The National Bank of the Republic of Belarus may start thinking about denominating the national currency in mid-2013, NBRB Chairwoman of the Board Nadezhda Yermakova said during a phone-in session arranged by the Zvyazda newspaper.
The official said: “For now the idea is not relevant. I believe we could start thinking about it in the middle of the next year. Why not now? Yes, earnings of individuals are on the rise, prices are rising.
Sometimes we have to deal with figures with a lot of zeros. But for now all these zeros can fit into computers and calculators while the cash can fit into our wallets”.
The most important thing is that a denomination needs relevant economic conditions, primarily a low inflation, said Nadezhda Yermakova. “Therefore, today’s situation in the economy, financial and currency markets does not allow us to talk about denominating the Belarusian ruble any time soon,” she said.
As far as denomination consequences are concerned, nobody should suffer from it because it is rather a technical process of shedding extra zeroes, explained the NBRB head. “Therefore, you should not be afraid of denomination in any way,” concluded Nadezhda Yermakova.
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