A number of Belarusians who live in the United States often end up sending money to their home countries. In 2016, around U.S. $42 million was sent from the United States to Belarus as remittances. In 2017, bilateral trade of goods between both countries accounted for more than U.S. $350 million. In addition, the use of U.S. dollars, alongside euros, by locals in Belarus is all too common.
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The United States adopted the dollar as its official currency in 1792. Now, it is the world’s most commonly traded currency, and it is also the most favored reserve currency. Its share in the international forex market turnover was more than 87% in April 2016. According to market estimates, more than U.S. $5 trillion is traded globally every day.
Outside of the United States, the U.S. dollar’s use as legal tender is found in Zimbabwe, Ecuador, El Salvador, the Caribbean, Turks and Caicos Islands, the Federated States of Micronesia, two British Overseas Territories, and the British Virgin Islands. Its use as an unofficial currency is found in several places, examples of which include Myanmar, Cambodia, Nepal, Panama, Belize, Liberia, Haiti, and Costa Rica.
|Nicknames||Buck, moolah, paper, dough, dead presidents, |
bones, greenback, green
|Bank notes||$1, $2, $5, $10, $20, $50, $100|
|Coins||1c, 5c, 10c, 25c, 50c, $1|
Unavailability and the inability to print Soviet banknotes led Belarus to introduce the first Belarusian ruble (BYB) in 1992. It replaced the Soviet ruble at the rate of 10 Soviet rubles = 1 Belarusian ruble. The second ruble (BYR) was introduced in 2000, at the rate of BYR 1 = BYB 1,000. It remained in circulation until 2016.
Introduced in 2016, the third Belarusian ruble (BYN) remains in circulation to this day. It was introduced at the rate of BYN 1 = BYR 1,000.
|Bank notes||5, 10, 20, 50, 100, 200, 500 rubles|
|Coins||1, 2, 5, 10, 20, 50 kapiejkas, 1, 2 rubles|
U.S. Dollar / Belarusian Ruble Historical Rates
The value of the Belarusian ruble has continued to fall against the U.S. dollar since its introduction in 1992.
In January 2009, the exchange rate of the ruble was lowered by around 50% at the behest of the National Bank of the Republic of Belarus, the country’s central bank. In May 2011, the exchange rate was lowered by more than 55%. In October of the same year, the ruble’s exchange rate dropped by a further 42%. The next devaluation of the Belarusian ruble took place in January 2015, when its exchange rate against the U.S. dollar dropped by 23%.
When the third ruble was introduced in July 2015, it traded at around BYN 1.5 = U.S. $1. Its value continued to fall almost steadily for a few months, and by early 2016, it was trading at over BYN 2.1 against the U.S. dollar. Since then, the USD/BYN currency pair has maintained relative stability, with the Belarusian ruble trading largely in between BYN 1.85 and BYN 2.15 against the U.S. dollar.
USD/BYN in the last five years
|U.S. $1 =|
|1 July, 2013||BYN 0.8895|
|1 July, 2014||BYN 1.0310|
|1 July, 2015||BYN 1.5255|
|1 July, 2016||BYN 1.9890|
|1 July, 2017||BYN 1.9360|
USD/BYN in the last five months
|U.S. $1 =|
|1 April, 2018||BYN 2.0002|
|1 May, 2018||BYN 1.0160|
|1 June, 2018||BYN 1.9855|
|1 July, 2018||BYN 1.9890|
|1 August, 2018||BYN 2.0850|
What Affects USD/BYN Rates?
The Belarusian ruble has followed the free floating exchange rate system since 2011. As a result, the USD/BYN exchange rate is largely subject to supply and demand. Given Belarus’ trade ties with Russia, the latter’s economy may also affect the value of the Belarusian ruble.
Some of the other factors that may have a bearing on how the USD/BYN currency pair performs include interest rates, trade balances, and gross domestic products (GDPs) of both countries as well as any significant changes in their economic or political conditions.
Paying attention to the USD/BYN exchange rate is important when sending money from Belarus to the U.S. or in the opposite direction. However, remember that you fees you need to pay will also affect your transfer’s cost.