Currency in Italy. The history of the development of the monetary system of Italy
The tour is bought, the tickets and the hotel are booked, and you are already planning what exactly will take place in your suitcase? Excellent, but do not forget that even if you are traveling on a tourist package, you will have to spend money in Italy in any case, so you need to consider the financial aspects of your future trip.
What currency to carry
Since Italy is part of the Eurozone, the currency used here is the corresponding one - the euro. One euro equals 100 cents, but Italians usually call them centimes. Paper notes of 5, 10, 20, 100, 200 and 500 euros are in use, each of a certain color. There are also coins of 1 and 2 euros. So that you do not have problems with payment, especially if you plan to travel around the country, stopping by small cities, take as many small denomination banknotes with you as possible - 10 and 20 euros, 100 euros are also in use. But with banknotes of 500 euros, problems may arise - in stores, at a gas station, there may not be change. In addition, when you try to buy some small trifle, while paying 500 euros for it, you can cause distrust - whether your money is fake.
In Italy, they like it when the buyer pays with cash, and some large stores in Milan or Rome, for example, even give a discount to those customers who purchase goods for cash.
Money exchange in Italy
It is better to change money at home - commission Russian banks an order of magnitude lower, and always more comfortable, when upon arrival in another country you can pay in local currency.
If for some reason you could not exchange rubles for euros in advance, then in Italy you can do this everywhere: at the airport, banks, post offices, exchange offices. At the airport, of course, the most unfavorable exchange rate (commission can be up to 10%) - it is better to change here only the amount that you need for the first day or two. At the hotel, the course will also not be the most successful. Therefore, go in search of a bank or an exchange office. Some of them will charge you a fixed commission in euros, not in % - this is convenient if you are going to change a large amount. The amount of the commission (in any form) is most often not indicated anywhere, so check it with the cashier before proceeding with the operation. After issuing, be sure to carefully recalculate the amount received immediately, without leaving the cash register.
Banks are open only on weekdays (you won’t get there on Saturday and Sunday) from half past nine to half past two, then in the afternoon - three to four - half past five.
Credit cards in Italy
In most retail establishments, restaurants, hotels in Italy, there are no problems with card payments. Pay attention - there are often logos of payment systems on the front door, which you can use in this institution. They usually accept Mastercard, Visa, American Express, CarteBlanche, Diner's cards. In addition, many ATMs in Italy will allow you to withdraw no more than 300 euros per day - the limit.
At gas stations, in cities far from the center, and even more so in small villages, cards are usually not accepted - when planning a trip, stock up on cash in advance. If you decide to withdraw money from an ATM, be prepared that you will be charged 2 to 4% for the transaction, plus you will pay a conversion fee if the money was in a currency other than the euro. Try not to use dubious ATMs in deserted places, without the risk of falling for the bait of scammers.
Basic expenses in Italy
Italy is considered an expensive country, so plan your trip carefully and prepare the necessary amount to avoid unpleasant surprises.
If you are going on a tour purchased from an agency, then the cost of living and sometimes part of the excursions are already included. If you are traveling on your own, then first you will have to take care of housing. An average hotel room will cost 50-150 euros, a place in a hostel will be cheaper - 15-25 euros.
The next major expense item is movement around the country. Rent a car for a day - 50-70 euros, also consider the cost of gasoline, parking and roads. In order to travel the whole country, you will give about 100-150 euros, excluding rent. The Italians themselves prefer to travel by train - quickly and comfortably, and a ticket, for example, from Rome to Naples will cost about 25-45 euros, depending on the class of the car. If you are going to move around the city by taxi, expect to pay 10-60 euros for each trip. One-time travel public transport in most Italian cities it costs 1 euro.
The next item in terms of costs - nutrition. Lunch and dinner for one person cost about the same - 20-50 euros. In a pizzeria and a fast food establishment, you can eat much cheaper - about 10 euros per person. Don't forget that you have to pay for excursions and beach holidays. On average, one excursion costs about 8 euros, sunbeds on the beaches for half a day - 5-6 euros (for the whole day - 8-9 euros), unless this beach is rented by the hotel where you are staying, then they can be free.
