2016-03-21 Mon

The Central Bank of Belarus will introduce a new 500-ruble note since 1992 which will have the highest face value in eastern Europe. The highest denomination currently in use is a 200,000-ruble note valued at about $9. Russia’s largest bill is the 5,000-ruble note ($65).

Belarus is going through a turmoil which has led to its current economic condition. The country’s overall rating in the World Democracy Audit is 141 out of 150. It ranks in the bottom tier in measures of political rights, civil liberties and press freedom. Its corruption ranking is 93 out of 150. It is also fighting inflation, and the hope is that the currency overhaul will improve economic stability.

According to experts, the 500-ruble note would not be used by launderers, terrorists and tax dodgers; it is doubtful to retain its value. It is ranked as the world’s fourth worst performing currency against the dollar and the euro.

The new bank notes were printed in 2008 but were not released due to the global financial crisis. They will be put into circulation starting July 1.