Agencies disclose planned action for the retirement of the outdated dollar bills
Belarusian authorities are addressing concerns over the exchange of old US dollar bills, following reports of some exchange offices refusing to accept them. Roman Golovchenko, the Chairman of the National Bank of Belarus, recently spoke on ONT, clarifying the nation's options for dollar operations are limited due to it being a foreign currency.
In the past, the US facilitated banknote exchange operations for Belarus, replacing worn-out, damaged, or old bills. However, with sanctions imposed on the financial sector in Belarus, exchanging old and damaged dollars has become more challenging. According to Golovchenko, banks have accumulated currency out of circulation for various reasons, exchanging it for newer ones.
Golovchenko confirmed that there are no state-level decisions to restrict the use of old, valid US dollars. All foreign banknotes, including US dollars, should be accepted at the same rate, he assured. Belarusbank, one of the country's largest banks, also clarified earlier this year that there are no restrictions on accepting "old" dollars.
International banking regulations and sanctions impact the exchange of foreign currency in Belarus, but ordinary citizens can still exchange old US dollars, provided the notes are genuine and not excessively damaged. Bank policies regarding the acceptance of very old or uncommon series of banknotes may vary, so checking with the individual bank before attempting to deposit or exchange such notes is advisable.
On a broader note, the process of exchanging foreign curcurrency in Belarus is subject to both domestic banking regulations and international sanctions. Eligibility for opening foreign currency accounts depends on regulatory requirements and the intended use of the account. The actual acceptance of old US dollar bills may depend on the specific bank’s policies.
Being aware of the sanctions impacting financial transactions involving Belarusian banks is essential, as such restrictions may affect the operation of Belarusian banks and their ability to process foreign currency transactions for certain customers or purposes.
When exchanging currency, asking the cashier for new bills is possible, but only if the foreign currency is available. There is no separate operation to exchange old bills for new ones. The most favorable exchange rates in currency exchanges can always be found at the linked source.
The National Bank of Belarus, headed by Roman Golovchenko, has confirmed that there are no state-level decisions to restrict the use of old, valid US dollars. However, due to international banking regulations and sanctions, exchanging old and damaged dollars has become more challenging in Belarus.
