Introducing new currencies - Central Europe
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Changing currencies

1.10.90 Gorbachevian decree introduces a commercial exchange rate with an initial parity of 1.8 Rbl/US$, for all trade operations, JVs and foreign investments. It will also apply for all non-commercial operations of all legal subjects untill end October 1991, from when a foreign exchange market is envisaged. First Gosbank quoted weekly fixing in November 1.6626 Rbl/US$. The official (0.5542) and special tourist rates (5.542) will remain, as well as the non-fixed auction rate (22.6, begin 10/90).
30.11.90 Commercial rate introduced.
15.1.91 New exchange rate system. Revalued 10%.
19.1.91 Controlled float and commercial rate abolished.
1.7.92 Twice weekly central bank fixing.
 
 
ARMENIAN DRAM
22.11.1993 Dram is Legal Tender. Exchange from Rouble at rate of 1:200.
AZERBAIJAN MANAT
  08.1992 Manat introduced as a parallel coupon currency to the Soviet Rouble.
  04.1993 Announces the introduction of a new currency, the Manat, linked to the US$ and backed by forex reserves of $120m.
  01.06.1993 Single legal tender.
  15.12.1993 Exchange of Rouble to Manat at 10Rbl:1Manat.
  01.01.1994 Manat is single legal tender.
BELARUS
  25.09.199 Introduction of the Belarus Rouble (rabbit) as parallel currency.
  01.06.1994 Belarus Rouble is single legal tender.
    Introducing the Taler as this name has disappeared from Europe. Symbol the Tannenberg knight.
ESTONIA
  21.06.1992  Krooni single legal tender. Pegged to the DM with a 2.25% band width around the 8KR/DM parity in 6/92. Only 'hardening' currency in ex-SU.
  04.12.1992 Exchange rates quoted.
GEORGIA
  05.04.1993 Introduced coupons to replace the Rouble, due to Russia's reductions in Georgia's rouble quota, causing shortages. Transitionary coupon will lead to the full currency, Lari, being introduced in a few months after April.
  03.08.1993 Single legal tender. Transtition from Coupon currency until 10.8. at parity.
  23.09.1995 Lari is introduced and immediately made SLT.
KAZAKHSTAN TENGE
  06.1993 Introduced its own coins
  15.11.1993 Tenge introduced as national currency. Exchange from Rouble at 1:500.
  18.11.1991 Tenge Single Legal Tender.
  10..05.1993 10.5.93: Currency introduced as legal tender. Transition from Rouble from 10-14.5.94 at 1:200 Rbl.
KIRGHIZSTAN SOM
  10.05.1993 Som currency introduced.
  15.05.1993 Became single legal tender; 200 Roubles to the Som.
Transition from rouble until 14th at 200Rbl:Som
LATVIAN LAT
    Latvian rouble introduced to replace the Russian Rouble .... Dropped against Russian, despite a stronger economic position. Rate 105 LatR/$ 20/12/92, 3 months of stability. Lat to be phased in from 2/93, at rate of 1 to 200 LatRbs.
  07.05.1992 Latvian Rouble introduced in parallel to Soviet Rouble at parity.
  20.07.1992 Latvian Rouble Single Legal Tender.
  03.1993 phased introduction of Lat.
  28.06.1993 Lats Legal Tender. 200 LVR:1LVL. Lat. Rouble until 17.10.93.  Free floating.
  02.1994 tied to the SDR
LITHUANIAN LITAS
    Introduced the Talonas / Vagnori (PM) currency coupon to supplement the short supply of higher denomination Rouble notes. Transition at 1:1.
  01.10.1992 Talonas single legal tender as currency coupon. Exchanged at about 260 T/$ up to 12/92, then fell to over 300/$ in 1/93.
  25.06.1993 Litas Single Legal Tender. Conversion at 100 Talonas per Litas. Talonas legal until 19.7.93.
  21.07.1993 Litas exchange rates quoted.
  01.04.1994 Litas pegged to US$ and backs it fully with foreign exchange reserves.
MOLDOVAN LEU
    Coupons introduced as parallel currency. Plans to introduce the Leu as currency in the future.
  06.1992 Parallel Coupon currency introduced.
  29.11.1993 Leu Single Tegal Tender. Exchange from Moldova Rouble Coupons at rate of 1:1 000.
TURKMENISTAN MANAT
  01.11.1993 Introduction of Manat as national currency. Exchange from Soviet Rouble from 1-19.11.93 (1-5: 1:500; 6-12: 1:595; 13-19: 1:599). (Initially 2 Manat/US$).
  17.01.1994 Currency has dropped 12 fold in value against the Dollar.
  15.03.1994 Official rate from 1.99 to 10.00 Man US$.
  05.05.1994 New "commercial rate"  of 60TMM/US$ for private sector transactions.
UKRAINE
    Introduced the Kabovanets coupon in 1992 as a parallel currency, to prevent Rusians buying subsidised food.
  13.11.1992 Single legal tender. Conversion at parity from Rouble for three day period. Plummeted against the Rouble. Introduction of the Grivna currency postponed because of virtual hyperinflation and economic chaos.
  03.03.1993 Discount rate raised to 180% by central bank.
  05.04.1993 Devalued from 2180 to 3000 to the Dollar (Rouble 692/$ official).
  28.07.1993 exchange rates quoted, devalued 28%.
  19.08.1993 devalued 68.66%. Tied to the dollar some commercial transactions.
UZBEKISTAN SUM
  22.11.1993 Som Coupon introduced parallel to the Russian Rouble.
  01.01.1994 Som becomes Single Legal Tender.
  01.07.1994 Coupon Som replaced by new Legal Tender the Usbekistan Sum. Exchanged at 1000:1.


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