NOL GROUP SWITCHES TO U.S. DOLLAR FOR INTERNAL ACCOUNTS
Singapore's NOL group has switched from using the Singapore Dollar as its currency of record to the U.S. Dollar.
The switch took effect in October 1999 and 2000 will be the first full year with the U.S. Dollar as the group's functional currency.
However, NOL's reporting currency in its annual audited report will still be Singapore Dollars.
Since NOL's merger with APL in 1997, its exposure to the U.S. Dollar environment has significantly increased, said a spokesman.
Also, now that NOL has widened its shareholder base beyond Singapore, the switch to U.S. Dollars makes NOL more investor-focused internationally, he said.