Governor of the Central Bank of Iran (CBI) Valiollah Seif and his Turkish counterpart Murat Cetinkaya in a meeting in Ankara in October approved the draft of a memorandum of understanding (MoU) to use their national currencies
in their transactions.
Will the UK banks change national currencies
974/98, the council was busy devising a legal framework for the conversion from national currencies
to the euro during the transitional period and, of course, the withdrawal of national currencies
and mandatory use of the euro beginning January 1, 2002.
In addition to printing 125 national currencies
as well as the omnipresent American Express travelers checks, De La Rue invented the highly accurate and secure cash-counting mechanisms used in automated teller machines.
Aliyev, for his part, described trade relations and exchanges between the two countries in recent years as very good and considerable, and said, "The Republic of Azerbaijan welcomes using national currencies
in trade ties with Iran and this method can also be used trilaterally in relations with other neighbors as well.
The banks will soon submit their specific recommendations to the governments of the two countries on using national currencies
for making foreign trade settlements.
Ulyukayev said that the agreement is predicted to be reached in near future, including that the central banks of Russia and Iran are functioning on the ways to begin making payments in the two nation' national currencies
The main aim of the program is to reduce dollarization of economies and dependence upon external financing, reduction of currency and economic risks, promotion of use of national currencies
Steil's article, entitled "The Curse of Currency Autarky," claims that "financial crises will continue to emerge so long as governments continue to inject autarkic national currencies
into internationally integrated national economies.
Responding to a written question from the French MEP Hughes Martin (EPP-ED) regarding the exchange of untaxed currency into Euros, EU Economic and Monetary Affairs Commissioner Pedro Solbes indicated that in order to avoid complicating the exchange of national currencies
into Euro-denominated notes and coins in January 2002, the Member States are anxious not to introduce any new controls over those that already exist.
It is specifically charged with having delayed stabilization in the vital months of 1992 by its mistaken advice to the post-Soviet states to delay the introduction of national currencies
But what has now ceased to exist is the floating exchange between national currencies
that existed in Europe.