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Opinions & Interviews

18 Jan 2016

Zinovsky: Redenomination will not affect people’s living standards, bank deposits

MINSK, 18 January (BelTA) – The planned redenomination in Belarus will not affect people’s living standards and bank deposits, Economy Minister Vladimir Zinovsky said in an interview to the Belarus One TV channel, BelTA informs.

“It will not affect the inflation rate, people’s standards of living, companies’ capital and bank deposits,” Vladimir Zinovsky said speaking about the redenomination in 2016.

“It is a technical issue to make the life of companies (first of all, their accounting departments) and people easier and more comfortable,” the minister stressed.

The decision to re-denominate the national currency in Belarus on 1 July 2016 was approved by Belarus President Alexander Lukashenko’s decree No. 450 signed on 4 November 2015. All banknotes designed in 2000 will be replaced by banknotes and coins designed in 2009 in the following ratio: Br10,000 will become Br1.

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