The Finnish markka was the currency of Finland from 1860 until 28 February 2002, when it ceased to be legal tender. The markka was divided into 100 pennies, abbreviated as "p". At the point of conversion, the rate was fixed at €1 = 5.94573 mk. The markka was replaced by the euro, introduced, in cash form, on 1 January 2002; this was after a transitional period of three years, when the euro was the official currency but only existed as "book money" outside of the monetary base. The dual circulation period, when both the Finnish markka and the euro had legal tender status, ended on 28 February 2002; the name "markka" was based on a medieval unit of weight. Both "markka" and "penni" are similar to words used in Germany for that country's former currency, based on the same etymological roots as the German Mark and pfennig. Although the word "markka" predates the currency by several centuries, the currency was established before being named "markka". A competition was held for its name, some of the other entries included "sataikko", "omena" and "suomo".
With numbered amounts of markka, the Finnish language does not use plurals but partitive singular forms: "10 markkaa" and "10 penniä". In Swedish, the singular and plural forms of mark and penni are the same; when the euro replaced the markka, mummonmarkka became a new colloquial term for the old currency. The sometimes used "old markka" can be misleading, since it can be used to refer to the pre-1963 markka. In Helsinki slang, a hundred markkaa was traditionally called huge. After the 1963 reform, this name was used for one new markka; the markka was introduced in 1860 by the Bank of Finland, replacing the Russian ruble at a rate of four markkas to one ruble. Senator Fabian Langenskiöld is called "father of markka". In 1865, the markka was tied to the value of silver. From 1878 to 1915, Finland adopted the gold standard of the Latin Monetary Union. Before the markka, both the Swedish riksdaler and Russian ruble were used side-by-side for a time. Up until World War 1, the value of the markka fluctuated within +23%/−16% of its initial value, but with no trend.
The markka suffered heavy inflation during 1914–18. Gaining independence in 1917, Finland returned to the gold standard from 1926 to 1931. Prices remained stable until 1940, but the markka suffered heavy inflation during World War II and again in 1956–57. In 1963, in order to reset the inflation, the markka was replaced by the new markka, equivalent to 100 old markkaa. Finland joined the Bretton Woods Agreement in 1948; the value of markka was pegged to the dollar at 320 mk/USD, which became 3.20 new mk/USD in 1963 and devalued to 4.20 mk/USD in 1967. After the breakdown of the Bretton Woods agreement in 1971, a basket of currencies became the new reference. Inflation was high during 1971–85. Devaluation was used, 60% in total between 1975 and 1990, allowing the currency to more follow the depreciating US dollar than the rising German mark; the paper industry, which traded in US dollars, was blamed for demanding these devaluations to boost their exports. Various economic controls were removed and the market was liberalized throughout the 1980s and the 1990s.
The monetary policy called "strong markka policy" was a characteristic feature of the 1980s and early 1990s. The main architect of this policy was President Mauno Koivisto, who opposed floating the currency and devaluations; as a result, the nominal value of markka was high, in the year 1990, Finland was nominally the most expensive country in the world according to OECD's Purchasing Power Parities report. Koivisto's policy was maintained only after Esko Aho was elected Prime Minister. In 1991, the markka was pegged to the currency basket ECU, but the peg had to be withdrawn after two months with a devaluation of 12%. In 1992, Finland was hit by the early 1990s depression in Finland, it was caused by several factors, the most severe being the incurring of debt, as the 1980s economic boom was based on debt. The Soviet Union had collapsed, which brought an end to bilateral trade, existing trade connections were severed; the most important source of export revenue, Western markets, were depressed during the same time, in part due to the war in Kuwait.
As a result, by some opinions years overdue, the artificial fixed exchange rate was abandoned and the markka was floated. Its value decreased 13% and the inflated nominal prices converged towards German levels. In total, the value of the markka had decreased 40% as a result of the recession; as a result, several entrepreneurs who had borrowed money denominated in foreign currency faced insurmountable debt. Inflation was low during the markka's independent existence as a floating currency: 1.3% annually on average. The markka was added into the ERM system in 1996 and became a fraction of the euro in 1999, with physical euro money arriving in 2002, it has been speculated that if Finland had not joined the euro, market fluctuations such as the dot-com bubble would have reflected as wild fluctuations in the price of the markka. Nokia traded in markka, was in 2000 the European company with the highest market capitalization; when the markka was introduced, coins were minted in copper and gold. After the
Sardar Dyal Singh Majithia was a Punjabi banker and activist in progressive and social reform measures in Punjab. He established The Tribune newspaper in Lahore in 1881, remained founder chairman of the Punjab National Bank, established in 1894, he established dyal singh trust society. Born in Benares, Dyal Singh was the only son of General Lehna Singh, he got his early education in the Mission School at Amritsar and was self-educated. He founded the newspaper The Tribune and managed the affairs of the Harmandir Sahib for nearly thirty years, he earned huge wealth. He was the first president of the Indian Association of Lahore and continued in that capacity till his death, he was a founding Trustee of the Sadharan Brahmo Samaj. He was Chairman, Board of Directors of the country's first indigenous bank, the Punjab National Bank; the Bank was founded on 23 May 1894. At the second meeting on 27 May 1894, Dyal Singh was appointed Chairman and Lala Harkishen Lal, the Secretary of the Board, he was a pillar of the Brahmo Samaj and donated liberally for educational institutions and libraries, including numerous colleges all over Northern India, like Dayal Singh College and Dyal Singh Memorial Library, Lahore.
He was associated with Punjab University. He founded The Tribune newspaper Raja Rammohun Roy's greatest follower in Upper India was Sirdar Dyal Singh, in whose person the two strands seem to have been fused. Born nine years after Ranjit Singh's death and fifteen years after Rammohun Roy's demise, this scion of the family that helped Ranjit Singh carve out a Sikh kingdom was one of the greatest Brahmos in the Punjab; the Tribune newspaper founded by him is still a popular English daily. He willed his property for establishing college for secular education resulting in creation of Dayal Singh College also Dyal Singh College and Dyal Singh College, Karnal. Biography at Dyal Singh Memorial Trust Library, Lahore Government Dayal Singh College, Lahore Dyal Singh College Delhi Dyal Singh College Karnal Dyal Singh Public School Jagadhari Dyal Singh Public School Karnal Dayal Singh Trust Library Lahore Sardar Dyal Singh Majithia
The g-stroke character Ǥ / ǥ is a letter of the Latin Skolt Sami alphabet, denoting the voiced palatal spirant. It appears contrastively with respect to G, Ǧ, K, Ǩ, C, Č, appears phonemically geminate, e.g. viiǥǥam "I bring". In Kadiweu, G with stroke is used to represent the voiced uvular stop ɢ; the letter is used to write Proto-Germanic, has been used to write Northern Sami, is used to represent a velar nasal in the Old Icelandic orthography proposed in the First Grammatical Treatise