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. Last Updated: 07/27/2016

Belarus Issues 5M Note

MINSK, Belarus (Reuters) -- Belarus, hit by by almost 100 percent inflation in the first seven months of this year, will Monday introduce a banknote worth 5 million Belarussian rubles, the national bank said.

The largest current note is worth 1 million rubles. Each 5 million-ruble banknote will be worth only $10.

On Wednesday, Belarus said it would gradually peg its ruble to the euro.

The government and central bank issued a statement saying they had agreed by year end "to fix the Belarussian ruble to the euro depending on the monetary base and central bank's gold and hard currency reserves."