Lukashenka confirms plans for rubel denomination

The Belarusian government plans to knock 'three or four' zeroes off the rubel, Aliaksandr Lukashenka said at a meeting with a group of Belarusian media leaders in Minsk on January 21.

The President noted that the government sought to secure a 'more civilized currency'. "We are not hiding that," he said.

He confirmed that new banknotes had been printed and said that even coins had been minted. The design of the new banknotes is similar to that of euro bills, he said.

At the same time, Aliaksandr Lukashenka warned that it was yet early for a rubel redenomination because 'the economic situation is not that good' and 'the public has certain concerns'. "Even if we feel this year that the economy has become normal, we will announce [a rubel redenomination] six months in advance," he said. "We will be choosing whether to slice three or four zeroes [off the rubel]."

He suggested that as a result of such a redenomination one US dollar could buy one or 10 Belarusian rubels.

Lukashenka also said that after the planned redenomination the old banknotes would remain in circulation for one more year.