The currency of Belarus is the Belarusian ruble. The currency was introduced in May 1992 to replace the Soviet ruble and it has undergone redenomination twice since then. The first coins of the Republic of Belarus were issued on 27 December 1996. The ruble was reintroduced with new values in 2000 and has been in use ever since. As part of the Union of Russia and Belarus, both states have discussed using a single currency along the same lines as the Euro. This led to a proposal that the Belarusian ruble be discontinued in favor of the Russian ruble (RUB), starting as early as 1 January 2008. The National Bank of Belarus abandoned pegging the Belarusian ruble to the Russian ruble in August 2007.
A new currency, the new Belarusian ruble (ISO 4217 code: BYN) was introduced in July 2016, replacing the Belarusian ruble in a rate of 1:10,000 (10,000 old rubles = 1 new ruble). From 1 July until 31 December 2016, the old and new currencies were in parallel circulation and series 2000 notes and coins can be exchanged for series 2009 from 1 January 2017 to 31 December 2021. This redenomination can be considered an effort to fight the high inflation rate.
The banking system of Belarus consists of two levels: Central Bank (National Bank of the Republic of Belarus) and 25 commercial banks. On 23 May 2011, the Belarusian ruble depreciated 56% against the United States dollar. The depreciation was even steeper on the black market and financial collapse seemed imminent as citizens rushed to exchange their rubles for dollars, euros, durable goods, and canned goods. On 1 June 2011, Belarus requested an economic rescue package from the International Monetary Fund.