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The design of belarusian banknotes will be changed

The Board of the National Bank of Belarus decided to modificate the banknotes currently in circulation while maintaining the main images on the obverse and reverse sides, the colour scheme and the size. The ordering and issuance of individual nominals of modified banknotes will be carried out in 2019-2020 as a part of maintaining the correct nominal structure of cash in circulation and providing the economy with a sufficient number of banknotes and coins of various nominal value. 

The following changes will be made to the modified banknotes.

The images of architecture on the obverse sides of the modified banknotes will be aligned with the actual appearance with the name of the depicted objects. Also, the "Chairman of the Board" tag as well as facsimile signature of the Chairman of the National Bank Prokopovich P. wil be excluded. 

According to the new edition of the Rules of Belarusian spelling the legend on the banknote with a nominal value of 50 rubles will be changed.

Apart from that, the year of the planned issuance will be depicted on the banknote: "2019" instead of "2009" for the banknotes of 5 and 10 rubles, "2020" for the banknotes of 20 and 50 rubles.

Due to the fact that the year of the actual issue will be indicated on the banknotes, it was necessary to amend the Presidential Decree No. 450 of November 4, 2015 “On the denomination of the official monetary unit of the Republic of Belarus” (hereinafter - Decree No. 450).

For reference. On September 19, 2018, the President signed Decree No. 380, amending Decree No. 450. In accordance with the changes, the exchange of banknotes of the 2000 sample can be made not only for the banknotes of the 2009 sample, but also of other years of issue. The is due to the fact that the release of certain nominals of modified banknotes is planned to be carried out already in 2019–2020, while the exchange of banknotes of the 2000 for 2009 banknotes ends on December 31, 2021.

At present, the National Bank has begun the selection of the manufacturer and the issuance of modified banknotes. Before issuing new banknotes into circulation, the National Bank will provide detailed information on their appearance and authenticity criteria. As part of the banknotes modification the National Bank also carried out work on their security system optimization. At the same time, all the means available were maximally used so that citizens could distinguish genuine banknotes from counterfeit ones easily and without using special equipment and thereby protect themselves from the accidental reception of the latter. 

The previously introduced banknotes of the 2009 sample will remain legal tender.

For reference. Currently, 7 nominals of banknotes are in circulation in Belarus - 5, 10, 20, 50, 100, 200, 500 rubles and 8 denominations of coins - 1, 2, 5, 10, 20 and 50 kopecks, as well as 1 and 2 Belarusian rubles.

The need in cash ordering is primarily due to the small service life of banknotes of small denominations, a regular increase in the number of old banknotes and, accordingly, the need to replace them. Thus, starting from October 2017 the flow of old banknotes in nominal value of 5 and 10 rubles increased three times and twice, respectively. Since December 2017, the supply of decrepit banknotes with a face value of 20 rubles has increased more than twice. As for the coins, ones of small nominal value, primarily 1 and 2 kopecks, are the most demanded and are not returned to the cash offices of the National Bank. At the same time, their issue from the cash offices of the National Bank is constantly growing.

Considering that the average service life of small and medium nominals of banknotes is one to three years, the National Bank orders missing banknotes and coins on an ongoing basis which is a common practice of central (national) banks on providing the state's economy with cash money.

In world practice small banknotes are mostly used for exchange having short service life and therefore requiring constant replacement. Thus, the average service life of a banknote with a face value of 5 euros is 13 months, banknotes with a face value of 1 US dollar - 22 months, banknotes with a face value of 50 Russian rubles - 8.3 months.

It should be noted that the additional production of cash does not mean an increase in the money supply since their release into circulation leads to the transfer of money from non-cash to cash, as the banks transfer cashless equivalent of the received banknotes to the National Bank.

* National Bank of the Republic of Belarus

Source link http://www.nbrb.by/Press/?id=8008

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