Belarusian ruble

The Belarusian ruble or rouble (Belarusian: рубель rubieĺ; sign: Br; code: BYN) is the official currency of Belarus. The ruble is subdivided into 100 kapeks (Belarusian: капейка kapiejka).

Belarusian ruble
беларускі рубель  (Belarusian)
белорусский рубль  (Russian)
100 Belarus 2009 front 20 kapeykas Belarus 2009 reverse
100 ruble banknote (third ruble, obverse)20 kapeks coin (reverse)
ISO 4217
CodeBYN
Number933
Exponent2
Denominations
Subunit
 1/100kapiejka
PluralThe language(s) of this currency belong(s) to the Slavic languages. There is more than one way to construct plural forms.
SymbolBr
Banknotes
 Freq. used5, 10, 20, 50, 100 rubles
 Rarely used200, 500 rubles
Coins
 Freq. used1, 2, 5, 10, 20, 50 kapiejkas, 1, 2 rubles
Demographics
User(s) Belarus
Issuance
Central bankNational Bank of the Republic of Belarus
 Websitewww.nbrb.by
Valuation
Inflation4.6%
 SourceNational Statistical Committee, December 2017

History

First ruble, 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 ruble that was usual for Belarus from the times of the Soviet Union and the Russian Empire.[1] In the medieval Grand Duchy of Lithuania of which Belarus was a major part, the word ruble has also been used as a name for a currency in circulation (see Lithuanian long currency).

From the collapse of the Soviet Union until May 1992, the Soviet ruble circulated in Belarus alongside the Belarusian ruble. New Russian banknotes also circulated in Belarus, but they were replaced by notes issued by the National Bank of the Republic of Belarus in May 1992.[2] The first post-Soviet Belarusian ruble was assigned the ISO code BYB and replaced the Soviet currency at the rate of 1 Belarusian ruble = 10 Soviet rubles. It took about two years before the ruble became the official currency of the country.[2]

Second ruble, 2000–2016

In 2000, a new ruble 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 have been issued, with the only coins issued being commemoratives for collectors.[2]

Monetary integration with Russia

From the beginning of his presidency in 1994, Alyaksandr Lukashenka began to suggest the idea of integration with the Russian Federation and to undertake steps in this direction. From the beginning, there was also an idea of introducing a united currency for the Union of Russia and Belarus. Art. 13 of the 1999 "Treaty of Creation of the Union State of Russia and Belarus" foresaw a unified currency. Discussions about the Union currency has continued past the 2005 implementation goal set by both nations.[3] Starting in 2008, the Central Bank of the Republic of Belarus announced that the ruble would be tied to the United States dollar instead of to the Russian ruble.[4] "Stanislav Bogdankevich, a former bank chairman, called the decision political, saying it was tied to Belarus' open displeasure at Russia's decision to hike oil and gas export prices to Belarus earlier this year. Belarus' economy is largely Soviet-style, centrally controlled and has been heavily reliant on cheap energy supplies from Russia".[4]

Third ruble, 2016–present

In July 2016, a new ruble was introduced (ISO 4217 code BYN), at a rate of 1 BYN = 10,000 BYR. Old and new rubles circulated in parallel from July 1 to December 31, 2016. Belarus also issued coins for general circulation for the first time. Seven denominations of banknotes (5, 10, 20, 50, 100, 200 and 500 rubles) and eight denominations of coins (1, 2, 5, 10, 20 and 50 kapeks, and 1 and 2 rubles) are in circulation on July 1, 2016.[5][6] 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

In 2016, for the first time in the whole history of the Belarusian ruble, coins were introduced due to the redenomination. Previously, Belarus was one of the few countries in the world never to have issued coins; this is largely due to the rampant inflation which has been a problem since independence.

Slovakia has offered to mint the coins, and has provided prototypes. The coins of up to 5 kapeks are struck in copper-plated steel; the 10, 20, 50 kapeks coins are struck in brass-plated steel; the 1 ruble coin in a nickel-plated steel composition and 2 rubles coin in a bi-metallic format (with a brass-plated steel ring and a nickel-plated steel center plug).[7] 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 accompanied by different ornaments with their own meanings.

