Belarus preparing for redenomination, due on July 1

Belarus preparing for redenomination, due on July 1

Peru currency is called "nuevo sol". Earlier, it was just "sol" (the sun), and then became "the new sun" - nuevo sol. Belarus will also get new money on 1 July. New notes are already being tested in banks. They are not yet in circulation but the country is actively preparing for the novelties. People, with excitement, wonder how to compare old and new prices faster, some are worried about queues in stores and psychologists give tips on how to adjust to the changes. Anastasia Benedisyuk counted pros and cons of the forthcoming redenomination.

The National Bank of Belarus is giving master classes in the Trade Ministry to train its employees the peculiarities and features of the new money. Sellers and retail cashiers must know how to determine the authenticity of new currency notes and how to handle the new currency faster.

Marina Demina, chief specialist of the main department of cash circulation, National Bank of the Republic of Belarus:
We can in fact determine everything without special tools: watermarks, special height of the relief for individual inscriptions ("National Bank" or "nominal value"), labels for the visually impaired, and the security thread.

Ivan Mekhovich, director of the valuables department at a bank:
ATMs will be loaded with banknotes with a face value of 5, 10, 20, 50 and 100 rubles. The notes with a value of 200 and 500 rubles will not be loaded. ATMs will have either only new bills (of the 2009 sample – note by, or those of the 2000 sample. But ATM checks will be only in the redenominated currency.

The majority of ATMs will be loaded with the new notes on the night of July 1. Coins have a very small face value and will serve only as change or tips.

Ulker Aliyeva, from Azerbaijan, tells our channel about the redenomination in her country back in 2006. Then three zeros were removed from the Azerbaijani national currency notes. But one needed to take into consideration not only zeroes: 1 new AZN became equal to 5,000 old AZN. Ulker says that after 2 months, the whole country finally learned the algorithm of mathematical equations.

Ulker Aliyeva, Doctor of Arts, Professor (Azerbaijan):
When I earlier came to Belarus I was amazed by your math skills. I came to a store and took out all the Belarusian money and asked cashiers to count it.

Elena Petrychenko, Ph.D., associate professor:
Yes, from a psychological point of view, we were "millionaires". And then it will no longer be the case. But I think everyone will be satisfied with the results in the end.

New price tags appeared in Belarusian stores from April 1. Psychologists advise tourists to carry a kind of cheat sheet in their pockets. With it you can just add the "disappeared" four zeros to any price.

Galina Borozdina, PhD, associate professor:
For the young it is drive, it's interest, like in a game. And the people of the middle generation have the largest share of uncertainty. Suppose a person wants to buy an apartment. Now he or she sees one price. And in a year, it will be different. However, I think that we will all get used to the new reality within the first three weeks of the month.

Remember that the majority of banks will be closed on July 1 for technical reasons. Exchange points and banks at railway stations and some other key tourist spots are expected to be open but they will offer a limited number of services that day. 

The current bills will be finally out of circulation from January 1, 2017. Until 2020, Belarusians will still be able to exchange them in any bank without commission.