Yermakova: It is too early to talk about redenomination in Belarus

MINSK, 21 March (BelTA) – It is too early to talk about redenomination in Belarus, Chairperson of the Board of the National Bank of the Republic of Belarus (NBRB) Nadezhda Yermakova said in the Respublika newspaper’s phone-in. “This is a very serious issue. Keeping in mind the previous depreciation of the national currency and last year’s inflation level, it is too early to talk about any redenomination in the country. At first we have to restore the economic growth, secure a stable monetary system and make interest rates acceptable, at least under 10%. Only then we may consider this issue,” the NBRB head said. It is also noteworthy that any redenomination triggers inflation growth. “We do not rule out that we will cut zeroes when household incomes become higher and it will be inconvenient to carry large heaps of bills. But it will not happen in a day or two,” Nadezhda Yermakova said. When asked about a possibility of emitting the Br500,000 bill, the NBRB official said: “I hope it will not happen. If the situation tells us that we need it, redenomination will be more appropriate then.” Nadezhda Yermakova also stated that there are no plans to issue coins. “There is no need in them right now, and this is a very costly project,” the NBRB head said.

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