2016 Belarusian ruble coins
Image Value
Technical parameters Description Date of
Obverse Reverse Diameter
(mm)
Thickness
(mm)
Mass
(g)
Composition Edge Obverse Reverse first minting issue
1 kapeyka Belarus 2009 obverse 1 kapeyka Belarus 2009 reverse 1 kapek 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 July 1, 2016
2 kapeykas Belarus 2009 obverse 2 kapeykas Belarus 2009 reverse 2 kapeks 17.5 2.10
5 kapeykas Belarus 2009 obverse 5 kapeykas Belarus 2009 reverse 5 kapeks 19.8 2.7
10 kapeykas Belarus 2009 obverse 10 kapeykas Belarus 2009 reverse 10 kapeks 17.7 1.80 2.8 Brass-plated steel Reeded Value, the ornament symbolizing fecundity and vital force
20 kapeykas Belarus 2009 obverse 20 kapeykas Belarus 2009 reverse 20 kapeks 20.35 1.85 3.7
50 kapeykas Belarus 2009 obverse 50 kapeykas Belarus 2009 reverse 50 kapeks 22.25 1.55 3.95
1 ruble Belarus 2009 obverse 1 ruble Belarus 2009 reverse 1 ruble 21.25 2.3 5.6 Nickel-plated steel Value, the ornament symbolizing the pursuit of happiness and freedom
2 rubles Belarus 2009 obverse 2 rubles Belarus 2009 reverse 2 rubles 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

Belarus is a large producer of commemorative coinage for the numismatic market, most particularly gold and silver bullion coins and non-circulating legal tender. The first coins of the Republic of Belarus were issued on December 27, 1996.[8] Their designs range from fairly commonplace to unique and innovative; themes range widely from "native culture and events" to fairy tales and pop culture topics not related to Belarus at all. A majority of these coins have a face value of 1 ruble, there are also a few denominated as 3, 5 rubles and higher amounts. All these coins are considered novelties and are unlikely to be seen in general circulation.

Banknotes

First ruble

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

1992 — 1999 series [9]
Image Value Dimensions Main Color Dsecription Date of
Obverse Reverse Obverse Reverse issue withdrawal lapse
Belarus-1992-Bill-0.5-Obverse Belarus-1992-Bill-0.5-Reverse 50 kapeks 105 × 53 mm Orange-pink Image of sciurus Pahonia ("Chaser") May 25, 1992 January 1, 2001 December 31, 2000
Belarus-1992-Bill-1-Obverse Belarus-1992-Bill-1-Reverse 1 ruble Grey blue Image of the running European hare or "zaichik" which earned the currency its nickname
Belarus-1992-Bill-3-Obverse Belarus-1992-Bill-3-Reverse 3 rubles Green Image of beavers
Belarus-1992-Bill-5-Obverse Belarus-1992-Bill-5-Reverse 5 rubles Blue and pink Image of wolves
Belarus-1992-Bill-10-Obverse Belarus-1992-Bill-10-Reverse 10 rubles Dark green Image of the Eurasian lynx with kitten
Belarus-1992-Bill-25-Obverse Belarus-1992-Bill-25-Reverse 25 rubles Orange Image of moose
Belarus-1992-Bill-50-Obverse Belarus-1992-Bill-50-Reverse 50 rubles Violet Image of brown bear
Belarus-1992-Bill-100-Obverse Belarus-1992-Bill-100-Reverse 100 rubles Green-brown Image of wisent
Belarus-1992-Bill-200-Obverse Belarus-1992-Bill-200-Reverse 200 rubles Yellow-green Image of the train station square December 8, 1992
Belarus-1992-Bill-500-Obverse Belarus-1992-Bill-500-Reverse 500 rubles Violet-red Victory Square, Minsk
Belarus-1992-Bill-1000-Obverse Belarus-1992-Bill-1000-Reverse 1,000 rubles Green National Academy of Sciences of Belarus in Minsk November 3, 1993 December 31, 2003
Belarus-1998-Bill-1000-Obverse Belarus-1998-Bill-1000-Reverse 1,000 rubles 110 × 60 mm Large image of the number 1,000 September 16, 1998
Belarus-1992-Bill-5000-Obverse Belarus-1992-Bill-5000-Reverse 5,000 rubles 105 × 60 mm Red Trinity Hill in Minsk Pahonia April 7, 1994
Belarus-1998-Bill-5000-Obverse Belarus-1998-Bill-5000-Reverse 5,000 rubles 110 × 60 mm Large image of the number 5,000 September 16, 1998
Belarus-1994-Bill-20000-Obverse Belarus-1994-Bill-20000-Reverse 20,000 rubles 150 × 69 mm Olive-yellow National Bank of the Republic of Belarus Pahonia December 28, 1994
Belarus-1995-Bill-50000-Obverse Belarus-1995-Bill-50000-Reverse 50,000 rubles Light brown Kholm Gate Brest Fortress Memorial September 15, 1995
Belarus-1996-Bill-100000-Obverse Belarus-1996-Bill-100000-Reverse 100,000 rubles Grey-brown Opera and Ballet Theatre (Minsk) Scene from the ballet "Favourite" («Избранница») by E.A. Hlebau October 17, 1996
Belarus-1998-Bill-500000-Obverse Belarus-1998-Bill-500000-Reverse 500,000 rubles Orange-red The Republican Trade Unions' Palace of Culture in Minsk Architectural decorations on the Republican Palace of Culture of Belarus December 1, 1998
Belarus-1999-Bill-1000000-Obverse Belarus-1999-Bill-1000000-Reverse 1,000,000 rubles 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 April 30, 1999
Belarus-1999-Bill-5000000-Obverse Belarus-1999-Bill-5000000-Reverse 5,000,000 rubles Light violet Minsk Sports Palace Image of the "Raubichy" sports complex September 6, 1999

