Additional reference exchange rates for the euro
On 1 January 2008, Cyprus and Malta will become the 14th and 15th EU Member State to adopt the single currency. Thus, the European Central Bank (ECB) will stop publishing euro reference exchange rates for the Cyprus pound (CYP) and Maltese lira (MTL) from this date.
The ECB will continue to compute and publish euro reference exchange rates on a daily basis for the following list of currencies:
|CNY||Chinese yuan renminbi|
|HKD||Hong Kong dollar|
|KRW||South Korean won|
|NZD||New Zealand dollar|
|RON||New Romanian leu|
|TRY||New Turkish lira|
|ZAR||South African rand|
Moreover, the European Central Bank (ECB) has decided to extend the list of currencies for which daily reference exchange rates are published. As from 2 January 2008 the ECB will in addition compute and publish euro reference exchange rates on a daily basis for the following currencies:
The current procedures for the computation and publication of the foreign exchange reference rates will also apply to those currencies which are to be added to the list:
- The reference rates are based on the daily concertation procedure between central banks within and outside the European System of Central Banks, which normally takes place at 2.15 p.m. C.E.T. The reference exchange rates are published both by electronic market information providers and on the ECB’s website shortly after the concertation procedure has been completed.
- Only one reference exchange rate (i.e. the mid-rate) is published for each currency, using the “certain” method (i.e. EUR 1 = x foreign currency units).
- The number of significant digits used may vary according to the currency, reflecting market conventions. However, in most cases five significant digits are used.
- The euro area national central banks may publish more comprehensive lists of euro reference exchange rates than that published by the ECB.
The ECB pays due attention to ensuring that the published exchange rates reflect the market conditions prevailing at the time of the daily concertation procedure. Since the exchange rates of the above currencies against the euro are averages of buying and selling rates, they do not necessarily reflect the rates at which actual market transactions have been made. The exchange rates against the euro published by the ECB are released for reference purposes only.