No More Belarusian MillionairesBelarus will have a denomination in 2016, where the national currency will lose 4 zeroes, which means there will be much fewer millionaires.

Right now exchanging USD $100 will give you 1 million 755 thousand Belarusian rubles. After the denomination, it will be only 175 roubles and 50 kopeks.

Belarusian citizens, each of whom right now is a millionaire in the national currency, will no longer enjoy since status. Will it be the end of Belarusian millionaires, or can the spiralling inflation catch up again?

It will be the third denomination in Belarus since the collapse of the Soviet Union, and the introduction of its own currency.

The three denominations together will see 1 new Belarusian ruble equalling 100 million of rubles from 1992.

The previous denominations occurred in 1994 (the currency lost 1 zero), and in 2000, when it lost 3 zeroes.

This time the local currency is losing 4 zeroes. The exchange will occur on 1 July 2016.

Belarus has the highest level of inflation of any countries of the former USSR. Experts say that denomination only has a psychological effect, and without supporting economic measures will not be able to assist in reducing inflation and further devaluation of the national currency.

The new currency (pictured), which is to replace the old banknotes, was printed back in 2008. Officially the new money is named “2009” issue.

Belarusian citizens are nonchalant about the upcoming exchange of notes. The ones who remember previous denominations in 2000 and 1994 are less excited than the new generation.

 

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