Turkey No Longer Land of  Multimillionaires, Government Rejigs Currency
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At midnight on New Year's Eve, Turkey will cease to be the land of the millionaires and billionaires.  That is when the government drops six zeros from the national currency and Turkey loses the dubious distinction of being the country with the largest denomination in circulation, the 20,000,000 lira, worth only about $15.
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The Turkish government says it will change a controversial law restricting freedom of expression.
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The US dollar, after a decade as the dominant currency for buying everything from shampoo to canned food to furniture, is no longer accepted in Cuba as of yesterday.
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The move by the countryâs $200 billion wealth fund comes as the government nears the end of a decade-long reorganization of the banking industry.
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The eight West African states that use the CFA franc begin replacing their old banknotes.
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Malaysia has shot down speculation that it plans to liberalise the ringgit further on the back of a strong currency and a stable economy.
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Cuba announced Monday that U.S. dollars will no longer be accepted at businesses and stores on the communist island starting next month in a move that will radically change the way cash transactions have been done there over the past decade.
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Moving to wean its communist economic system from the U.S. currency, Cuba said that dollars will no longer be accepted at island businesses and stores in a dramatic change in how commercial transactions have been done here in more than a decade.
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Thailandâs central bank cut its benchmark interest rate for the fifth consecutive time this year to spur an economy blighted by slumping consumer confidence after last yearâs coup. The Bank of Thailand reduced its one-day bond repurchase rate to 3.25 percent from 3.5 percent. Lower interest rates may help the baht retreat from a 10-year high against the dollar, making exporters more competitive. âConsumption and investment remain weak,â said Usara Wilaipich, an economist at Standard Chartered Bank in Bangkok. âInflation is not a concern now because a slump in spending has curbed price increases.â
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You probably know that the dollar is plunging. That will make it expensive to travel overseas for the holidays or to buy something made in a foreign land.
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Wiped from the face of the currency The European Commission has admitted the new euro coin - designed to sport a revised map showing the expanded happy band of brothers - is "not exactly the one the commission has proposed" after the powers that be decided to omit Turkey from the monetary celebration of the EU.â¦
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With a green light from the EU for membership talks and an IMF pledge for fresh loans in the bag, Turkey prepares to launch a new currency on January 1 in another landmark move highlighting its progress toward long-sought economic success and stability.
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Gold is no longer the metal of choice  for the adornment of the ruling class.
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A new slimmed-down Turkish currency is to be launched on Saturday as the country celebrates its economic progress.
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The country faces some tough conditions on the economy and human rights before membership is granted. ANKARA -- Turkish Prime Minister Recep Tayyip Erdogan returned home from a European Union summit yesterday
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Cuba announced Monday that U.S. dollars will no longer be accepted at stores or other businesses on the communist island starting next month in a move that will radically change the way business has been done there over the past decade.
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A credit-strapped world turns to the funds of the Middle East and Asia.