And finally, purchases. If you want to buy only souvenirs, then prepare from 1 to 4 euros for magnets, 5-10 euros for calendar cards with views of Italy. But if you are planning more serious shopping, then the costs will be different: 100-150 euros for a quality bag, 120-150 euros for a pair of good shoes and about 200 euros for jeans. If you get to Italy during the sales season, then feel free to divide the above figures in half.
And be sure to take the money with a margin - no one has yet canceled the possibility of force majeure. Good holiday preparation is the key to a quality holiday.
What to bring from Italy
When we hear “shopping in Italy”, we most often think of fashion boutiques, then we think of olive oil, pasta, cheese; someone may have associations with Venetian glass or carnival masks. So? Next - we bring to your attention a list of popular, original and simply interesting souvenirs and other products that may interest you, and some even turn out to be very useful.The monetary system of Italy has undergone many changes over its centuries-old existence. She was characterized by periods of monometallism and a period of bimetallism, which she, together with France, Belgium and Switzerland, tried to preserve with the help of an international agreement - the so-called Latin Monetary Union in 1865. In accordance with this agreement, free minting of coins from both metals was provided with the establishment of a legal value ratio between gold and silver of 1:15.5. However, bimetallism no longer met the requirements of monetary circulation and was replaced in 1895 by the gold coin standard. Coins in denominations of 10, 20, 50, 100 liras were put into circulation, the gold parity was set at 0.290323 g of gold per lira.
During the First World War and until 1923, Italy abandoned the free exchange of banknotes for gold. The gold standard was only reinstated as a gold bullion standard in 1928. In 1933, Italy joined the gold bloc - a group of European countries (France, Holland, Belgium, Switzerland) to maintain the current gold standard at constant parities of foreign currencies. But already in 1936, the parity dropped to 0.046772 g, and after the Second World War, Italy stopped fixing the gold content of the lira in the IMF, since high inflation required a decrease in its exchange rate against the dollar. The lira was set against the dollar in 1949 and, remaining unchanged for 22 years until 1972, was 625 lire per 1 US dollar. By the end of the 1990s, 1628 lira = 1 US dollar. The gold content was established in 1960 and amounted to 0.001422 g. In 1979, Italy joined the EMU and set the exchange rate against the ECU - 1148.15 lire.
Until the introduction of the euro, Italy's monetary unit was the lira, which was divided into 100 centesimos. In reality, due to the high depreciation of the lira, such an exchange did not take place. Already after the Second World War, it was decided to issue banknotes with a minimum denomination of 1000 lire. Italy was characterized not only by banknotes (credit money), but also by paper money issued by the treasury. These included petty money (worth less than 1000 lire).
The issuing center before the transition to the euro was the Bank of Italy, which was granted such a right only in 1926. Prior to that, there were 5 issuing institutions. Since 1893, there have been 3 of them - the Bank of Italy in Rome, the Bank of Naples and the Bank of Sicily. The issue of money was carried out in accordance with the norms established by law under the supervision of the Treasury. There was a special department in the Main Department of the Treasury, whose functions included control over money circulation, the issuance of banknotes and paper money, and the replacement of old money. The decision to issue banknotes was made after studying the demand for cash, depending on the value of the balance of payments asset, the needs of the treasury cash desk, the intensity of circulation to central bank credit institutions. Either foreign currency, or treasury bills and long-term government bonds of new issues, or commercial bills and state securities located in commercial banks. The final decision on the new issue was taken by the management of the treasury, and on central bank entrusted with the material implementation of the issue of money. For technical work on the preparation and printing of money, the Bank of Italy had its own enterprise.
The decision to issue paper (treasury) money was made by the General Directorate of the Treasury. The coins were made at the mint. Treasury notes were printed by the State Polygraphic Institute.
Features of the monetary circulation of Italy as a member of the European Monetary Union
Italy has always been an active participant in the world foreign exchange market. Already in 1865, along with France, Belgium, Switzerland, she established the Latin Monetary Union, the main requirement of which was the free circulation in these countries of any banknotes of the participating countries. Subsequently, Italy became a member of the IMF.
