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 European Commission has approved, under EC Treaty state aid rules, an amendment to a Lithuanian scheme allowing aid to be granted of up to €500 000 per company, initially approved on 8 June 2009.
more »
As agreed by the President of the European Commission and the President of the Russian Federation during the last EU-Russia Summit in Khabarovsk, the EU and Russia have strengthened the current dispositions under the EU-Russia Energy Dialogue to prevent and manage potential energy crises, with an enhanced Early Warning Mechanism.
more »
The European Union has today presented to the World Trade Organization the trade facilitation projects it has financed between 2006 and 2008.
more »
The European Commission has authorised, under the EC Treaty’s rules on state aid, a planned state guarantee by Romania to enable Ford Romania SA to access a loan from the European Investment Bank (EIB).
more »
The economic crisis has left many countries with budget deficits well over the 3% limit. The commission is proposing deadlines for reducing the gaps.
more »
Statistics Lithuania informs that in October 2009, against September, prices for consumer goods and services went down by 0.4 per cent.
more »
Lithuania’s Vice-Minister of Foreign Affairs Šarūnas Adomavičius took part in bilateral political consultations with representatives from foreign affairs, commerce and transport ministries of the People’s Republic of China.
more »
Under the budgetary surveillance powers conferred by the EU Treaty, the European Commission today proposed to the Council to set 2013 as the deadline for the correction of the budget deficits in Austria, the Czech Republic, Germany, Slovakia, Slovenia, the Netherlands and Portugal.
more »
A joint partnership between the World Bank, the Moldovan Ministry of Agriculture and Food Industry and the Ministry of Environment was launched in Moldova’s capital in the late days of October.
more »
World Bank Group President Robert B. Zoellick today joins senior officials from the Government of Singapore to launch a new global urban strategy that will guide Bank advisory services and financing in the sector over the next decade.
more »