Changes to the list of euro foreign exchange reference rates: Indian rupee added, Slovak koruna removed
On 1 January 2009, Slovakia will become the 16th EU Member State to adopt the euro. The European Central Bank (ECB) will therefore stop publishing euro reference exchange rates for the Slovak koruna (SKK) from this date. Moreover, the ECB decided to compute and publish, as of 2 January 2009, the euro reference rates for the Indian rupee on a daily basis. As a consequence, as of 2 January 2009, the ECB will compute and publish on a daily basis euro foreign exchange reference rates for the following list of currencies:
|Chinese yuan renminbi
|Hong Kong dollar
|South Korean won
|New Zealand dollar
|New Romanian leu
|New Turkish lira
|South African rand
The current procedure for the computation and publication of the euro foreign exchange reference rates will also apply to the currency which is 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. CET. 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.