PRESS RELEASE

Euro central rates and intervention rates in ERM II

31 December 1998

Further to the decision taken today on the euro central rates for the Danish krone and the Greek drachma in ERM II, the European Central Bank, Danmarks Nationalbank and the Bank of Greece, in accordance with Article 1.2 of the European Central Bank Agreement of 1 September 1998 on an Exchange Rate Mechanism in Stage Three of Economic and Monetary Union, have established, by common accord, the compulsory intervention rates for the Danish krone and the Greek drachma in ERM II.

The euro central rates as well as the compulsory intervention points for the Danish krone and the Greek drachma are hereby made public.

EURO CENTRAL RATES AND COMPULSORY INTERVENTION RATES FOR THE CURRENCIES OF THE COUNTRIES PARTICIPATING IN ERM II, IN FORCE AS OF 1 JANUARY 1999 (1)

Country and Currency EUR 1 =
DENMARK: DKK Upper rate Central rate Lower rate 7.62824 7.46038 7.29252
GREECE: GRD Upper rate Central rate Lower rate 406.075 353.109 300.143

(1) Table prepared by the ECB, by common accord with Danmarks Nationalbank and the Bank of Greece.

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