Second ruble

In 2000, notes were introduced in denominations of 1, 5, 10, 20, 50, 100, 500, 1,000 and 5,000 rubles. In 2001, higher denominations of 10,000, 20,000 and 50,000 rubles were introduced, followed by 100,000 rubles in 2005 and 200,000 rubles in 2012. There were no coins or banknotes issued in kapecks.

"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,” (piaćdziesiat) but under the new rules, it should be spelled “пяцьдзясят,” (piaćdziasiat) the difference being that the seventh character was the Cyrillic letter IE but is now the Cyrillic letter YA. As a result of these new rules, the existing 50- and 50,000-ruble 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-ruble 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-ruble notes also no longer has a security thread, and the modified 50,000-ruble notes have replaced the solid security thread for a 2-mm wide windowed security thread."[10]

2000 Series [11]
Image Value Dimensions Main Color Description Date of
Obverse Reverse Obverse Reverse issue withdrawal lapse
Belarus-2000-Bill-1-Obverse Belarus-2000-Bill-1-Reverse 1 ruble 110 × 60 mm Green The building of the National Academy of Sciences of Belarus Denomination in figures January 1, 2000 January 1, 2003 December 31, 2003
Belarus-2000-Bill-5-Obverse Belarus-2000-Bill-5-Reverse 5 rubles Rose-red View of the Trayetskaye Pradmyestsye in Minsk September 1, 2004 June 30, 2005
Belarus-2000-Bill-10-Obverse Belarus-2000-Bill-10-Reverse 10 rubles Light blue The building of the National Library of Belarus March 1, 2013 March 31, 2014
Belarus-2000-Bill-20-Obverse Belarus-2000-Bill-20-Reverse 20 rubles 150 × 69 mm Olive-yellow The building of the National Bank of Belarus The interior of the building of the National Bank of Belarus
Belarus-2000-Bill-50-Obverse Belarus-2000-Bill-50-Reverse 50 rubles Orange-red The Kholm Gate - fragment of the Memorial Brest Hero-Fortress The main entrance to the Memorial Brest Hero-Fortress July 1, 2015 July 1, 2016
100-rubles-Belarus-2000-f 100-rubles-Belarus-2000-b 100 rubles Green The National Academic Great Opera and Ballet House of Belarus in Minsk Scene from ballet "Favourite" by E.A. Hlebau January 1, 2017 January 1, 2022
Belarus-2000-Bill-500-Obverse Belarus-2000-Bill-500-Reverse 500 rubles 150 × 74 mm Light brown The Republican Trade Unions' Palace of Culture in Minsk Architectural decorations on the Republican Palace of Culture of Belarus
1000-rubles-Belarus-2000-f 1000-rubles-Belarus-2000-b 1,000 rubles 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
5000-rubles-Belarus-2000-f 5000-rubles-Belarus-2000-b 5,000 rubles Light violet The Palace of Sports in Minsk Image of the "Raubichy" sporting complex
10000-rubles-Belarus-2000-f 10000-rubles-Belarus-2000-b 10,000 rubles Pink Panorama of Vitebsk city Summer amphitheatre in Vitebsk April 16, 2001
20000-rubles-Belarus-2000-f 20000-rubles-Belarus-2000-b 20,000 rubles Grey Gomel Palace A view of the palace from A. Idzkouski's picture in Homyel January 21, 2002
50000-rubles-Belarus-2000-f 50000-rubles-Belarus-2000-b 50,000 rubles Sky blue A castle in the settlement of Mir, Karelichy district, Hrodna Voblast Decorative collage of architectural elements of Mir Castle December 20, 2002
100000-rubles-Belarus-2000-f 100000-rubles-Belarus-2000-b 100,000 rubles Orange The Nesvizh Castle View of the Radziwills' Castle in Niasvizh from a painting by the Belarusian artist Napoleon Orda July 15, 2005
New 200K belarusian rubles(obverse) New 200K belarusian rubles(reverse) 200,000 rubles Light green The Mogilev Maslennikov Art Museum Decorative collage of architectural elements of the museum building March 12, 2012

