$ 10 billion lost “treasure trove”

Euro e vecchie valute: un “tesoretto” perduto da 10 miliardi di dollari

It has been 20 years since it started January 1, 2002, when 12 countries (With Italy, Austria, Belgium, Finland, France, Germany, Greece, Ireland, Luxembourg, Netherlands, Portugal and Spain) The euro came into force Became the new single currency of the European Union.
10 have passed since the date February 28, 2012, Then brought to December 6th 2011 According to the Monty Decree, the time limit is set To convert the old lyre to Euro In the remaining notes in wallets and drawers.
Still, Bloomberg estimates, Italians currently own about 1.2 billion The national currency (at an exchange rate of 1936.27 liars set in 1999) is only good for current collectors.
And we’re not the only ones …

National currencies are still in circulation

Value National notes are not in circulation It will be in circulation by the end of 2021 In Europe According to the American News Agency, this is about to happen $ 10 billion.
To exceed the Italian lira, for the total amount, Spanish pesetas, Whose value is equal to the value of the banknotes in circulation 1.6 billion euros (However, change was possible in this case June 30, 2021). Italy, on the other hand, is just behind Italy Old Franco It has not been changed since February 17, 2012.
But not all states have adopted the same rules.
The Germany, E.g. No time limit has been set for the conversion of trademarks, Al The fixed rate is 0.5113 per euro. Therefore, although they can not be used for transactions, it is no coincidence that they are still considered in the pockets of the Germans. 3 6.3 billion In the old currency.

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National exchange rate strategies

Even Portugal, Ranked 11th in Bloomberg’s ranking of old notes still in circulation. Closely aligned with other countries that have avoided the possibility of converting the national currency.
Of these, the Greece as well as Finland, but also Malta E Cipro, Adopted the Euro after 2002 (as well as Slovenia, Slovakia, Estonia, Latvia and Lithuania, and Croatia is expected to do so from 1 January 2023).
Banknotes up to that date Escudo can be converted In the central institution of the Bank of Portugal. However, the time limit for Portuguese coins expired at the end of 2002.
The difference of Conversion between banknotes (allowed) and coins (no longer possible) Also applies to Belgian franc and Luxembourg franc (Without expiration) and Dutch Guilder (Until January 1, 2032).
Austrian Skilling E Irish poundOn the other hand, they can still be converted to paper and metal formats. Finally, among the last to join the euro Estonia, Latvia and Lithuania have no time limits, Meanwhile Slovenia and Slovakia have closed coins, but not notes.

Exchange of the lira against the euro

The Italian choice, the transition from the lira to the euro, was an acceptance Short duration of dual circulation from 1 January to 28 February 2002, When the legal tender for the lira ceased.
For old currency notes and coins The possibility of conversion lasted until December 6, 2011.
The Then the Bank of Italy paid The value of counterfeit notes still in circulation into the state budget.

The following is a Sentencing by the Constitutional CourtHowever, it was granted in January 2016 Exchange option for those who prove that the application has been submitted by 28th February 2012.
Foreign exchange activities carried out between 22nd January 2016 and 31st December 2021 264, For the total amount 2.661.648.61 Euros.
However, some legal issues remain.
The In fact, the Bank of Italy will not be able to convert the Lear into Euros until the Ministry of Finance pays back the amount paid.
Paradoxically, this method not only blocks server requests, but also reduces resources from the estimated state. 57 billion euros.

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Alberto Minassi

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