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
Bank DnB NORD A/S increasing its holdings in its Lithuanian subsidiary to 99.84 percent through acquisition of shares from minority shareholders.
more »
AB Bank SNORAS will grant LTL 35 million for financing the small and medium businesses on the exclusive conditions.
more »
Rejecting survival plans from both General Motors and Chrysler, President Barack Obama warned the ailing US automakers they could be forced into bankruptcy if they don't find a way to slash their debt.
more »
Prevailing wisdom says when the going gets tough the weary go drinking. The demand for beer exceeds the demand for all other alcoholic beverages in USA.
more »
Things have been moving slowly for Swiss watchmakers in recent months. The global economic downturn has hit the country's third most important industry hard.
more »
The move came a day before the U.S. government was due to outline new steps to help GM and Chrysler as part of the federal bailout.
more »
With the European year of creativity and innovation in full swing, leading figures warn against cutting back on research and development in times of crisis.
more »
Wall Street has been looking for signs of a bullish comeback, and today's surprise news on the economic front revived a buying spree... started by Monday's 7% rally.
more »
With the economic crisis eating away at public finances, budget deficits in five countries are expected to exceed the 3% of gross domestic product allowed by the EU.
more »
China is calling for a new global currency to replace the dominant dollar, showing a growing assertiveness on revamping the world economy ahead of next week's London summit on the financial crisis.
more »