Third ruble

In 2016, banknotes were introduced in denominations of 5, 10, 20, 50, 100, 200, and 500 rubles. On 4 November 2015 the National Bank of the Republic of Belarus announced that the banknotes that has been in use at that time will be replaced by the new ones due to the upcoming redenomination.[7] The redenomination will be made in a ratio of 1:10,000 (10,000 rubles of the 2000 series = 1 ruble of the 2009 series). This currency reform also brought the introduction of coins, for the first time in The Republic of Belarus.[12]

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.[13] 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 [14]
Image Value Dimensions Main Color Description Date of
Obverse Reverse Obverse Reverse printing issue withdrawal lapse
5 Belarus 2009 front 5 Belarus 2009 back 5 rubles 135 × 72 mm Orange Belaya Vezha in Kamyanyets collage on the theme of the first Slavic settlements 2009 July 1, 2016 Current Current
10 Belarus 2009 front 10 Belarus 2009 back 10 rubles 139 × 72 mm Light Blue Transfiguration Church in Polatsk collage on the theme of enlightenment and printing
20 Belarus 2009 front 20 Belarus 2009 back 20 rubles 143 × 72 mm Yellow Rumyantsev-Paskevich Residence in Homyel collage on the theme of spirituality
50 Belarus 2009 front 50 Belarus 2009 back 50 rubles 147 × 72 mm Green Mir Castle in Mir collage on the theme of art
100 Belarus 2009 front 100 Belarus 2009 back 100 rubles 151 × 72 mm Turquoise Niasvizh Castle in Nesvizh collage on the theme of theater and folk holidays
200 Belarus 2009 front 200 Belarus 2009 back 200 rubles 155 × 72 mm Violet Regional Museum of Art in Mahilyow collage on the theme of crafts and town-planning
500 Belarus 2009 front 500 Belarus 2009 back 500 rubles 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 January 2, 2009, the National Bank of the Republic of Belarus lowered the exchange rate of the ruble by 50%.

On May 24, 2011, the National Bank of the Republic of Belarus lowered the exchange rate of the ruble by 56%.[15] 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.[16]

On October 20, 2011 the exchange rate of the Belarus ruble dropped 42% (from Br 5,712 to Br 8,680 per USD) when it was fully floated following demands to do so by Russia and the IMF.[17]

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 ruble crisis from spreading across the border. As of Sunday, February 1, one U.S. dollar was worth 15,400 Belarusian rubles; by Tuesday it fell to 15,450 rubles to the dollar, as per data from the Belarusian Central Bank's website.[18]

Current BYN exchange rates
From Google Finance: AUD CAD CHF EUR GBP HKD JPY USD RUB
From Yahoo! Finance: AUD CAD CHF EUR GBP HKD JPY USD RUB
From XE: AUD CAD CHF EUR GBP HKD JPY USD RUB
From OANDA: AUD CAD CHF EUR GBP HKD JPY USD RUB
From fxtop.com: AUD CAD CHF EUR GBP HKD JPY USD RUB

