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The currency of Belarus, issued by the National Bank of Belarus. The current Ruble is the third version since independence; it was redenominated in July 2016, with one new BYN replacing 10,000 old BYR. The redenomination was an attempt to end years of accumulated zeroes from chronic inflation.
The currency operates under a managed-float regime that effectively tracks a basket of the US dollar, Russian rouble, and euro, with the Russian rouble carrying disproportionate weight given Belarus’s economic dependence on Russia. Western sanctions imposed after the contested 2020 election and the 2022 Ukraine war have constrained Belarus’s ability to access global financial markets, leaving the BYN even more tightly tethered to Russian monetary conditions.
Example: When the Russian rouble fell sharply in early 2022, the BYN moved with it. Belarusian importers of European goods saw prices jump within weeks, even though the BYN’s headline rate against the euro looked relatively stable on paper.
