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Belarus cuts zeroes off its currency amid economic woes

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Belarus cuts zeroes off its currency amid economic woes

Post  Ssmith on Sat Jul 02, 2016 11:10 am



Belarus cuts zeroes off its currency amid economic woes

Originally published July 1, 2016 at 6:44 am
The Associated Press


MINSK, Belarus (AP) — Belarus has redenominated its currency, cutting four zeroes off its face value, as the country struggles with recession.

Friday’s redenomination is the third since the nation of 10 million became independent after the 1991 Soviet collapse. The Belarusian ruble, which had traded at 20,000 to the dollar before the move, now stands at 2 rubles a dollar.

Most Belarusians met the news without enthusiasm. Igor Trofimchuk, a 46-year-old engineer, said it “definitely didn’t make us richer.” Retiree Tatiana Protasova, 73, said it wouldn’t hide a steady rise in consumer prices.

Belarus’s economy, which depends on neighboring Russia for cheap energy and subsidies, shrank 4 percent last year. It’s forecast to contract 3 percent this year.



http://www.seattletimes.com/business/belarus-cuts-zeroes-off-its-currency-amid-economic-woes/
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Re: Belarus cuts zeroes off its currency amid economic woes

Post  ReapAndSow73 on Sat Jul 02, 2016 8:34 pm

This is what Iraq will do.  Gurus have been in spin-control mode over this, saying this is just an example of price adjustment.  Uh, no.  Once again, we have a well-publicized redenomination, and exactly ZERO historically-referenced examples of a revaluation as lying gurus have described.
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Re: Belarus cuts zeroes off its currency amid economic woes

Post  nickgiammarino on Mon Jul 04, 2016 4:05 am

Redenominated, not revalued

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