HAPAG-LLOYD ADOPTS EURO AS ACCOUNTING CURRENCY
The German group Hapag-Lloyd has adopted the euro as its main currency for payments, accounting and internal reporting, replacing the Deutschmark.
Previously, payments had been made in Deutschmark, with euros being an option. Now, the Deutschmark is “just a foreign currency among many others,” Hapag-Lloyd said.
Hapag-Lloyd said that it has converted 60 million records to the euro for the switchover.
When the European Union introduces notes and coins in euro in January 2003, Hapag-Lloyd will start paying wages and salaries in this currency, it said.