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Ratio of currency in circulation (CIC) to GDP of Belarus 2010-2017

The amount of currency that circulated in Belarus in 2017 was over 30 times larger than the country's nominal GDP. This so-called CIC/GDP ratio roughly measures the use of cash money in the country. Due to the anonymity of cash transactions, sources struggle to find exact volumes on this. The ratio mentioned here is quite popular in that regard, as the data it needs is relatively easy to find. Some industry experts mention, however, that this ratio is too general and does not necessarily reflect retail payments.

Share of currency in circulation (CIC) to the nominal GDP of Belarus from 2010 to 2017

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Release date

October 2020



Survey time period

2010 to 2017

Supplementary notes

The numbers provided have been calculated from two sources:

  • Currency in circulation in national currency from the IMF;
  • Nominal GDP in current prices and national currency from Eurostat.

The CIC to GDP ratio roughly reflects the overall use of cash in a country. Note, however, that this is quite general (as it looks at the overall market for cash) and does not exclusively look at the component of consumers.

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