbls 20, Rbls 50, Rbls 100, Rbls 200
Rarely used	Rbls 500
Coins
Freq. used	5 cop, 10 cop, 20 cop, 50 cop, Rbl 1, Rbls 2
Rarely used	1 cop, 2 cop
Demographics
User(s)	Belarus
Issuance
Central bank	National Bank of the Republic of Belarus
Website	www.nbrb.by
Valuation
Inflation	4.9%
Source	National Statistical Committee, December 2017

Cat:IB currency unk param:iso_number Cat:IB currency unk param:iso_exponent

The rubel (Belarusian: рубель rubeĺ’; Abbreviation: Rbl (plural: Rbls); ISO code: BYN) is the currency of Belarus . It is also known as the rouble in Commonwealth English or ruble in American English. The rubel is subdivided into 100 copecks (sometimes written as kopecks; Belarusian: капейка kapeyka).

History

First rubel, 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 Thaler (Belarusian: талер), divided into 100 Groschen (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 rubel that had been used in Belarus from the times of the Soviet Union and the Russian Empire. The word rubel has also been used as a name for a currency in circulation in the medieval Grand Duchy of Lithuania, of which Belarus was a major part (see Lithuanian long currency).

From the collapse of the Soviet Union until May 1992, the Soviet rouble circulated in Belarus alongside the Belarusian rubel. New Russia n banknotes also circulated in Belarus, but were replaced by notes issued by the National Bank of the Republic of Belarus in May 1992. The first post-Soviet Belarusian rubel was assigned the ISO code BYB and replaced the Soviet currency at the rate of 1 Belarusian rubel = 10 Soviet roubles. It took about two years before the rubel became the official currency of the country.

Second rubel, 2000–2016

In 2000, a new rubel was introduced (ISO 4217 code BYR), replacing the first at a rate of 1 BYR = 1,000 BYB. This was redenomination with three zeros removed. Only banknotes were issued; coins were minted solely as commemorative collectibles.

Monetary integration with Russia

From the beginning of his presidency in 1994, Alexander Lukashenko began to suggest the idea of integration with the Russia , and undertook steps in this direction. The idea of introducing a united currency for the Union of Russia and Belarus was floated; Article 13 of the 1999 "Treaty of Creation of the Union State of Russia and Belarus" foresaw a unified currency. Belarus' economy was largely a Soviet-style centrally controlled one heavily reliant on cheap energy supplies from Russia. Discussions on the common currency continued well past the 2005 implementation goal set by both nations. Starting in 2008, the Central Bank of Belarus announced that the rubel would be tied to the United States dollar instead of the Russian rouble. Former bank chairman Stanislav Bogdankevich called it a political decision, tied to Belarus' open displeasure with Russia's hike of oil and gas export prices to Belarus earlier that year.

Third rubel, 2016–present

In July 2016, a new rubel was introduced (ISO 4217 code BYN), at a rate of 1 BYN = 10,000 BYR. Old and new rubels circulated in parallel from 1 July to 31 December 2016. Belarus also issued coins for general circulation for the first time. Seven banknote denominations (5-, 10-, 20-, 50-, 100-, 200-, and 500 rubels) and eight coin denominations (1-, 2-, 5-, 10-, 20-, and 50 copecks, and 1- and 2 rubels) are in circulation as of 1 July 2016. 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.

Coins

First series, 2016

On December 27, 2016, for the first time in the Belarusian rubel's history, coins were introduced, due to the redenomination. Previously, Belarus was one of the few countries in the world never to have issued coins; this was largely due to rampant inflation, a problem since independence.

Slovakia offered to mint the coins, and provided prototypes. Coins of up to 5 copecks are struck in copper-plated steel; 10-, 20-, and 50 copeck coins are struck in brass-plated steel; 1 rubel coins are nickel-plated steel and 2 rubel coins a bi-metallic composition with a brass-plated steel ring and a nickel-plated steel center plug). All coins show the national emblem of Belarus, the inscription 'БЕЛАРУСЬ' (Belarus) and the year of minting on their obverse. The reverse shows the value of the coin and different symbolic ornaments.

