On 23 May 2011, the Belarusian ruble depreciated 56% against the United States dollar. The depreciation was even steeper on the black market and financial collapse seemed imminent as citizens rushed to exchange their rubles for dollars, euros, durable goods, and canned goods. On 1 June 2011, Belarus requested an economic rescue package from the International Monetary Fund. A new currency, the new Belarusian ruble (ISO 4217 code: BYN) was introduced in July 2016, replacing the Belarusian ruble in a rate of 1:10,000 (10,000 old rubles = 1 new ruble). From 1 July until 31 December 2016, the old and new currencies were in parallel circulation and series 2000 notes and coins can be exchanged for series 2009 from 1 January 2017 to 31 December 2021. This redenomination can be considered an effort to fight the high inflation rate.