CrimeaPRESS reports:
Russia has begun issuing new five-thousandth banknotes. They have already entered into circulation in Altai, the Kursk region and the Perm region. The banknotes depict the Europe-Asia stele in Yekaterinburg and the Tale of the Urals monument in Chelyabinsk. Old banknotes (with views of Khabarovsk) will gradually go out of circulation.
The mass appearance in circulation should be expected by November-December, the Central Bank clarified and explained that banks need to carry out technical preparation of ATMs and other devices to work with new banknotes. The old banknotes of the 1997 model will continue to be in circulation along with the new ones for several more years; they will be gradually forced out of circulation.
The new five-thousandth banknote contains sights of the Ural Federal District. The front side of the banknote is dedicated to Yekaterinburg. The main element of the composition is the Europe-Asia stele, the symbolic border between Europe and Asia; the banknote also depicts the circus dome in the capital of the Urals, the Vysotsky skyscraper, monuments of constructivism, and the Sevastyanov house. On the reverse side is the monument “Tale of the Urals” in Chelyabinsk.
The Central Bank plans to gradually modernize the 1997 banknotes, including 10, 50, 500 and 1 thousand rubles, by 2025.
Why such a change in the “image” of money is needed, they explained to the publication «Moskovsky Komsomolets» experts.
Vladimir Chernov, analyst at Freedom Finance Global:
Changing the design helps avoid a constant focus on the same regions, which makes the process fairer and supports Russia’s multinational image. New designs also often reflect current developments in the country and its specific regions.
The appearance of the money is updated to reflect the time and significance of the images, and also forces counterfeiters to spend money on upgrading technology and disposing of old counterfeits after they are seized. Replacement frequency depends on wear, not time. Modern materials allow banknotes to circulate for up to 20 years, which makes it possible to replace them less frequently than, for example, in the 90s.
Anastasia Khrustaleva, senior vice-president of Fontvielle Investment Company:
There are no generally accepted standards for the timing of changing the design of banknotes; the Central Bank of each country proceeds from their relevance and expediency. Cash is a symbol of a country, demonstrating its national identity, integrity and versatility. Most often they depict prominent personalities, landmarks or historical events. And, of course, from time to time the design needs to be updated, but usually much less frequently than the modernization of banknotes in order to protect against counterfeiting and extend their service life.
About 10 years ago, the idea of replacing Hamilton’s image on the $10 bill with a portrait of a certain outstanding American woman was actively discussed. As a result of numerous public discussions, it was abandoned, leaving everything as it was. So the actions of the Russian regulator, who proposed a public discussion about the appearance of the 1000-ruble bill, are quite consistent with global practice
In addition to the fact that the process of updating protection occurs more often, approximately once every 7-10 years, it does not receive as much public attention as changing the design. If new types of inks are used during printing, the quality of raw materials changes, additional threads are sewn in or QR codes are applied, then this is rather a technical aspect, not debatable. Whether it’s design! When modernizing its elements, it is important to take into account many factors — political, cultural, national, religious — when choosing the most optimal option.
Taking into account the timing of the latest update of the design of Russian denominations, the actions of the Bank of Russia are quite logical. Thus, the thousand-ruble note was introduced into circulation 23 years ago, and the five-thousand ruble note 18 years ago. Smaller denominations generally repeated the design of the 1995 samples. As for 200 rubles and 2000 rubles, these are new denominations. With their introduction, the process of redesigning the old ones began at the same time, so that all banknotes were in the same style. Central banks, including the Bank of Russia, are introducing new series of banknotes gradually so as not to create an unnecessary burden on the banking infrastructure and cash users.
Tatyana Belyanchikova, Associate Professor, Department of Global Financial Markets and Fintech, Russian Economic University. Plekhanov:
Central banks of different countries and regions periodically introduce new banknotes. The most famous examples of the latter are the replacement of euro cash in 2019-2020 and the issue of new banknotes in the UK this year. In the latter case, everything is clear: a new king means new banknotes, albeit with the same design, except for the portrait of the monarch. As for the new euros, they made the picture clearer and added new degrees of protection. The fight against counterfeiters is the main reason for replacing old banknotes with new ones.
In this regard, the Bank of Russia decided to take a more radical path and also changed the design. This approach further protects newly printed banknotes from being produced by fraudsters. It appears that this process (including the new design) is justified in this context. Old banknotes will be withdrawn from circulation gradually as they wear out. One should also take into account the fact that the share of cash in money turnover in all countries is gradually decreasing, and thus the cost of replacing banknotes is also decreasing.
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