BYN stands for Belarusian Ruble. It is the official currency of the Republic of Belarus, a landlocked country located in Eastern Europe. The abbreviation "BYN" is derived from the ISO currency code for the Belarusian Ruble, which is BYN.
The BYN is subdivided into 100 kopeks. It was introduced in 2017 as a replacement for the previous Belarusian currency called the Belarusian ruble, which had been in circulation since the country's independence in 1991. The introduction of the new currency was primarily aimed at stabilizing the country's economy and improving price stability.
The National Bank of the Republic of Belarus is responsible for the issuance and regulation of the BYN. The bank plays a crucial role in maintaining the stability and integrity of the currency within the financial system.
The BYN is available in both banknotes and coins. Banknotes are available in denominations of 5, 10, 20, 50, 100, 200, and 500 BYN, whereas coins are available in denominations of 1, 2, 5, 10, 20, and 50 kopeks, as well as 1 and 2 BYN.
The BYN is widely used throughout Belarus for various transactions and is accepted as legal tender in the country. Its value is subject to fluctuations based on several factors such as inflation rates, economic policies, and market dynamics.
