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
New rules for the EU's single market will make it easier to live and do business anywhere in Europe.
more »
MEPs were disappointed that the Commission's EU budget review document had not sought the radical revision that the EU needs, they told Budgets Commissioner Janusz Lewandowski in a Policy Challenges Committee debate on Thursday.
more »
On 25 October, the Commission adopted the decision to financially support the 2011 electoral process in the Central African Republic.
more »
New EU framework for crisis management in the financial sector for managing problems before they spiral out of control.
more »
The financial crisis laid bare the limits of self-regulation, demonstrating the need for strong EU economic governance, surveillance and policy co-ordination, say two non-legislative resolutions voted by Parliament on Wednesday.
more »
The European Commission has approved an application from Germany for assistance from the European Globalisation adjustment Fund (EGF).
more »
Global and EU- level taxes on financial sector would help to fund international challenges such as development or climate change and fix the fallout from the global economic crisis.
more »
The European Investment Bank and African Development Bank today agreed to provide EUR 45m to design, build and operate onshore wind farms on four islands in the Cape Verde archipelago.
more »
MEPs want future EU budgets to accommodate new policy priorities as well as negotiations on new sources of financing.
more »
The European Parliament's Budgets Committee on Monday backed EU funding for 3,731 workers in Portugal, the Netherlands, Spain and Denmark who were made redundant due to the closure of their companies.
more »