BYR stands for the Belarussian Ruble, which is the official currency of Belarus. It is abbreviated as BYR and has been in circulation since 1992, following the country's declaration of independence from the Soviet Union. The National Bank of Belarus is responsible for issuing and regulating the BYR.
The BYR is subdivided into 100 kopeks and exists in both paper banknotes and coins. Banknotes are commonly found in denominations of 1, 5, 10, 20, 50, 100, 200, 500, 1,000, 5,000, 10,000, 20,000, 50,000, and 100,000 BYR. There are also coin denominations of 1, 2, 5, 10, 20, and 50 kopeks. However, due to persistent inflation and economic instability in Belarus, the value of the BYR has significantly depreciated over time.
The primary purpose of the BYR is to serve as a medium of exchange for goods and services within Belarus. It is also used for international trade, although since 2016, the government has implemented restrictions on the free exchange of BYR for other currencies, making it challenging to convert BYR into hard currencies.
It is important to note that as of 1 July 2016, the National Bank of Belarus introduced a new currency, the Belarusian ruble (BYN), to replace the BYR at a rate of 10,000 BYR to 1 BYN. However, the BYR remains part of the country's financial history.
