"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previously withdrawn notes is not changed.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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©2006  Monetary Research Institute.