See also

References

  1. ^ http://kp.by/daily/25840.3/2811879/
  2. ^ a b c National Bank of the Republic of Belarus. "NBRB banknotes". Retrieved 2006-12-30.
  3. ^ "Will rouble become Belarus currency?". Pravda.ru. 2003-12-02. Archived from the original on 2007-09-29. Retrieved 2007-10-01.
  4. ^ Belarus new redenominated notes (B137 - B143) reported for 01.07.2016 introduction BanknoteNews.com November 5, 2015. Retrieved on 2015-11-05.
  5. ^ On redenomination of the Belarusian ruble since July 1, 2016 National Bank of the Republic of Belarus (nbrb.by). Retrieved on 2015-11-05.
  6. ^ a b "Archived copy". Archived from the original on 2016-07-13. Retrieved 2016-07-01.CS1 maint: Archived copy as title (link) О проведении с 1 июля 2016 г. деноминации белорусского рубля
  7. ^ "Banknotes and Coins of the National Bank of the Republic of Belarus". National Bank of the Republic of Belarus. Retrieved 2012-06-15.
  8. ^ "Banknotes of the National Bank of the Republic of Belarus Out of Circulation". National Bank of the Republic of Belarus.
  9. ^ Linzmayer, Owen (2011). "Belarus". The Banknote Book. San Francisco, CA: BanknoteNews.com. Retrieved 2011-08-21.
  10. ^ "Banknotes of the National Bank of the Republic of Belarus Out of Circulation". National Bank of the Republic of Belarus.
  11. ^ http://www.ctv.by/novosti-minska-i-minskoy-oblasti/denominaciya-v-belarusi-chto-izmenitsya-s-prihodom-novyh-deneg
  12. ^ http://people.onliner.by/2015/11/10/denominaciya-6
  13. ^ "Banknotes of the National Bank of the Republic of Belarus in Circulation". National Bank of the Republic of Belarus.
  14. ^ "Panic ensues amongst Belarus residents after 56% devaluation of national currency". Baltic News Network. May 24, 2011. Retrieved August 15, 2011.
  15. ^ Stern, David L., Belarus faces an economic precipice, GlobalPost, May 31, 2011 06:34. Retrieved 2011-08-15.
  16. ^ "Archived copy". Archived from the original on 2011-10-21. Retrieved 2012-07-17.CS1 maint: Archived copy as title (link)
  17. ^ "Belarusian Ruble Drops 20% Against Dollar in January". The Moscow Times. February 3, 2015. Retrieved August 9, 2015.

[1]

External links

  1. ^ Belarus - a Strong Nation for the 21st Century, Jessop and Bridgot, 2017 Oxford Press, pp. 15, 17, 28, 29, 33, 42, 163, 285, 386.
Alexander Lukashenko

Alexander Grigoryevich Lukashenko (Belarusian: Алякса́ндар Рыго́равіч Лукашэ́нка, translit. Alyaksandr Ryhoravich Lukashenka, IPA: [alʲaˈksand(a)r rɨˈɣɔravʲitʂ lukaˈʂɛnka]; Russian: Алекса́ндр Григо́рьевич Лукаше́нко, IPA: [ɐlʲɪˈksandr ɡrʲɪˈɡorʲjɪvʲɪtɕ ɫʊkɐˈʂɛnkə]; born 30 August 1954) is a Belarusian politician serving as President of Belarus since the office was created on 20 July 1994. Before launching his political career, Lukashenko worked as director of a collective farm (kolkhoz) and spent time with the Soviet Border Troops and the Soviet Army. He was the only deputy to vote against the independence of Belarus from the Soviet Union.

Lukashenko opposed Western-backed shock therapy during the post-Soviet transition. He has supported state ownership of key industries in Belarus. Lukashenko's government has also retained much of the country's Soviet-era symbolism, especially related to the victory in the Second World War. Western opponents of Lukashenko have described Belarus as 'Europe's last dictatorship'. Since 2006, Lukashenko and other Belarusian officials have also been the subject of on-and-off sanctions imposed by the European Union and the United States for human rights violations. He responds that his policies are the only alternative to instability and have spared Belarus from the poverty and oligarchy seen elsewhere in the former Soviet republics.

Since the dissolution of the Soviet Union, under Lukashenko's leadership Belarus has maintained government control over key industries and eschewed large-scale privatizations seen in other former Soviet republics.

BYN

BYN could refer to:

Kalix Nyborg Sweden

Bayankhongor Airport, Mongolia; IATA airport code BYN.

Bilen language; ISO language code BYN.

Bryan (Amtrak station), Ohio, United States; Amtrak station code BYN.

Bryn railway station, England; National Rail station code BYN.

New Belarusian ruble, introduced on 1 July 2016; ISO 4217 code BYN.

Belarus

Belarus (; Belarusian: Беларусь, IPA: [bʲɛlaˈrusʲ]), officially the Republic of Belarus (Belarusian: Рэспубліка Беларусь, Russian: Республика Беларусь), formerly known by its Russian name Byelorussia or Belorussia (Russian: Белоруссия), is a landlocked country in Eastern Europe bordered by Russia to the northeast, Ukraine to the south, Poland to the west, and Lithuania and Latvia to the northwest. Its capital and most populous city is Minsk. Over 40% of its 207,600 square kilometres (80,200 sq mi) is forested. Its major economic sectors are service industries and manufacturing. Until the 20th century, different states at various times controlled the lands of modern-day Belarus, including the Principality of Polotsk (11th to 14th centuries), the Grand Duchy of Lithuania, the Polish–Lithuanian Commonwealth, and the Russian Empire.

