Knocking off four zeros from its bank notes, Romania's new leu will not spark inflation and will lead to the currency becoming convertible in the next two years
Published:
15 March 2005 y., Tuesday
Knocking off four zeros from its bank notes, Romania's new leu will not spark inflation and will lead to the currency becoming convertible in the next two years, according to the National Bank governor.
The introduction of the new currency, the leu, will take 22 months, it was announced by Mugur Isarescu on Sunday.
On Tuesday, a law obliging retailers to advertise prices in the old and new currency will begin.
On 1 July, the new "heavy" leu will physically come into circulation and both currencies will be used concurrently until 1 January 2007, when the old leu will become obsolete.
The date coincides with the day when Romania hopes to join the European Union.
Isarescu said the developments with Romania's national currency, which means "lion" in Romanian, would see an end to rampant inflation and mark a period of price stability.
Šaltinis:
english.aljazeera.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
Women in the EU earn on average 18% less than men - a gap that has scarcely narrowed over the last 15 years and in some countries has even grown.
more »
43 gas and electricity projects to split €2.3bn, the most the EU has ever spent on energy infrastructure in a single package.
more »
Georgia and the European Union have initialled a comprehensive air services agreement at a meeting in Tbilisi, Georgia, today which will open up and integrate the respective markets, strengthen cooperation and offer new opportunities for consumers and operators.
more »
In order to vitalize and strengthen cooperation of business stakeholders in the region, the Nordic and Baltic countries continue running joint mobility programme.
more »
The EBRD is boosting the availability of financing to the real economy sector in Serbia, with a €20 million credit line to Société Générale Serbia for on-lending to small and medium enterprises.
more »
The EBRD is supporting the development of the private sector in Armenia and increases further the availability of financing in the real economy sector with a $10 million loan to Ameriabank for on lending to local companies under its Medium Sized Co-financing Facility (MCFF).
more »
The EBRD is supporting the modernisation and improvement of transport infrastructure in Albania with a €50 million sovereign loan to finance the rehabilitation of regional and local roads in the country.
more »
Given the deep impact Latvia has suffered in the wake of the global crisis, and due to the emergency nature of this program, the first operation will focus mainly on the first and second objectives.
more »
Mr. Dominique Strauss-Kahn, Managing Director of the International Monetary Fund (IMF), will visit Africa March 7-11, to discuss opportunities and challenges facing African economies in the wake of the global crisis.
more »
Without enough money, the EU 2020 strategy risks turning into "another vague scoreboard for the Member States", the EP Budgets Committee warned on Thursday when adopting its priorities for the 2011 budget.
more »