The integration processes taking place in Europe have also affected Italy. In 1969, at a meeting of leaders of the countries that joined the EEC during its creation (Belgium, Italy, France, Luxembourg, the Netherlands, Germany), the goal of a single monetary system was determined. In accordance with it, a single monetary system was to be formed in 1978. However, this project has been shelved. March 13, 1979 Italy entered the single monetary system. The lira exchange rate was set at 1148.15 lire per ECU. In the future, the lira began to fluctuate.
The crisis of the early 1990s for Italy was a difficult test. Period 1992-1993 was characterized by several devaluations of the lira. At the end of 1992, Italy had to withdraw from the EMU. Positive shifts began to emerge only in 1995, when state revenues increased by 1.2% of GDP, while spending decreased by 2.7%. Further recovery public finance became impossible without special measures to curb tax offenses and strengthen control over spending state budget. At the same time, in contrast to countries with a stable economy (for example, Germany), in 1996 Italy had a positive balance of payments - 42 billion dollars (3-5% of GDP). On November 29, 1996, Italy rejoined the EMU in the EPM-1 mechanism.
The concept of a single currency took real shape at a meeting of heads of state - members of the EU in Dublin in December 1996. In accordance with this concept, the single currency "Euro" was introduced from January 1, 1999, and at the beginning non-cash form, and then since 2002 - in cash.
In Italy, the transition to the "euro" was seen as a kind of national supra-party imperative. To introduce the "euro" into circulation, a country had to meet certain criteria, such as:
- the state budget deficit should not exceed 3% of GDP;
- public debt should not exceed 60% of GDP;
- annual inflation should be no more than 1.5 percentage points above the average inflation rate in the three EU countries with the greatest price stability (in 1996 - 3-3.3%);
- average nominal value of the long-term interest rate should be no more than 2 percentage points above the average level of these rates in the three EU countries with the greatest price stability (in 1996 - 9%);
- compliance with the established limits of fluctuations in the mechanism of exchange stabilization existing in the EU exchange rates(ERM-1).
In 1996, Italy met only one of the five criteria - it participated in the EU and its currency was fairly stable. For all other indicators, it significantly went beyond the agreed limits. For example, according to the results of 1996, Italy had a state budget deficit of 6.8% of GDP (no more than 3% of GDP), and a public debt of 124% of GDP (60% of GDP).
Italy stuck to the ballpark concept, otherwise it would have had to decide on an extra $26 trillion in fiscal savings. lire Nevertheless, Italy purposefully prepared itself for the introduction of the "euro" in 1999. For 1997, an emergency budget was formed, focused on the criteria for joining the "euro". At the same time, the budget includes truly draconian measures to reduce public spending and tax collection. Restrictive government policy, growth restriction wages And high interest led to a decline in private consumption. It fell in 1996 by 0.8%. GDP growth slowed down. In 1997, the volume of production increased by 2.7% compared to 1996. Italy covered the deficit with an emergency "European tax".
To carry out non-cash payments in the "euro", Italy, along with other countries, created single system TARGET calculations using a special connection.
To introduce cash payments in the "euro" in Italy, as in other countries, information campaigns were carried out to familiarize citizens with the new monetary unit, information is being exchanged between countries. Courses devoted to the "euro" were included in the school curricula.
The introduction of the euro, of course, required costs. The main burden was assumed by banking institutions, which had to modify computer systems for processing data and customer service, and by 2002 completely replace machines for issuing money and checking banknotes and conduct parallel settlements in two currencies. At the rate Banking Federation EU, it took about 10-12 billion ECU, which was 2% of the annual turnover of banking operations. At the same time, despite neither the colossal costs associated with the introduction of a new monetary unit, nor the deviation from necessary criteria, Italy has entered "euro" since January, 1st, 1999 among the first 15 countries. The introduction of the "euro" led to the improvement of public finances, which freed up large funds that were spent on servicing public debt(in Italy "eaten" 20% budget spending). This made it possible to increase the cost of creating new jobs and social needs.
Based on the materials of the book "Money. Credit. Banks: Textbook for universities / E.F. Zhukov, L.M. Maksimova, A.V. Pechnikov and others; Edited by Prof. E.F. Zhukov" - M .: Banks and exchanges, UNITI, 1999. - 622 p.
