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First ruble, 1992-2000

From the collapse of the Soviet Union until May of 1992, the Soviet ruble circulated Belarus. New Russian banknotes also circulated in Belarus but they were replaced by notes issued by the National Bank of the Republic of Belarus in May 1992. The first post-Soviet Belarusian ruble was assigned the ISO code BYB and replaced the Soviet currency at the rate of 1 Belarusian ruble = 10 Soviet rublei. It took about two years before the ruble became the official currency of the country

In 1992, banknotes were introduced in denominations of 50 kapeek, 1, 3, 5, 10, 25, 50, 100, 200, 500, 1000 and 5000 rublei. These were followed by 20,000 rublei in 1994, 50,000 rublei in 1995, 100,000 rublei in 1996, 500,000 rublei in 1998 and 1 and 5 million rublei in 1999.

Second ruble, 2000-

In 2000, a second ruble was introduced (ISO code BYR), replacing the first at a rate of 1 new ruble = 1000 old rublei. Only banknotes have been issued, with the only coins issued being commemoratives for collectors

In 2000, notes were introduced in denominations of 1, 5, 10, 20, 50, 100, 500, 1000 and 5000 rublei. In 2001, higher denominations of 10,000, 20,000 and 50,000 rublei were introduced, followed by 100,000 rublei in 2005. There are no coins or banknotes issued in kapeek.

Monetary integration with Russia

From the beginning of his presidency, Alexander Lukashenko began to suggest the idea of integration with Russian Federation and to undertake steps in this direction. From the beginning, there was also an idea of introducing a united currency for the Union of Russia and Belarus. Art. 13 of the 1999 "Treaty of Creation of the Union State of Russia and Belarus" foresaw a unified currency. Discussions about the Union currency has continued past the 2005 implementation goal set by both nations. Starting in 2008, the Central Bank of the Republic of Belarus announced that the ruble will be tied to the United States dollar instead of the Russian ruble.

This is a 50 kapeek note dated 1992. Used instead of coins, 100 Kapeek = 1 Ruble. This note is red and brown-orange on pink underprint. The obverse shows a vingette of a squirrel.

• Krause# Pick-1

Here is a 3 Rublei note from 1992. The note is green, red-orange and pale olive green on multicolored underprint. The obverse shows a Paponya (a defending warrior wielding a sword on horseback) while the reverse shows two beavers.

• Krause# Pick-3

This is a 1992 dated 5 Rublei note. The note is deep blue on light blue, lilac, violet and multicolored underprint. The obverse features the 'Pogonya' warrior on horseback, with the denomination on either side. The reverse depicts two wolves in the center, and denomination to the left.

• Krause# Pick-4

This is a 10 Rublei note dated 1992. The note is deep green on light green, orange and multicolored underprint. The obverse of the note shows the Pagonya warrior in the center with the denomination on either side. The reverse depicts a mother and baby Lynx int he center with the denomiation to the left.

• Krause# Pick-5

Here is a 25 Rublei note dated 1992. This note is violet on red, green and multicolor underprint. The obverse shows the Pagonya warrior, while the reverse shows a vingette of a moose.

• Krause# Pick-6

Here is a 50 Rublei note dated 1992. This note is deep purple on red and green underprint. The obverse shows a Pagonya warrior and the denomination, and the reverse shows a vingette of a bear.

• Krause# Pick-7

This note is a 100 Rublei note dated 1992. This note is brown, gray and tan on multicolor underprint. The obverse shows the Pagonya warrior and denomination, and the reverse shows a vingette of a wisent, or European Bison.

• Krause# Pick-8

This is a 1000 Rublei note with a date of 1998. The note is light blue, pale olive-green and pink. The reverse shows a vingette of the Academy of Sciences building. There is a watermark design across the length of the note.

• Krause# Pick-16

Here is a 5000 Rublei note dated 1998. The note is purple and red-violet on multicolored underprint. The reverse is brown-violet and olive-green on multicolored underprint. The reverse of the note depicts some buildings in Minsk lower city.

• Krause# Pick-17

Here is a 1 Ruble note dated 2000. This note is green with a multicolor underprint. The reverse shows the Academy of Sciences building.

• Krause# Pick-21

Here is a 5 Rublei note with a date of 2000. Pale red and violet with a multicolor underprint, the reverse shows some buildings in Minsk lower city.

• Krause# Pick-22

A 10 Rublei note dated 2000. This note has a lilac color with a multicolor underprint. The reverse shows the Belarusian National Library.

• Krause# Pick-23

This is a 20 Rublei note dated 2000. This note is brown on multicolor underprint. The National Bank building is on the obverse, with a view of the interior on the reverse.

• Krause# Pick-24

Here is a 50 Rublei note, also dated 2000. Red-brown in colow with a multicolor underprint. The obverse of this note depicts Brest's tower, holmsky gate, and the Star shaped war memorial is on the reverse.

• Krause# Pick-25

This is a 100 Rublei note with a date of 2000. The note is green on multicolor underprint, and shows the Bolshoi pera and ballet Theatre on the obverse. The reverse shows a scene from Glebov's ballet 'Vibrannitsa' on the reverse.

• Krause# Pick-26

• Krause# Pick-