postgres=# set timezone='+03';
SET
postgres=# select now();
              now
-------------------------------
 2011-03-18 11:20:29.696671+03
(1 row)

postgres=# set timezone='+03:00';
SET
postgres=# select now();
             now
------------------------------
 2011-03-18 05:20:35.46008-03
(1 row)

(checked with 8.4 and 9.0)

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