Belarus is set to redenominate its bloated rubble by removing four zeros off every bank note. 

President Alexander Lukashenko made the announcement today, saying the redenomination will take place on 1st July 2016.

All banknotes designed in 2000 according to reports, will be replaced. The Br10,000 note of 2000 for example, will be worth the same as the Br1 note, actually designed in 2009.

Between 1st July and 31st December 2016, all banknotes will be accepted simultaneously. Traders and manufacturers in the country will have to provide prices in both the new and the old currencies.

The National Bank will accept notes from 1st January 2017 to 31st December 2019 for exchange. They were keen to stress that the move was purely a ‘technical’ one, and will have no impact on the value of the currency.

The Belarusian ruble is currently valued at approximately 19,000 to the euro. It has devalued on many occasions over the years with various economic crisis impacting it heavily. In May 2011 for example, it was worth 4,400 to the euro. Ten years ago, the Belarusian ruble was valued at 2,500 to the euro.