Converting from Belarusian New Ruble (BYN) to Belarusian Ruble (BYR)

What is Belarusian New Ruble (BYN)

The Belarusian New Ruble (BYN) is the currency used in the Republic of Belarus. It was introduced on July 1, 2016, and it replaced the old Belarusian Ruble (BYR) at a rate of 1 BYN to 10,000 BYR. The goal of this conversion was to streamline the currency and reduce the high number of banknotes in circulation caused by hyperinflation. The Belarusian New Ruble is subdivided into 100 kopecks, and it is often denoted by the symbol "р."

As Belarusian New Ruble is the main currency today, it plays a vital role in daily transactions, including shopping, services, and other economic activities. It is managed by the National Bank of the Republic of Belarus, which is responsible for monetary policy, currency issuance, and maintaining financial stability.

What is Belarusian Ruble (BYR)

The Belarusian Ruble (BYR) refers to the old currency that was in use prior to the introduction of the Belarusian New Ruble. The BYR was subject to significant inflation, particularly during the early 2010s, leading to its devaluation and ultimately prompting the introduction of the BYN. Following the denomination, the old BYR is no longer officially used in any financial transactions and is considered obsolete.

The pricing strategies that once dominated the economy in terms of BYR now reflect the more controlled and stable monetary system established with the BYN. Importantly, conversion from BYR to BYN is a straightforward process; for every 1 BYN, a holder of the old currency would have had 10,000 BYR. This massive change helped reduce the volume of cash transactions and allowed for a more efficient economic structure.

Converting BYN to BYR

Although BYR is technically an obsolete currency, it may still hold sentimental or collectible value for some individuals. If you need to convert Belarusian New Rubles to the old Ruble, it's essential to understand the conversion rate was fixed at

1 BYN = 10,000 BYR

. Thus, if you possess 5 BYN, for example, it equates to 50,000 BYR.

In practical terms, however, the exchange of BYN to BYR is mostly irrelevant today due to the cessation of BYR as a legal tender. People are encouraged to use BYN for all their monetary needs, and old BYR can often only be exchanged for BYN through banks or financial institutions that may still offer limited conversion services.

In summary, the shift from Belarusian Ruble (BYR) to Belarusian New Ruble (BYN) reflects a significant step towards stabilizing Belarus's economy. The new currency has taken on the necessary role of supporting trade and everyday usage in a more manageable format, ensuring that the issues related to inflation are mitigated moving forward.