In the aftermath of the 1917 Russian Revolution, Belarus declared independence as the Belarusian People's Republic, which was conquered by Soviet Russia. The Socialist Soviet Republic of Byelorussia became a founding constituent republic of the Soviet Union in 1922 and was renamed as the Byelorussian Soviet Socialist Republic (Byelorussian SSR). Belarus lost almost half of its territory to Poland after the Polish–Soviet War of 1919–1921. Much of the borders of Belarus took their modern shape in 1939, when some lands of the Second Polish Republic were reintegrated into it after the Soviet invasion of Poland, and were finalized after World War II. During WWII, military operations devastated Belarus, which lost about a third of its population and more than half of its economic resources. The republic was redeveloped in the post-war years. In 1945 the Byelorussian SSR became a founding member of the United Nations, along with the Soviet Union and the Ukrainian SSR.The parliament of the republic proclaimed the sovereignty of Belarus on 27 July 1990, and during the dissolution of the Soviet Union, Belarus declared independence on 25 August 1991. Alexander Lukashenko has served as the country's first president since 1994. Belarus has been labeled "Europe's last dictatorship" by some Western journalists, on account of Lukashenko's self-described authoritarian style of government. Lukashenko continued a number of Soviet-era policies, such as state ownership of large sections of the economy. Elections under Lukashenko's rule have been widely criticized as unfair; and according to many countries and organizations, political opposition has been violently suppressed. Belarus is also the last country in Europe using the death penalty. Belarus's Democracy Index rating is the lowest in Europe, the country is labelled as "not free" by Freedom House, as "repressed" in the Index of Economic Freedom, and is rated as by far the worst country for press freedom in Europe in the 2013–14 Press Freedom Index published by Reporters Without Borders, which ranks Belarus 157th out of 180 nations.In 2000, Belarus and Russia signed a treaty for greater cooperation, forming the Union State. Over 70% of Belarus's population of 9.49 million resides in urban areas. More than 80% of the population is ethnic Belarusian, with sizable minorities of Russians, Poles and Ukrainians. Since a referendum in 1995, the country has had two official languages: Belarusian and Russian. The Constitution of Belarus does not declare any official religion, although the primary religion in the country is Eastern Orthodox Christianity. The second-most widespread religion, Roman Catholicism, has a much smaller following; nevertheless, Belarus celebrates both Orthodox and Catholic versions of Christmas and Easter as national holidays. Belarus is a member of the United Nations since its founding, the Commonwealth of Independent States, CSTO, EEU, and the Non-Aligned Movement. Belarus has shown no aspirations for joining the European Union but nevertheless maintains a bilateral relationship with the organisation, and likewise participates in two EU projects: the Eastern Partnership and the Baku Initiative.

Belarusian Currency and Stock Exchange

The open joint-stock company 'Belarusian currency and stock exchange' (Russian: Белорусская валютно-фондовая биржа) was formed in 1998 in accordance with the Decree of the President of Belarus from July 20, 1998 №366 “On perfection of system of state regulation of the stock market”. The founders of the stock exchange were the National Bank of the Republic of Belarus (a control share holding), State Property Fund of the Ministry of Economics of the Republic of Belarus and a number of large banks of the Republic of Belarus. The Belarusian Currency and Stock Exchange is a member of the Federation of Euro-Asian Stock Exchanges.

Central banks and currencies of Europe

This is a list of central banks and currencies of Europe .

Currency board

A currency board is a monetary authority which is required to maintain a fixed exchange rate with a foreign currency. This policy objective requires the conventional objectives of a central bank to be subordinated to the exchange rate target.

Economy of Belarus

The economy of Belarus is world's 72nd largest economy by GDP based on purchasing power parity (PPP), which in 2017 stood at $175.9 billion, or $18,600 per capita.

As part of the former Soviet Union, Belarus had a relatively well developed industrial base; it retained this industrial base following the break-up of the USSR. The country also has a broad agricultural base and a high education level. Among the former republics of the Soviet Union, it had one of the highest standards of living.With the fall of the Soviet Union, all former Soviet republics faced a deep economic crisis. After the 1994 election of Alexander Lukashenko as the first President of Belarus, he launched the country on the path of "market socialism" as opposed to what Lukashenko considered "wild capitalism" chosen by Russia at that time. In keeping with this policy, administrative controls over prices and currency exchange rates were introduced. Also the state's right to intervene in the management of private enterprise was expanded, but on March 4, 2008, the President issued a decree abolishing the golden share rule in a clear movement to improve its international rating regarding the foreign investment.Beneficial terms of Russian oil and gas deliveries are behind a degree of economic dependence on Russia, Belarus' fellow EAEU neighbour. According to some estimates, profits stemming from the low prices the country pays for Russian gas and oil -either consumed locally or processed and then re-exported- has occasionally accounted to up to 10% of national GDP. Besides, the main export market for the Belarussian agricultural and industrial produce lies in its Russian neighbour.Peat, the country's most valuable mineral resource, is used for fuel and fertilizer and in the chemical industry. Belarus also has deposits of clay, sand, chalk, dolomite, phosphorite, and rock and potassium salt. Forests cover about a third of the land, and lumbering is an important sector.

