The Central Bank did not see the prerequisites for the denomination in Russia

Deputy Chairman of the Central Bank Belov said that the "modernization of banknotes" carried out by the regulator pursues other goals,and the question of denomination is not even worth discussing

In RUSSIA today there are no objective reasons for the denomination, said in an interview with Izvestia, Deputy Chairman of the Central Bank Sergei Belov.

Denomination - the exchange of old banknotes for new ones with a lower denomination (with fewer zeros).

“The modernization of banknotes we are carrying out has other goals, we simply strive to ensure that our banknotes are of better quality, more durable and more secure. <...> Now there are no economic prerequisites for the denomination, it’s not even worth discussing,” Belov said. So he answered the question whether a denomination is planned in Russia.

The Deputy Chairman of the Central Bank recalled that in 1998, when the last denomination was carried out, this process became “a kind of cut-off for a period of financial instability” with large-scale inflation. “The denomination carried out was aimed at strengthening confidence in the Russian national currency,” Belov emphasized. At the same time, he noted that the denomination was quite costly and lengthy.

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In the history of modern Russia, the denomination was held once - in 1998. Old banknotes were replaced by new ones with a ratio of 1000:1, that is, 1 thousand old rubles for one new one. As a result, small coins of 1, 5, 10 and 50 kopecks, as well as coins of 2 rubles, returned to circulation, but coins with a face value of more than 5 rubles disappeared. (The ten-ruble note was minted only in 2009).

Earlier, the idea of ​​a denomination in Russia was repeatedly rejected by the chairman of the Central Bank, Elvira Nabiullina. Last year, she argued that the regulator was not considering “no denomination, no monetary reforms”. According to her, in Russia “everything is in order with denominations and with a number of banknotes” and “there is no reason to change anything here.”

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At the end of June, the Central Bank introduced a new banknote with a face value of 100 rubles, it depicts a fragment of the Spasskaya Tower of the Kremlin, Zaryadye Park, the Moscow State University building, and on the reverse side - the Rzhevsky Memorial to a Soviet soldier. In July, Belov said that the Central Bank plans to resume printing 10-ruble banknotes, and is also discussing the issue of five-ruble banknotes. He explained such plans with savings - the cost of the metal has increased.