2016 Belarusian rubel coins
Image		Value	Technical parameters				Description			Date of
Obverse	Reverse		Diameter (mm)	Thickness (mm)	Mass (g)	Composition	Edge	Obverse	Reverse	first minting	issue			1 cop	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	1 July 2016
		2 cop	17.5	2.10
		5 cop	19.8	2.7
		10 cop	17.7	1.80	2.8	Brass-plated steel	Reeded	Value, the ornament symbolizing fecundity and vital force
		20 cop	20.35	1.85	3.7
		50 cop	22.25	1.55	3.95
		Rbl 1	21.25	2.3	5.6	Nickel-plated steel		Value, the ornament symbolizing the pursuit of happiness and freedom
		Rbls 2	23.5	2.0	5.81	Brass-plated steel ring with a nickel-plated steel center plug	Lettered		National emblem of Belarus, name of the country, year of minting, divided by Bahach ornament

Commemorative issues

Alena Aladava, Director of the Belarusian National Arts Museum, on the reverse of a centenary issue.

Belarus is a large producer of commemorative coinage for the numismatic market, most particularly gold and silver bullion coins and non-circulating legal tender. Their designs range from fairly commonplace to unique and innovative ONE; themes range from "native culture and events" to fairy tales and pop culture topics unrelated to Belarus. A majority of these coins have a face value of 1 rubel; a few are 3-, 5 rubels and higher. Considered novelties, these coins are unlikely to be seen in general circulation.

Banknotes

First rubel

In 1992, banknotes were introduced in denominations of 50 copecks, and 1-, 3-, 5-, 10-, 25-, 50-, 100-, 200-, 500-, 1,000-, and 5,000 rubels. These were followed by banknotes of 20,000 rubels in 1994, 50,000 rubels in 1995, 100,000 rubels in 1996, 500,000 rubels in 1998 and 1,000,000- and 5,000,000 rubels in 1999.

1992 — 1999 series
Image		Value	Dimensions	Main Color	Description		Date of
Obverse	Reverse				Obverse	Reverse	issue	withdrawal	lapse
		50 cop	105 × 53 mm	Orange-pink	Image of sciurus	Pahonia ("The Chase")	25 May 1992	1 January 2001	31 December 2000
		Rbl 1		Grey blue	Image of the running European hare or "zaichik" which earned the currency its nickname
		Rbls 3		Green	Image of beavers
		Rbls 5		Blue and pink	Image of wolves
		Rbls 10		Dark green	Image of the Eurasian lynx with kitten
		Rbls 25		Orange	Image of moose
		Rbls 50		Violet	Image of brown bear
		Rbls 100		Green-brown	Image of wisent
		Rbls 200		Yellow-green	Image of the train station square		8 December 1992
		Rbls 500		Violet-red	Victory Square, Minsk
		Rbls 1,000		Green	National Academy of Sciences of Belarus in Minsk		3 November 1993		31 December 2003
		Rbls 1,000	110 × 60 mm			Large image of the number 1,000	16 September 1998
		Rbls 5,000	105 × 60 mm	Red	Trinity Hill in Minsk	Pahonia	7 April 1994
		Rbls 5,000	110 × 60 mm			Large image of the number 5,000	16 September 1998
		Rbls 20,000	150 × 69 mm	Olive-yellow	National Bank of the Republic of Belarus	Pahonia	28 December 1994
		Rbls 50,000		Light brown	Kholm Gate	Brest Fortress Memorial	15 September 1995
		Rbls 100,000		Grey-brown	Opera and Ballet Theatre (Minsk)	Scene from the ballet "Favourite" («Избранница») by E.A. Hlebau	17 October 1996
		Rbls 500,000		Orange-red	The Republican Trade Unions' Palace of Culture in Minsk	Architectural decorations on the Republican Palace of Culture of Belarus	1 December 1998
		Rbls 1,000,000		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	30 April 1999
		Rbls 5,000,000		Light violet	Minsk Sports Palace	Image of the "Raubichy" sports complex	6 September 1999

Second rubel

In 2000, notes were introduced in denominations of 1-, 5-, 10-, 20-, 50-, 100-, 500-, 1,000-, and 5,000 rubels. In 2001, higher denominations of 10,000-, 20,000-, and 50,000 rubels were introduced, followed by 100,000 rubels in 2005 and 200,000 rubels in 2012. There were 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,” (pyats'dzesyat) but under the new rules, it should be spelled “пяцьдзясят,” (pyats'dzyasyat) the difference being that the seventh character was the Cyrillic letter YE but is now the Cyrillic letter YA. As a result of these new rules, the existing 50- and 50,000-rubel 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-rubel 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-rubel notes also no longer has a security thread, and the modified 50,000-rubel notes have replaced the solid security thread for a 2-mm wide windowed security thread."

