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PRESS RELEASE

Additional reference exchange rates for the euro

28 September 2000

The European Central Bank (ECB) has decided to extend the list of currencies for which daily reference exchange rates are published.

  1. The ECB will continue to compute and publish euro reference exchange rates on a daily basis for the following list of currencies, as announced on 8 July 1998:

    AUD Australian dollar
    CAD Canadian dollar
    CHF Swiss franc
    CYP Cyprus pound
    CZK Czech koruna
    DKK Danish krone
    EEK Estonian kroon
    GBP pound sterling
    GRD Greek drachma*
    HUF Hungarian forint
    JPY Japanese yen
    NOK Norwegian krone
    NZD New Zealand dollar
    PLN Polish zloty
    SEK Swedish krona
    SIT Slovenian tolar
    USD US dollar
  2. As from 2 October 2000 the ECB will in addition compute and publish reference exchange rates for the euro on a daily basis for the following currencies:

    BGN Bulgarian lev
    HKD Hong Kong dollar
    ISK Icelandic krona
    KRW South Korean won
    LTL Lithuanian litas
    LVL Latvian lat
    MTL Maltese lira
    ROL Romanian leu
    SGD Singaporean dollar
    SKK Slovakian koruna
    TRL Turkish lira
    ZAR South African rand
  3. 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:

    1. The reference rates are based on the regular daily concertation procedure between central banks within and outside the European System of Central Banks, which normally takes place at 2.15 p.m. ECB time. 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.

    2. Only one reference exchange rate (i.e. the mid-rate) is published for each currency, using the "certain" method (i.e. 1 euro = x foreign currency units).

    3. The number of significant digits used may vary between the currencies, reflecting market conventions. However, in most cases five significant digits are used.

    4. The euro area national central banks may publish more comprehensive lists of euro reference exchange rates than that published by the ECB.

  4. The ECB pays due attention to ensuring that the published exchange rates reflect the market conditions prevailing at the time of the regular daily concertation procedure. Since the exchange rates of the aforementioned currencies against the euro are averages of buying and selling rates, they do not necessarily reflect rates at which actual market transactions have occurred. The exchange rates against the euro published by the ECB are released for reference purposes only; therefore the ECB does not necessarily trade at these rates.

* [Note, December 2000: As from 1 January 2001, the currency of Greece will be the euro and the irrevocably fixed conversion rate between the euro and the Greek drachma of 1 euro = 340.750 Greek drachma will apply. Therefore, with effect from that date, the ECB will cease to publish reference rates for the Greek drachma.]

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