The official currency of Italy since 2002 is the euro. When crossing the border, amounts over €10,000 in cash are subject to mandatory declaration, otherwise you face a fine (from €300). If you have currency (euro) cards of UniCredit Bank or Banca Intesa, then this makes life in Italy very much easier: there are branches of these banks, and even more so ATMs, at every step.
What currency to take with you to Italy
Those who did not have time to buy euros at home can do it at the airport of arrival. But, firstly, you need to understand that it is extremely difficult to change rubles in Italy, you need to stock up on this case in dollars or pounds. Secondly, the exchange rate at airports (as well as at hotels) is much less profitable than at banks. Therefore, if you arrived on a weekend or holiday when banks are closed, you should only change very a small amount and wait until Monday.
Currency exchange
Banks are open on weekdays from 8:30 am to 4 pm with an hour break for lunch. At the cash desk or at the exchange office, do not forget to clarify the amount of the commission. It can reach 10%, and at airports - all 12%. You can exchange no more than 500 euros at a time. Having a passport is a must.
IN major cities In Italy, there are already quite often terminals for automatic money exchange. But in the country as a whole, this is still a novelty. Yet even in small settlements there are always enough ATMs (they are easy to identify by the inscription Bancomat), where you can withdraw the amount you need minus the commission of your bank and the bank that owns this ATM. This is where Unicredit or Intesa cards come in handy. Or, for example, Tinkoff card from interest-free withdrawal at any ATM.
Cashless payments
You can pay by card in Rome, Milan, Venice, Verona, Naples, Rimini and other tourist centers almost everywhere. On the doors of cafes, restaurants and shops you will find stickers with a list of accepted cards (usually VISA, Master card, American Express, Diners Club) or the inscription "Carta - si". However, at gas stations, on public transport or in souvenir shops, it is much more common to pay in cash. At the same time, purchases worth more than $1,000 in Italy are prohibited from paying in cash, and transferring more than 12,000 euros from hand to hand is considered a criminal offense.
Tricks
If you haven't mapped out your Italy itinerary yet, a handful of change in your pocket can easily help with that. Italian coins are an excellent guide. And besides, it was verified by the Italians themselves: images for minting were chosen in the course of voting by the viewers of one of the leading TV channels (RAI).
The 1 euro cent coin depicts the castle of Castel del Monte in Puglia. The Library in the film "The Name of the Rose", based on the novel of the same name by Umberto Eco, the most famous among living Italian writers, was designed according to his model. The castle is also recognized as a UNESCO World Heritage Site.
2 euro cents represent the Mole Antonelliana tower in Turin. This is one of the symbols of the city, once (until 2011) - the most high building Italy and still - the tallest brick building in Europe. 5 eurocents - the Roman Colosseum.
10 euro cents - "The Birth of Venus" by Botticelli. The painting is in the collection of the Uffizi Gallery, Florence.
50 eurocents - the only bronze equestrian statue that has survived from ancient times. It is located on the Capitol Square in Rome and depicts the emperor Marcus Aurelius. The plinth for the sculpture was made by Michelangelo himself.
1 euro - "Vitruvian Man" by Leonardo da Vinci. The drawing is in the Accademia Gallery, Venice.
The 20 euro cent coin is not included in the list, because the sculpture depicted on it - Unique Forms of Continuity in Space by Umberto Boccioni - cannot be seen in Italy: it is in the Museum of Modern Art in New York.
