Why do we need 500-rouble banknote that totals current Br5 million?

The sudden news about the denomination of July1, 2016 has raised a number of questions. People wonder what big banknotes are needed for.

The new 500-roubel banknote totals 5 million Belarusian roubles. The current biggest banknote is 200 thousand roubles (it will total 20 roubles). There will also be 50, 100, 200 and 500-roubel banknotes after the denomination. 

 Are state economists predicting huge inflation rate this way?

We asked the press service of the National Bank about the reasons for the introduction of big banknotes. 

“We cannot comment on it. You can ask this question to the deputy head of the board of directors of the National Bank at a press conference tomorrow,” the press service replied.

The banknotes may be needed to improve the reputation of the Belarusian rouble. Belarusians used to be mocked at and were often called ‘millionaires’ because everyone could make more than a million a month. Not everyone will be able to make more than 500 roubles after the denomination. The National currency will look more solid.

Photo: National Bank

Яшчэ адна версія выхаду ў абарачэнне буйных банкнот — паляпшэнне рэпутацыі нашага рубля. Раней беларусаў здзекліва называлі “мільянерамі”, бо кожны зарабляў больш за мільён. Цяпер далёка не кожны будзе мець зарплату ў новыя 500 рублёў. Нацыянальная валюта стане выглядаць больш салідна.

Фота: Нацбанк