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The World

February 08, 1988

The Italian Cabinet has approved a plan for a new monetary unit to simplify Italy's currency system, which requires thousands of lire for everyday purchases. The plan, if approved by Parliament, would provide for new lira, equal to 1,000 lire in today's currency. Proponents say the new bills would simplify transactions in a country where rents can cost millions of lire and a restaurant dinner tens of thousands. A dollar now buys about 1,250 lire. No date for parliamentary consideration of the plan was disclosed. Previous attempts at a similar reform have failed.

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