| Introducing
new currencies - Central Europe |
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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 $120m. | |
| 01.06.1993 | Single legal tender. | |
| 15.12.1993 | Exchange of Rouble to Manat at 10Rbl:1Manat. | |
| 01.01.1994 | Manat is single legal tender. | |
| BELARUS | ||
| 25.09.199 | Introduction of the Belarus Rouble (rabbit) as parallel currency. | |
| 01.06.1994 | Belarus Rouble is single legal tender. | |
| Introducing the Taler as this name has disappeared from Europe. Symbol the Tannenberg knight. | ||
| ESTONIA | ||
| 21.06.1992 | Krooni single legal tender. Pegged to the DM with a 2.25% band width around the 8KR/DM parity in 6/92. Only 'hardening' currency in ex-SU. | |
| 04.12.1992 | Exchange rates quoted. | |
| GEORGIA | ||
| 05.04.1993 | Introduced coupons to replace the Rouble, due to Russia's reductions in Georgia's rouble quota, causing shortages. Transitionary coupon will lead to the full currency, Lari, being introduced in a few months after April. | |
| 03.08.1993 | Single legal tender. Transtition from Coupon currency until 10.8. at parity. | |
| 23.09.1995 | Lari is introduced and immediately made SLT. | |
| KAZAKHSTAN TENGE | ||
| 06.1993 | Introduced its own coins | |
| 15.11.1993 | Tenge introduced as national currency. Exchange from Rouble at 1:500. | |
| 18.11.1991 | Tenge Single Legal Tender. | |
| 10..05.1993 | 10.5.93: Currency introduced as legal tender. Transition from Rouble from 10-14.5.94 at 1:200 Rbl. | |
| KIRGHIZSTAN SOM | ||
| 10.05.1993 | Som currency introduced. | |
| 15.05.1993 | Became single legal tender; 200 Roubles
to the Som. Transition from rouble until 14th at 200Rbl:Som |
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| LATVIAN LAT | ||
| Latvian rouble introduced to replace the Russian Rouble .... Dropped against Russian, despite a stronger economic position. Rate 105 LatR/$ 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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