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
The European Commission has authorised under EU state aid rules a €550 million capital injection and a €400 million guarantee in favour of the Austrian bank BAWAG. P.S.K. The Commission found the measures to be in line with EU state aid rules.
more »
EUROSTAT has reported that the sharpest annual decrease in hourly labour costs of -10.9% was observed in Lithuania in the 3rd quarter of 2009.
more »
Statistics Lithuania informs that, according to the Labour Force Survey data, the number of the unemployed in III quarter 2009 made 228.1 thousand.
more »
What has come to be termed as the "Great Recession" seems to have come to an end in the third quarter of 2009.
more »
The European Commission has authorised, under EU State aid rules, a measure adopted by Lithuania to limit the adverse impact of the current financial crisis on exporting firms.
more »
The schedule of Vilnius International Airport (VIA) is supplemented with 3 more new directions; the airline company airBaltic starts regular flights to Paris today, to Munich tomorrow, and to Berlin on Monday.
more »
The Governing Council of the European Central Bank (ECB) has decided to start the main construction works for its new premises in spring 2010.
more »
AB Bank SNORAS was granted the award from NASDAQ OMX Baltic Stock Exchange for the jubilee 15-year listing of the bank’s shares on NASDAQ OMX Vilnius Stock Exchange.
more »
Parex banka has established a subsidiary, SIA NIF, which will professionally manage assets that are not related to the Bank’s core business.
more »
Mariann Fischer Boel, European Commissioner for Agriculture and Rural Development, today put forward a plan to ensure that Greece will put in place the systems necessary to allow EU aid payments to be made to farmers.
more »