Russian Central Bank to mint 5-kg coin, abolish 10-ruble notes

10:39, May 19, 2010      

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The Russian Central Bank will issue a 5-kg commemorative gold coin marking its 150th anniversary, said a bank official on Tuesday.

The Central Bank celebrates its anniversary on June 12 that coincides with the Russia's national holiday, said the RIA Novosti news agency.

A total of 50 coins may be minted, depending on demand, said the official, adding that the 50,000-ruble gold coin is made of 24- carat gold, the finest grade possible.

The reverse side of the coin bears the portraits of Tsar Alexander II, who founded the state bank in 1860, alongside with the bank's head officers Alexander Shtiglits and Eugene Lamansky.

However, the 5-kg coin would not break the world record held by a Canadian 100-kg one.

The Central Bank announced the same day that it will abolish the circulation of the 10-rouble paper notes in five to seven months, said the K2K news agency.

The bills will be gradually substituted with the coins of the same value. The whole process of note-to-coin substitution normally takes about a year.

The Central Bank has stopped printing the 10-ruble notes since the beginning of 2010.

Source: Xinhua


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