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

What is Belarusian Ruble (BYR)

The Belarusian Ruble (BYR) was the official currency of Belarus before the introduction of the Belarusian New Ruble. This currency was first issued in 1992 after Belarus became independent from the Soviet Union. The symbol for the Belarusian Ruble was often denoted as " Br", and the currency was subdivided into 100 kopecks (копейка).

Over the years, the BYR experienced significant inflation, which led to a decrease in its value and purchasing power. To maintain a stable economy, the Belarusian government decided to revalue the currency. As a result, the currency underwent several changes and eventually became obsolete. Transactions in BYR are no longer accepted as the country transitioned to a new, more stable currency.

What is Belarusian New Ruble (BYN)

The Belarusian New Ruble (BYN) came into circulation on July 1, 2016, replacing the old Belarusian Ruble (BYR) at a rate of 1 BYN for 10,000 BYR. The BYN was issued to address the issues of hyperinflation that plagued the BYR and to restore faith in the national currency. The new currency is also symbolized by " Br", but it is important to differentiate between the two currencies when discussing financial transactions.

Each BYN is divided into 100 kopecks (копейка), just like its predecessor. The introduction of the BYN marked a conscious effort by the Belarusian government to stabilize the economy and facilitate better trade relations both domestically and internationally. It also aimed to simplify the currency system, making it easier for citizens and businesses to manage their finances.

Converting BYR to BYN

Converting from BYR to BYN is a straightforward process. Given that the pegged exchange rate is set at 1 BYN = 10,000 BYR, the conversion can be easily calculated using the formula:

Amount in BYN = (Amount in BYR/10,000)

For example, if you have 50,000 BYR and want to convert it to BYN, you would do the following calculation:

Amount in BYN = (50,000/10,000) = 5 BYN

In conclusion, understanding the conversion from the Belarusian Ruble (BYR) to the Belarusian New Ruble (BYN) is vital for financial transactions in Belarus. While the BYR is no longer in use, being aware of the historical context and knowing how to make the conversion can be very useful for those studying Belarusian currency or handling transactions that may involve the old system.