Euro

The euro (sign: €; code: EUR) is the official currency of 19 of the 28 member states of the European Union. This group of states is known as the eurozone or euro area, and counts about 343 million citizens as of 2019. The euro is the second largest and second most traded currency in the foreign exchange market after the United States dollar. The euro is divided into 100 cents.

The currency is also used officially by the institutions of the European Union, by four European microstates that are not EU members, as well as unilaterally by Montenegro and Kosovo. Outside Europe, a number of special territories of EU members also use the euro as their currency. Additionally, 240 million people worldwide as of 2018 use currencies pegged to the euro.The euro is the second largest reserve currency as well as the second most traded currency in the world after the United States dollar.

As of August 2018, with more than €1.2 trillion in circulation, the euro has one of the highest combined values of banknotes and coins in circulation in the world, having surpassed the U.S. dollar.The name euro was officially adopted on 16 December 1995 in Madrid. The euro was introduced to world financial markets as an accounting currency on 1 January 1999, replacing the former European Currency Unit (ECU) at a ratio of 1:1 (US$1.1743). Physical euro coins and banknotes entered into circulation on 1 January 2002, making it the day-to-day operating currency of its original members, and by March 2002 it had completely replaced the former currencies. While the euro dropped subsequently to US$0.83 within two years (26 October 2000), it has traded above the U.S. dollar since the end of 2002, peaking at US$1.60 on 18 July 2008. In late 2009, the euro became immersed in the European sovereign-debt crisis, which led to the creation of the European Financial Stability Facility as well as other reforms aimed at stabilising and strengthening the currency.

ISO 4217

ISO 4217 is a standard first published by International Organization for Standardization in 1978, which delineates currency designators, country codes (alpha and numeric), and references to minor units in three tables:

Table A.1 – Current currency & funds code list

Table A.2 – Current funds codes

Table A.3 – List of codes for historic denominations of currencies & fundsThe tables, history and ongoing discussion are maintained by SIX Interbank Clearing on behalf of ISO and the Swiss Association for Standardization.The ISO 4217 code list is used in banking and business globally. In many countries the ISO codes for the more common currencies are so well known publicly that exchange rates published in newspapers or posted in banks use only these to delineate the currencies, instead of translated currency names or ambiguous currency symbols. ISO 4217 codes are used on airline tickets and international train tickets to remove any ambiguity about the price.

Kopek

Kopek or Köpek may refer to:

Kopek (band), an Irish rock band

Sa'd al-Din Köpek (died 1240), court administrator under Seljuq Sultans of Rum

Islak Köpek, a Turkish free improvisation band

Kopek, also spelled kopeck or copeck in English, 1/100 of the following currencies:

Russian ruble (kopeyka, plural kopeyki)

Belarusian ruble (kapeyka, plural kapeyki)

Ukrainian hryvnia (kopiyka, plural kopiyki)

Transnistrian ruble (kopiyka, plural kopiyki)

Köpek (film), a 2015 Swiss-Kurdish film by Esen Işık

List of currencies in Europe

There are 25 currencies currently used in the 50 countries of Europe, all of which are members of the United Nations, except Vatican City, which is an observer. All de facto present currencies in Europe, and an incomplete list of the preceding currency, are listed here.

A currency is a medium of exchange, such as money, banknotes, and coins. In Europe, the most commonly used currency is the euro (used by 25 countries); any country entering the European Union (EU) is expected to join the eurozone when they meet the five convergence criteria. Denmark is the only EU member which has been granted an exemption from using the euro. Sweden has also not adopted the Euro, although unlike Denmark, it has not formally opted out; instead, it fails to meet the ERM II (Exchange Rate Mechanism) which results in the non-use of the Euro. For countries which hope to join the eurozone, there are five guidelines that need to be followed, grouped in the Maastricht criteria.The pound sterling, used by the United Kingdom, is rated at fourth on Investopedia's list of the top 8 most tradable currencies, saying that it is a "little bit more volatile than the euro". It was ranked just ahead of the Swiss franc, ranked fifth, which is used in Switzerland and Liechtenstein, saying that the set up of the Swiss banking "emphasizes the economic and financial stability policies dictated by the governing board of the SNB". Both are in the top 8 major currencies on Bloomberg. Several countries use currencies which translate as "crown": the Czech koruna, the Norwegian krone, the Danish krone, the Icelandic króna, and the Swedish krona.At present, the euro is legal tender in 19 out of 28 European Union member states, in addition to 5 countries not part of the EU (Monaco, San Marino, Vatican City, Andorra and Montenegro). Kosovo also uses the euro, but is only partially recognised as an independent state.

