Azerbaijan plans to slash zeroes from its banknotes in a currency reform aimed at making it easier to use by the public starting in 2006
Published:
8 February 2005 y., Tuesday
Azerbaijan plans to slash zeroes from its banknotes in a currency reform aimed at making it easier to use by the public starting in 2006, the former Soviet republic's president said Monday.
President Ilham Aliyev sighted "the need for further improving currency turnover in the country and simplification of accounting practices" in making his decision, the presidential administration quoted him as saying.
One dollar is equal to roughly 5,000 manat today, while the country's most valuable note, 50,000 manat is currently worth only 10 dollars.
Starting New Year's Day 2006, 5,000 old manats will become equal to one new manat, easing the mental hurdles shoppers have to take when paying for ordinary goods that currently have nominal values in the millions.
Merchants will be required to display prices in the new and old currencies from October this year, according to Aliyev's decree.
Azeris will be able to use both currencies until the end of 2006.
Šaltinis:
bakutoday.net
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
The EBRD is making a €4 million equity investment in Geofoto, a Croatian geodetic company offering mapping, geodetic survey, photogrammetry, geoinformatics and aerial survey services, to support its drive to expand operations on international level.
more »
Nordea came out of 2009 in an even stronger position, despite one of the most challenging years for decades. Risk-adjusted profit increased 22% and our capital position and cost of funding are among the best in Europe.
more »
MEPs gave the green light on Thursday for EU funding to help Europe's unemployed start up small businesses.
more »
MEPs are deeply concerned about the long-standing and growing presence of al-Qaeda, and the deteriorating security, social and economic problems in Yemen, which they think could destabilise neighbouring countries.
more »
At the start of a new decade, Sub Saharan Africa is reeling from the effects of three major global crises – food, fuel and financial – that have reversed many of the economic achievements of the last 10 years and left some growth projections at levels below those of 30 years ago.
more »
The 5th High-level Seminar of Central Banks in the East Asia-Pacific Region and the Euro Area was jointly organised by the European Central Bank and the Reserve Bank of Australia, in cooperation with the Hong Kong Monetary Authority.
more »
The EBRD and European Fund for Southeast Europe are boosting the availability of financing to private businesses in Moldova with a $10 million loan to ProCredit Bank in Moldova for on-lending to micro and small enterprises.
more »
The EBRD is supporting the development of the retail infrastructure in Croatia with a €68 million loan to finance the construction of a modern shopping centre in Split, the second largest city in Croatia.
more »
The European Bank for Reconstruction and Development has agreed to sell its 15 percent stake in OAO Swedbank Russia to its parent and major stakeholder, Sweden’s Swedbank AB, a move which would give it full ownership of its Russian subsidiary.
more »
The Ministers of Industry took the first steps in San Sebastián today to make the electric vehicle a reality in Europe and agreed that European institutions, with the EC at the head, should lead a common strategy on electric vehicles.
more »