I welcome everyone to my channel! Today on the review I have a coin with a face value of 500 Lire, the Republic of Italy, 1984. Italy can be called a country of interest. A huge number of historical and cultural masterpieces have been collected on its territory: luxurious museums, majestic temples, castles and beautiful palaces. The mandatory list of attractions in Italy include the Colosseum and the Pantheon, Roman cathedrals and museums, the Leaning Tower of Pisa, the Grand Canal of Venice. The nature of the region also delights: volcanoes, reserves, botanical gardens, parks. The Italian lira is subdivided into 100 centesimos. After the Second World War, due to strong inflation, centesimos were no longer issued, and the 1 lira coin became the smallest denomination. Lyra was official currency Italian Republic from 1946 to January 1, 2002, when the country adopted the euro. On February 28 of the same year, the lira finally went out of circulation. This coin was minted from 1982-1992, in 1995 and 2000-2001 at the state mint in Rome. As you can see, the coin is bimetallic. By the way, the coin of this sample is the first bimetallic coin that Italy put into use. The ring of the coin has an unusual alloy: Akmonital. This is a nickel-plated stainless chromium steel grade. One of the alloy options is iron - the main share, chromium, carbon, magnesium, silicon, sulfur and phosphorus. From this alloy, at different times, minted and minted at the Roman Mint change coins Italy. The circulation of the coin in 1984 is 162,000,000 copies. Consider the appearance of the coin. On the reverse, in the center of the field, there is a view of the Quirinal Palace - a 16th-century palace on the Quirinal Hill in Rome. From 1592 to 1870, the pontiffs permanently lived there, later the palace became the residence of the king, now the president of Italy. In front of the palace building, you can see an obelisk and statues of the Dioscuri twins Castor and Pollux. The statues are copies of the Greek originals of the classical era, were known in the Middle Ages. According to another version, the statues depict Alexander the Great and his father Philip. Below is the Latin letter R - the sign of the mint in Rome. To the right of it, you can read the year of issue of the coin 1984. On the reverse ring in the lower part there is a denomination of the coin 500 lira in large numbers, and on the left side there is a symbol of the denomination in words. On the left side of the ring is an ear - a symbol of fertility, harvest. And on the right side is an olive branch with three leaves, which means the world, internal and external. The denomination of the 500 lire coin is duplicated in Braille at the top. This font is intended for writing and reading by blind and visually impaired people. On the obverse of the coin in the center there is a profile, turned to the left, of a young girl - a personified image of Italy. Below the profile is the name of the obverse designer, Italian sculptor Laura Cretara. Laura Cretara is the first woman in the world to become Artistic Director of Italy's National Mint. In 1961 she was hired as an engraver at the Mint in Rome. She also owns the dayn of many other bimetallic coins with a face value of 500 lira. On the obverse ring is the name of the issuing country (Italian Republic), written in ancient Latin. The letter V stands for U, which was only introduced during the Renaissance. The beginning and end of the inscription is separated by a five-pointed star - an ancient symbol of Italy, meaning the protection of the nation. Coin characteristics: Coin material: Bimetal: center - Bronze, ring - Akmonital; Coin diameter: 25.8mm; Coin weight: 6.8 grams; Edge thickness: 1.8 mm; Edge type: variable ribbed; Mutual position of the obverse and reverse: Coin (180 °) If you liked the video - put like, If you do not want to miss the next coin review, I recommend subscribing to the channel, also see reviews of other coins! Thanks for attention! See you later!
Until 2002, the official currency in Italy was the Italian lira. From the first of January two thousand two and given time Italy's currency is the Euro. After reading this article, you will learn about the historical facts of Italian money, as well as everything about their exchange (what was before the euro, what money should you go to Italy with, where is it better to exchange them, and much more).
Now the currency unit of Italy as a state that is included in the list of EU countries is the euro: one euro is equal to one hundred cents. As a rule, coins of one, two euros and also fifty, twenty, ten and five cents, banknotes from five to five hundred euros are in demand in everyday life.
In the "Italian" euro coins, on one side, there is a pattern that is the same in all countries descending to the European Union. But on the other hand, a unique, very nice design. The Italian set of European coins is appreciated by connoisseurs for its beauty and prestige.
Fascinating moment: on one side of the Italian set of European coins, the design was chosen through a vote by RAI viewers. Among the images on the Italian euro cent: a photo of the Colosseum (five euro cents), an excerpt from the “Birth of Venus” by Botticelli (ten euro cents), “Vitruvian Man” by Leonardo da Vinci (one euro), etc.
Italian currency before the euro: the lira and its history
The currency unit of the state that “walked” on its territory, and also in the republics of San Marino and the Vatican before the advent of the euro era (2002-2003) is the Italian lira, which has a rather interesting history.
The Italian lira was equal to 100 coins, but the exchange of banknotes has practically never happened until now. It's all about the depreciation of the lira to such a size that a denomination of a smaller denomination after the 2nd World War was a thousand lire. Even in the state, banknotes with a face value of at least two thousand and a maximum of one hundred thousand lire were used.
