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 ?
Of the $6.582-million Philippine Par Bond redenominated into 28.5 years, outstanding amount totaled P97.1 million.
It said after the cedi had been redenominated to give value to it (Ghana Cedi), it is trading at GHS1.00 to US$5.20 currently, from 0.90Gp against US$1 in 2007.
Decree 85 of 13 September states that new property sales, rental contracts and leases in Turkey can only be transacted in lira, and that existing contracts must be redenominated within 30 days.
(5) The euro redenomination risk is the risk that a euro asset will be redenominated into a devalued legacy currency.
The minimum wage got a 3,400 percent increase, while the currency was redenominated -- removing five zeros -- devalued to the tune of 96 percent and fixed to the value of Venezuela's largely discredited cryptocurrency, the petro.
The currency can be redenominated in Naira in about ten years if only the managers of the economy stop the steady devaluation of our currency.
In addition, all legal-tender laws should be abolished, and all contracts should be redenominated in USD at the appropriate conversion rate.
Ghana redenominated its currency in July 2007: figures from 2004-2007 and 2008-2012 are reported in the old cedis ([??]) and the new Ghana cedis (GH[??]) respectively.
to guarantee payment of the redenominated bonds and loans; i.e., not to
This was redenominated in 2007 to make it easier to transact business generally.
The Irish money supply was redenominated in euro at the fixed conversion rate of 1 euro = IR 0.78 [pounds sterling].
(30) These fears were realized when savings accounts were frozen in December of that year, and dollar-based accounts were redenominated into highly devalued pesos.