2000 Series
Image		Value	Dimensions	Main Color	Description		Date of
Obverse	Reverse				Obverse	Reverse	issue	withdrawal	lapse
		Rbl 1	110 × 60 mm	Green	The building of the National Academy of Sciences of Belarus	Denomination in figures	1 January 2000	1 January 2003	31 December 2003
		Rbls 5		Rose-red	View of the Trayetskaye Pradmyestsye in Minsk			1 September 2004	30 June 2005
		Rbls 10		Light blue	The building of the National Library of Belarus			1 March 2013	31 March 2014
		Rbls 20	150 × 69 mm	Olive-yellow	The building of the National Bank of Belarus	The interior of the building of the National Bank of Belarus
		Rbls 50		Orange-red	The Kholm Gate - fragment of the Memorial Brest Hero-Fortress	The main entrance to the Memorial Brest Hero-Fortress		1 July 2015	1 July 2016
		Rbls 100		Green	The National Academic Great Opera and Ballet House of Belarus in Minsk	Scene from ballet "Favourite" by E.A. Hlebau		1 January 2017	1 January 2022
		Rbls 500	150 × 74 mm	Light brown	The Republican Trade Unions' Palace of Culture in Minsk	Architectural decorations on the Republican Palace of Culture of Belarus
		Rbls 1,000		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
		Rbls 5,000		Light violet	Minsk Sports Palace	Image of the "Raubichy" sporting complex
		Rbls 10,000		Pink	Panorama of Vitebsk city	Summer amphitheatre in Vitebsk	16 April 2001
		Rbls 20,000		Grey	Gomel Palace	A view of the palace from A. Idzkouski's picture in Homyel	21 January 2002
		Rbls 50,000		Sky blue	A castle in the settlement of Mir, Karelichy district, Hrodna Voblast	Decorative collage of architectural elements of Mir Castle	20 December 2002
		Rbls 100,000		Orange	The Nesvizh Castle	View of the Radziwills' Castle in Niasvizh from a painting by the Belarusian artist Napoleon Orda	15 July 2005
		Rbls 200,000		Light green	The Mogilev Maslennikov Art Museum	Decorative collage of architectural elements of the museum building	12 March 2012

Third rubel

In 2016, banknotes were introduced in denominations of 5-, 10-, 20-, 50-, 100-, 200-, and 500 rubels. On 4 November 2015, the National Bank of the Republic of Belarus announced that the banknotes that had been in use at that time would be replaced by the new ones due to the upcoming redenomination. The redenomination would be made in a ratio of 1:10,000 (10,000 rubels of the 2000 series = 1 rubel of the 2009 series). This currency reform also brought the introduction of coins, for the first time in Belarus .

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. 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-year delay conditional on the necessity to lower inflation. Their designs are very similar to the euro banknotes.

2009 Series
Image		Value	Dimensions	Main Color	Description		Date of
Obverse	Reverse				Obverse	Reverse	printing	issue	withdrawal	lapse
		Rbls 5	135 × 72 mm	Orange	Belaya Vezha in Kamyanyets	collage on the theme of the first Slavic settlements	2009 2019 2020 (5, 10, 20 and 50 rubel banknotes)	1 July 2016	Current	Current
		Rbls 10	139 × 72 mm	Light Blue	Transfiguration Church in Polatsk	collage on the theme of enlightenment and printing
		Rbls 20	143 × 72 mm	Yellow	Rumyantsev-Paskevich Residence in Homyel	collage on the theme of spirituality
		Rbls 50	147 × 72 mm	Green	Mir Castle in Mir	collage on the theme of art
		Rbls 100	151 × 72 mm	Turquoise	Niasvizh Castle in Nesvizh	collage on the theme of theater and folk holidays
		Rbls 200	155 × 72 mm	Violet	Regional Museum of Art in Mahilyow	collage on the theme of crafts and town-planning
		Rbls 500	159 × 72 mm	Pink and Blue	The building of the National Library of Belarus in Minsk	collage on the theme of literature

Exchange rates

On 2 January 2009, the National Bank of the Republic of Belarus lowered the exchange rate of the rubel by 50%.

On 24 May 2011, the National Bank of the Republic of Belarus lowered the exchange rate of the rubel by 56%. 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.

On 20 October 2011, the exchange rate of the rubel dropped 42% (from Rbl 5,712 to Rbl 8,680 per US$) when it was fully floated following demands to do so by Russia and the IMF.

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

As of mid-March 2022, the Belarusian rubel had reached an all-time low of Rbls 3.33 per US$1, during fallout from the 2022 Russian invasion of Ukraine. On 1 April 2022, it traded at Rbls 3.26 per US$, and had lost 21.5% of its value year-to-date.

See also

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

External links

• 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)
• Complete Gallery of Belarus Banknotes (issued and unissued)