Member states of the Shanghai Cooperation Organisation

The Shanghai Cooperation Organisation (SCO) is an international alliance that consists of 8 member states and 3 observers from Eurasia. It was established on 26 April 1996 as Shanghai Five.

Of the 8 member states and 3 observers, SCO currently also have 3 dialogue partners and 3 guest attendance entries.

National Bank of the Republic of Belarus

The National Bank of the Republic of Belarus (Belarusian: Нацыянальны банк Рэспублікі Беларусь; Russian: Национальный банк Республики Беларусь) is the central bank of Belarus, located in the capital city, Minsk. The bank was created in 1922 under the name of "Belarusian Republican Bank" by the Soviet of People's Commissars of Byelorussia, but soon worked under the direction of the State Bank of the USSR. Undergoing reorganizations in 1959 and 1987, the bank appeared in its current form in 1990 after the passage of banking rules upon declaring independence from the Soviet Union.

Qapik

The qapik (Azerbaijani: qəpik pronounced [ɡæˈpiç]) is a monetary unit of Azerbaijan, equal to ​1⁄100 of the Azerbaijani manat. The 2006 currency denomination of the manat introduced 1-, 3-, 5-, 10-, 20- and 50-qapik coins into circulation.

The 1, 3 and 5 qapik are made of copper-covered steel. The 10 and 20 qapik are of brass-covered steel, and the 50 qapik is bicolor.The word qəpik comes from the Russian word kopek (копе́к) which means "spear", and which was a Russian coin since the time of Ivan the Terrible in the 16th century, and is now the monetary subunit of the Russian ruble, Ukrainian hryvnia, Belarusian ruble and the Transnistrian ruble.

Redenomination

Redenomination is the process of changing the face value of banknotes or coins used in circulating currency. It may be done because inflation has made the currency unit so small that only large denominations of the currency are circulated. In such cases the name of the currency may change or the original name may be used with a temporary qualifier such as "new". Redenomination may be done for other reasons such as adopting a new currency as with the Euro or decimalisation. The article deals with these various types of redenomination in detail.

Ruble

The ruble or rouble (; Russian: рубль, IPA: [rublʲ]) is or was a currency unit of a number of countries in Eastern Europe closely associated with the economy of Russia. Originally, the ruble was the currency unit of Imperial Russia and then the Soviet Union (as the Soviet ruble), and it is currently the currency unit of Russia (as the Russian ruble) and Belarus (as the Belarussian ruble). The Russian ruble is also used in two regions of Georgia, which are considered by Russia as partially recognised states of Abkhazia and South Ossetia. In the past, several other countries influenced by Russia and the Soviet Union had currency units that were also named rubles. One ruble is divided into 100 kopeks (Russian: копейка, IPA: [kɐˈpʲejkə]).

Soviet ruble

The Soviet ruble (Russian: рубль; see below for other languages of the USSR) was the currency of the Union of Soviet Socialist Republics (USSR). One ruble was divided into 100 kopeks (Russian: копе́йка, pl. копе́йки – kopeyka, kopeyki). Many of the ruble designs were created by Ivan Dubasov. The production of Soviet rubles was the responsibility of the Federal State Unitary Enterprise, or Goznak, which was in charge of the printing of and materials production for banknotes and the minting of coins in Moscow and Leningrad. In addition to regular currency, some other currency units were used, such as several forms of convertible ruble, transferable ruble, clearing ruble, Vneshtorgbank cheque, etc.; also, several forms of virtual rubles (called "non-cash ruble" or "cachless ruble": "Безналичный рубль" beznalichny rubl) were used for inter-enterprise accounting and international settlement in the Comecon zone. In 1991, after the breakup of the USSR, the Soviet ruble continued to be used in the post-Soviet states, forming a "ruble zone", until it was replaced with the Russian ruble by 1993.

Union State

The Union State, also referred to as the Union State of Russia and Belarus, is a supranational union consisting of the Russian Federation and the Republic of Belarus.

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