Additional reference exchange rates for the euro
The European Central Bank (ECB) has decided to extend the list of currencies for which daily reference exchange rates are published.
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
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
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 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.
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).
The number of significant digits used may vary between the currencies, 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 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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