National Bank head: Belarus plans redenomination but not in 2014
Belarus' National Bank chairwoman Nadzeya Yermakova says it is too early to talk about redenomination yet it is definitely planned.
Redenomination is planned, Yermakova told Zvyazda newspaper during an online news conference. To conduct it, the inflation rate should not exceed 10% per year, she explained. Otherwise, high denominator notes will be needed again soon.
The inflation is planned to reach 11% next year so it is too early to speak about redenomination now, the head of the National Bank noted. “We have new banknotes but is too early to introduce them,” BELTA quotes Nadzeya Yermakova.
Redenomination is the process of changing the face value of banknotes or coins used in circulating currency to facilitate transactions and to increase the purchasing power of banknotes.
