Redenomination

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Redenomination

A reduction in the face value of a currency that a government or central bank makes because of hyperinflation or chronic weakness as a currency. For example, a country may declare that a "new" dollar is worth 1,000 "old" dollars and print new denominations reflecting this change. This may or may not stem the tide of inflation, depending on how the redenomination is approached and what other steps are taken.
References in periodicals archive ?
Earlier this month, Depa announced that it will redenominate its listing currency to UAE dirhams and unwind its Global Depository Receipt programme by the end of February 2018.
Many Italians blame German-inspired fiscal austerity for their country's economic malaise; and opposition parties such as the right-wing Northern League and the anti-establishment Five Star Movement want Italy to leave the euro, redenominate, and devalue to regain competitiveness.
many churches developed covenantal relationships, only to see the denominations and their local churches redenominate, or re-fragment, around views about sexual orientation, political ideology, theology, race, or culture, but in the end, mostly about power and who should be in and who is to be excluded.
In this way, the depositors and banks making the funds transfers protected themselves against "redenomination risk," that is, the risk that a peripheral country would leave the Eurozone and redenominate its bank deposits in a new, depreciated national currency.
Its government would redenominate contracts and bank deposits into devalued local currency, in a kind of 'confiscation by redenomination'.
Its government would redenominate contracts and bank deposits into devalued local currency, in what would represent a kind of "confiscation by redenomination".
If you have a contract with a Greek supplier, if they were to redenominate in drachmas, would your contracts become significantly less profitable?
Mulled by the government since 2007 and announced by President Mahmoud Ahmadinejad in January 2010, the plan was originally to redenominate the rial by knocking three zeros to recover the value it has lost in recent years.
North Korea's government has reportedly sparked panic buying by its citizens after it announced plans to redenominate the won.
But analysts say Turkey's decision to redenominate when the economy has already steadied, rather than using it as a crisis measure, gives it a good chance of success.
Parliament's Budget Commission is debating a plan proposed by State Minister for the Economy Ali Babacan to redenominate the lira by taking six zeros out of it, in a move to restore its credibility with the public after years of high inflation and a financial crisis in 2001 sent its value against the euro and the US dollar soaring into the millions.
Prime Minister Junichiro Koizumi on Thursday flatly rejected a proposal to redenominate the Japanese currency, a senior ruling party lawmaker said.