Yermakova: Denomination possible only when banknotes cannot go in purses
Euroradio has asked the head of the National Bank how much is spent to produce one 200-thousand rouble banknote,
when a denomination will be performed and whether the National Bank is going to produce coins.
Head of the National Bank Nadzeya Yermakova answered the questions of “Republic” readers on Wednesday, March 14. Euroradio managed to get through and asked some questions too.
Firstly, we asked Nadzeya Andreyeuna what was the sense in so many ciphers and whether a denomination was planned. The head of the National Bank replied the there was no need to organize any denomination as long as “all the ciphers” could go in our purses.
Nadzeya Yermakova: “A denomination may be possible if our incomes increase significantly and when the banknotes cannot go in our purses anymore. At the moment, there is room for the ciphers in the balance, in calculators and in purses”.
The economy should be restored before a denomination, continued Nadzeya Yermakova.
Nadzeya Yermakova: “It is impossible to think about a denomination after the last year’s devaluation. It is necessary to restore the economy and put the monetary and credit system to order so that we have normal interest rates - they should be lower than 10%, and then we would be able to discuss a denomination! Any denomination results in inflation anyway. The prices may be rounded off, but nothing became cheaper in the market of you remember the last denomination. We received those ciphers again”.
Euroradio wondered when the National Bank was going to produce coins. We meant normal coins that could be used for paying in a shop, not memorable ones. Nadzeya Yermaova said: “Not in my time”...
Nadzeya Yermakova: “In my opinion, there is no need to do it. Imagine how much metal we would need. It would be necessary to acquire new calculating machines abroad as they are not produced in our country. We would need additional tellers. It would result in additional expenses. It would be much more expensive than producing a new banknote. So I do not support the idea. However, my successor may do it”.
The head of the National Bank promised to find out how much it cost to produce one 200-thousand roubles banknote and to inform about it later.
