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 ?
The Finnish markka's peg to the ECU was also suspended.
Data for the first quarter of 1992 show that total Finnish exports were 13 per cent higher than a year earlier; this suggests that some improvement of export performance is under way following the devaluation of the Finnish markka in November 1991 (see Part II).
In this environment, two announcements by the Finnish authorities in mid-November, first, that the Finnish markka would float and, later, that it would be effectively devalued about 12 percent, heightened the sense of exchange rate risk and boosted the German mark.
However, year-on-year growth of domestic demand is expected to fall, with the household saving ratio stabilising and investment activity decelerating as a result of the maturing of the present boom, expectations of lower domestic demand growth and the 4 per cent revaluation of the Finnish Markka early in March.
The Finnish markka ceases to be legal tender in Finland at the end of this month and the country has reportedly been among the fastest to make the cash changeover alongside Ireland, the Netherlands and Austria.
The Finnish markka is linked to the ecu on 7 June at the prevailing exchange rates.
The price per kilo for the fish was apparently one Finnish markka more per kilo when it left Norway compared to when it arrived in Finland, reported Internytt, a Finnish online newsletter.
In June 1991 the Finnish authorities announced the pegging of the Finnish markka to the ecu, following similar decisions by Sweden and Norway in the preceding months.

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