Economics
Four Zeros Off Currency Prime Belarus for Economic Makeover
- Nation to drop four zeros off bills in third re-denomination
- President sees battle against inflation as nation's priority
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President Alexander Lukashenko’s third currency re-denomination in Belarus may be about more than doing away with the inconvenience of having to pay tens of thousands for a burger.
Europe’s longest-serving leader is turning his sights on inflation by lopping off another four zeros off the ruble next year, bringing the face value of the new money to one hundred-millionth of what it was worth before the first move in 1994. With Lukashenko looking to raise capital from Western investors and financial institutions, the overhaul is also a nod to demands from the International Monetary Fund, which last week kicked off talks on a new loan with Belarus.