15th November, 2001

NBC gears up for the Euro

 

NBC Ltd. today announced that it is ready for the introduction of the Euro currency within the European Union, which comes into force on 1st January 2002.

 

The bank says it has already put systems in place to ensure that its customers, especially those dealing with international transactions, enjoy a smooth changeover to the Euro currency. Appropriate communication has also gone forth to customers informing them of the changes necessitated by the introduction of the new currency.

 

With effect from 1st December 2001, NBC says, all foreign currency accounts denominated in the former currencies of the EU countries participating in the Euro currency circuit will be converted into Euro Accounts. In addition, all new applications for letters of credit and guarantees tendered in the currencies concerned are now being processed in Euro.

 

As of 1st January 2002, the Euro will become the single currency of 12 Member States of the European Union (EU), replacing their respective national currencies. The 12 EU countries whose currencies will be affected are:

 

Country	Currency
Belgium	Belgian Franc (BEF)
Germany	Deutsche Mark (DEM)
Greece	Greek Drachma (GRD)
Spain	Spanish Peseta (ESP)
France	French Franc (FRF)
Ireland	Irish Pound (IEP)
Italy	Italian Lire (ITL)
Finland	Finnish Mark (FIM)
Austria	Austrian Schilling (ATS)
Portugal	Portuguese Escudo (PTE)
The Netherlands	Dutch Gilder (NLG)

 

For more information please contact:
Maxwell Pirikisi
Manager: Corporate Affairs & Communications
Tel: 2112587/ 2111970
Mobile No. :0744-210304