Ten Rouble notes to recede into history
Published: 22 October, 2009, 16:29
Edited: 23 October, 2009, 02:58
TAGS: Currencies, Russia and the global economy, Economy, Finance
Russia’s ten rouble note, a mainstay of consumer services from local buses to metro tickets is to be phased out from 2010 to be replaced by coins, but no official decision has been taken on 1 and 5 kopeck coins.
Speaking at a press conference in Moscow on Thursday, First Deputy Chairman of the Central Bank of Russia, Georgy Luntovsky, declared that time was being called on the ten rouble note.
"We'll not be printing any more ten Rouble notes from next year. We destroy any that we get back."
He added that the notes would remain in circulation for as long as needed and withdrawn from circulation gradually. The notes generally remain in circulation for less than 6 months before they become unfit for use, but it was noted at the press conference that 5 Rouble notes continue to be handed in, and remain legal tender, long after they ceased to be issued. The First Deputy Chairman also indicated that the Central bank was keen to commemorate the 2014 Sochi Olympics with a dedicated banknote, which would probably be a tradeable denomination of less than 1000 Roubles..
“We introduced relevant suggestions to the Central Bank’s board of directors. I hope we’ll release the banknote with the Olympic symbols closer to the Olympic games in Sochi.”
Luntovsky added that no official decision had been taken on 1 and 5 kopeck coins, but that the central bank would support moves to get rid of them, if the government proposed doing so. The move to replace the ten rouble note with a coin is expected to save 18 Billion Roubles over ten years, despite minting costs being higher than printing costs, due to the longer durability of coins.
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