"MRI BANKERS' GUIDE TO FOREIGN CURRENCY" Update 03 January 2008
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Cyprus: Entry into the euro. As
of 1.1.2008 the euro is the currency of Cyprus, at the conversion rate of
CYP0.585274. Previously current notes co-circulate
until 31 January 2008. Cypriot coins and notes
may be exchanged for euros in banks and financial institutions free
of charge until 30 June 2008. The
Central Bank of Cyprus will redeem coins until 31December 2009, and notes
until 31 December 2017. The
central banks branches in Europe will exchange up to 1,000 euro value per
day in Cypriot notes until 29 Feb 2008. For a
complete list of branches and hours of operation see
http://www.ecb.int/bc/euro/changeover/html/location.en.html.
Malta: Entry into the euro. As of 1.1.2008 the euro is the currency of Malta,
at the conversion rate of MTL0.429300. Previously
current notes co-circulate until 31 January 2008. Maltese
coins and notes may be exchanged for euros in banks and financial institutions
free of charge until 31 March 2008. The
Central Bank of Malta will redeem coins until 1 February 2010, and previously current
notes until 31 January 2018. Please note that the cutoff date for the previously
withdrawn notes is not changed. The central banks
branches in Europe will exchange up to 1,000 euro value per day in
Cypriot notes until 29 Feb 2008. For a complete list of branches and hours of
operation see http://www.ecb.int/bc/euro/changeover/html/location.en.html.
The Netherlands: demonetization of 1953-56
notes. On 19 January 2008 the notes dated 1953 and 1956
will lose all value. Venezuela: Bolívar fuerte.
The Central Bank of Venezuela has issued its new
"bolívar fuerte" notes as of yesterday.
Its ISO code is VEF.
The new notes are expressed in "bolívares"
and not in "bolívares fuertes" because the
Venezuelan Constitution states that the "bolívar"
is the national currency.
The re-denomination was made at the rate of 1,000
old for each bolívar fuerte. The old notes of 1,000
bolívares and up are legal tender until 30 June 2008, and will
remain redeemable for six more months afterwards. For
pictures of the new notes and more details please go to www.reconversionbcv.org.ve/aspectos/Aspectosnov07.htm and
go to "Características de los nuevos billetes."
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Monetary Research
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