Coins were issued in denominations: one thousand, five hundred, one hundred, fifty, twenty, ten, five, two and one lira. A huge part of the coins had numismatic importance, and were not really used in trade and currency transactions.
FROM reverse side denominations depicted people who had heroic services to Italy.
The only European currency in Italy - the Italian lira - appeared at the end of the nineteenth century, when the unification of Italy took place. This money has always been problematic: before the lira disappeared from everyday life, it depreciated several times during all-world hostilities, the exchange rate was constantly declining, they stopped exchanging for gold, and at the end of the twentieth century there was a change of currencies at the rate of a thousand “old liras” for one "new".
Then, after a new monetary unit appeared in the state - the euro - the lira was used in everyday life with it in the same way for a whole year (the interval from two thousand two to two thousand and three years). Then, after she stopped walking throughout the state, it was possible to change the ex monetary unit Italy at the established rate of 1936.27 lire for one euro until March two thousand and thirteen. A remarkable case: for a thousand liras in Soviet times they offered one ruble twenty-three kopecks (data for one thousand nine hundred and seventy-three years).
What currency to take with you to Italy
It is more correct to buy euros in the Russian Federation and leave, and Italy with them. Cash is constantly in price and many stores prepare bonuses for customers in this case, since commissions are charged for any transfer of cash on a plastic card.
You can use credit cards in Italy, but you need to be aware of the possible waste. Because, banking institution will transfer money from rubles on your card to euros, and will do this at its own intra-bank rate and, most likely, with commissions.
The intrabank exchange rate is not very convenient. And the bank has the right to charge another commission for an international transfer, which is also very annoying. And if you wish to withdraw money through an ATM, another cash-out fee may be held back.
All the conditions for using visa and master cards abroad must be found out in advance at the bank where you have an account, so as not to be surprised later. Another significant problem that many travelers encounter is the blocking of plastic cards when making international payments, since at the moment Russian banks are suspicious of similar operations. In this case, you need to telephone to your country and explain that you are staying in Italy and want to withdraw funds from a plastic card and pay for international calls.
Currency exchange in Italy
Exchange offices in Italy operate every day except weekends from half past eight in the morning until sixteen in the evening and they have an hour break for lunch. At the cash desk or at the currency exchange office, do not forget to more accurately determine the amount of the commission. It has the ability to reach 10%, and at airports - as much as 12%. One visit can change no more than 500 euros. In large metropolitan areas in Italy, terminals for auto-exchange of cash are already quite common. But in general, this is still news in the state. And yet, even in small towns, there are always plenty of ATMs where it is allowed to withdraw the amount you need minus the commission of your bank and the bank that this ATM belongs to him. This is where Unicredit or Intesa cards come in handy. Or, for example, a Tinkoff card with an interest-free withdrawal at any ATM.
Cashless payments
You can pay by card in all tourist cities in Italy almost everywhere. On the doors of cafes, restaurants and shopping centers you will see stickers with a list of accepted cards (traditionally, this is Visa, Master Card, American Express) or the mark "Carta - si". But at gas stations, in public transport or in retail shops, it is much more common to pay in cash. At the same time, it is forbidden to pay for purchases worth more than a thousand dollars in cash in Italy, and the transfer of money from hand to hand for more than twelve thousand euros is considered a criminal offense.
Note to the tourist
Those who are thirsty for a walk for a small fee should not travel to Italy. The operating costs here are quite high. There is practically no “all-inclusive” here, and the price for hotel room Traditionally, only breakfast is included.
If you buy food in an ordinary supermarket, you can invest in a smaller amount and buy food for 10-15 euros per day per person.
You also need to know that beach resorts charge for the operation of sunbeds and umbrellas. To rent a sunbed, you need to pay five euros per day, and the umbrella will fly into another ten units of the European currency.
In 2005, a very harsh law was passed to counteract the popularization of counterfeit popular brands. If you buy a fake, then you can legally be taken to prison and charged with a fine, which can reach up to ten thousand euros. Conclusions: constantly ask the seller for a receipt and keep it until the end of the trip. If you purchase a fake, then the receipt automatically transfers you from the status of the offender to the position of the victim.