The National Bank of Belarus announced this week that it will begin the process of eliminating both the Br10 and Br20 banknotes.
The bank will stop issuing the notes in September 2012, and expects them to be removed entirely from circulation by April 2014.
The decision to eliminate the notes comes on the heels of the bank’s recent discussions surrounding denomination in the country.
“So far we have taken a decision to gradually withdraw Br10 and Br20 notes from circulation within one and a half years. We may soon decide to round prices up to Br50,” said the chairman of the National Bank, Nadezhda Ermakova.
The Br10 and Br20 notes were only introduced in 2000 along with new Br1, Br50, Br100, Br500, Br1000 and Br5000 notes. They were followed with higher denominations such as the 10,000, 20,000 and 50,000 banknotes in 2001 and a 100,000 note in 2005.
Though the smaller banknotes will be taken out of circulation, they will still be considered legal tender until the end of February 2013.
“At the same time the exchange will be made without restrictions and without paying any commission in any amount multiple of Br50,” reported Charter97. “From March 1, 2013 to September 30, 2013 inclusive, one will be able to exchange Br10 and Br20 denominated notes at the National Bank and any other bank of Belarus, while from October 1, 2013 to March 31, 2014 – only in the National Bank of Belarus.”