Markka


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Markka

The former currency of Finland. It was introduced in 1860, replacing the Russian ruble. Like most currencies, it was pegged to the U.S. dollar during the Bretton Woods period, and later to various currency baskets. It was replaced by the euro in 1999 and ceased circulating in 2002.
References in periodicals archive ?
There are Finnish markka coins to a value of EUR110m and Finnish markka notes to a value of EUR170m in Finnish households, according to calculations from the Bank of Finland.
When Finland won independence in 1917, the markka remained an important symbol.
89 investments, depreciated at 15 percent annually, per million Finnish markka V Virgin raw material, [m.
Privatization and corporate restructuring, reform of the banking sector, devaluation of the Finish markka, public and private sector cost-cutting and entry into the European Union all made a significant contribution to Finland's successful repositioning.
For decades the business cycle of the forest industry seemed to govern the devaluations of the Finnish markka: As the cycle went into its slump, the government was forced to devalue the markka, thus giving some relief to the Finnish forest industry in the world market, helping it regain its competitiveness.
Kesko, the Finnish cooperative is marking all special offers, display windows and till receipts in euros and Markka to attract tourists.
The currencies and monetary operations being merged are the Austrian schilling, Belgian/Luxembourg franc, Dutch guilder, Finnish markka, French franc, German mark, Irish pound, Italian lira, Portuguese escuda, and Spanish peseta.
Unlike the Danish situation prior to the 1982 DM-peg, the Swedish currency was considerably over-valued,(19) and it could not withstand the 1992 crisis within the EMS and the subsequent floating of the Finnish markka.
The 20 million Finnish markka investment will target new technology and products in the company's primary markets of wipes, wallcoverings and coating substrates, as well as roofing and industrial applications, medical and hygiene markets.
Moreover, with the depreciation after the floating almost negligible in wider trade-weighted terms - due to the simultaneous steep fall in the value of the Swedish krone and the Finnish markka ([ILLUSTRATION FOR FIGURE 13 OMITTED], Panel B) - the effective exchange rate currently exceeds its pre-floating level.
According to the International Financial Statistics of the International Monetary Fund (IMF), the Finnish markka was characterized as the currency pegged to a basket of currencies, whereas the Japanese yen and the U.
While the strong export growth is founded on the sharp depreciation of the markka after the devaluation in 1991 and the termination of the ecu peg in 1992, it should also be noted that Finnish exports have managed to find new markets to replace the collapse of those in Eastern Europe.