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Both the old paper currency from 2000 and the new coins from 2009 will currently be in circulation.
The move will essentially cut four zeroes off of the end of the “old” rubles. The largest new paper currency – 500 rubles – will be equal to 5,000,000 current rubles. The smallest denomination of currency will be one cent, which will be equal to 100 rubles. Seven new paper currencies – 5, 10, 20, 50, 100, 200 and 500 are being released today with 8 new coins – 1, 2, 5, 10, 20 and 50 cents as well as 1 and 2 rubles.
Until 31 December of 2016, people will still be able to use the old money in stores as well. Over the next three years after that, the old currency will be exchanged for new at bank branches, and from 2020-2021 by the national bank.