Estimated read time: Less than a minute
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
MINSK, Belarus (AP) — Belarus has redenominated its currency, cutting four zeroes off its face value, as the country struggles with recession.
Friday's redenomination is the third since the nation of 10 million became independent after the 1991 Soviet collapse. The Belarusian ruble, which had traded at 20,000 to the dollar before the move, now stands at 2 rubles a dollar.
Most Belarusians met the news without enthusiasm. Igor Trofimchuk, a 46-year-old engineer, said it "definitely didn't make us richer." Retiree Tatiana Protasova, 73, said it wouldn't hide a steady rise in consumer prices.
Belarus's economy, which depends on neighboring Russia for cheap energy and subsidies, shrank 4 percent last year. It's forecast to contract 3 percent this year.
President Alexander Lukashenko's government has sought a $3 billion bailout from the International Monetary Fund.
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
