Eu Commission Exchange Rate
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These rates are used to calculate amounts for the reimbursement of expenses, travel or subsistence costs for external people participating in meetings, interviews etc. at the request of the European Commission.
The rates indicated are the market rates for the second to last day of the previous month as quoted by the European Central Bank or, depending on availability, provided by the delegations or other appropriate sources close to that date.
InforEuro provides rates for current and old currencies for countries both inside and outside the European Union. For each currency, the converter provides the historic rates of conversion against the euro (or, until December 1998, against the ecu). These exchange rates are available in electronic format from March 1994 in the form of downloadable files.
The information on this page is strictly informative in nature and intended only for the purpose of the implementation of the EU budget. No warranty of accuracy can be given and the European Commission shall not assume any responsibility in connection with the rates published. This publication does not give users any rights and any inquiries from the general public will be disregarded.
Participation in ERM II is voluntary although, as one of the convergence criteria for entry to the euro area, a country must participate in the mechanism without severe tensions and without devaluing its central rate against the euro on its own initiative for at least two years before it can qualify to adopt the euro.
Currently, ERM II includes the currencies of Bulgaria and Denmark. The Bulgarian lev joined ERM II on 10 July 2020 and observes a central rate of 1.95583 to the euro. Bulgaria also committed unilaterally to continue its currency board arrangement within the ERM II. Following the Croatian kuna joining ERM II on 10 July 2020, Croatia adopted the euro on 1 January 2023. The Danish kroner joined ERM II on 1 January 1999, and observes a central rate of 7.46038 to the euro with a narrow fluctuation band of 2.25%.
In ERM II, the exchange rate of a non-euro area Member State is allowed to fluctuate against the euro within set limits. ERM II entry is based on an agreement between the finance ministers of the euro area Member States, the European Central Bank (ECB) and the ministers and central bank governors of the non-euro area Member States participating in the mechanism. The agreement covers the following:
When a Member State adopts the euro, its central bank becomes part of the Eurosystem, which is made up of the national central banks of the euro area and the ECB. The ECB conducts monetary policy in the euro area independently from national governments.
The consequence of this is that euro area Member States can no longer have recourse to currency appreciation or depreciation to manage their economies and respond to economic shocks. For example, they can no longer devalue their currency to slow imports and encourage exports. Instead, they must use budgetary and structural policies to manage their economies prudently.
ERM II mimics these conditions thereby helping non-euro area Member States to prepare for them. Successful participation in ERM II for at least two years is considered as confirmation of the sustainability of economic convergence and that the Member State can reap all the benefits of the euro. It also provides an indication of the appropriate conversion rate that should be applied when the Member State qualifies and its currency is irrevocably fixed.
In July 2018 and July 2019, respectively, Bulgaria and Croatia took important steps towards euro adoption by committing to put in place a range of policy measures to prepare themselves for participating in ERM II. The ECB and the Commission were tasked by the ERM II parties to monitor, in their respective areas of competence, the implementation of these so-called prior commitments (prior commitments 1 and 2 for the ECB and prior commitments 3 to 6 for the Commission). In June 2020, the two countries requested an assessment of the implementation of their respective prior-commitments. In July 2020, the Commission and the ECB provided positive assessments of the fulfilment of these prior commitments. At their meeting on 10 July 2020, the ERM II parties agreed to include the Bulgaria lev and the Croatian kuna in the ERM II mechanism.
The currency converter uses ECB reference exchange rates (source dataset "EXR") and all exchange rates provided by Bloomberg (source dataset "FX"). ECB reference exchange rates take precedence over Bloomberg rates.
The ECB reference rates, which are exchange rates against the euro, are updated every day at around 16:00. The Bloomberg rates are collected at the end of the day and updated overnight. The exchange rates for discontinued currencies, such as the currencies replaced by the euro, are for the latest dates on which they were each available.
The advertisements seem too good to pass up. They tout high returns coupled with low risks from investments in foreign currency (forex) contracts. Sometimes they even offer lucrative employment opportunities in forex trading.
Forex trading can be legitimate for governments and large institutional investors concerned about fluctuations in international exchange rates, and it can even be appropriate for some individual investors. But the average investor should be wary when it comes to forex offers.
The Commodity Futures Trading Commission (CFTC) and the North American Securities Administrators Association (NASAA) warn that off-exchange forex trading by retail investors is at best extremely risky, and at worst, outright fraud.
Forex contracts involve the right to buy or sell a certain amount of a foreign currency at a fixed price in U.S. dollars. Profits or losses accrue as the exchange rate of that currency fluctuates on the open market. It is extremely rare that individual traders actually see the foreign currency. Instead, they typically close out their buy or sell commitments and calculate net gains or losses based on price changes in that currency relative to the dollar over time.
The CFTC is the Federal agency with the primary responsibility for overseeing the commodities markets, including foreign currency trading. Many state securities regulators also have the right under their state laws to take action against illegal commodities investments. Sometimes the CFTC and the states work together on cases. Examples include:
Investors should make sure that anyone offering a forex investment is properly licensed and has a reputable business history. The public can obtain information about any firm or individual registered with the CFTC, including any actions taken against a registrant, through the National Futures Association (NFA) Background Affiliation Status Information Center (BASIC), available on the NFA website at: You can also find out if someone is registered by calling the National Futures Association at 1-800-676-4632.
Domestic-currency invoicing and hedging allow internationally active firmsto reduce their exposure to exchange rate variations. This paper argues thatdomestic-currency invoicing and hedging with exchange rate derivatives allow afairly straightforward management of transaction and translation risk. Broadereconomic risk (which takes into account the impact of the exchange rate oncompetitiveness) is by its very nature harder to manage, but the paper arguesthat natural hedging provides possibilities for doing so. A novelty of thispaper is a survey of actual hedging strategies and techniques of largeeuro-area corporations. The paper finds that euro-area exporters make ample useof instruments to limit the adverse impact of euro appreciation.
When you pay for a service online, the Foreign, Commonwealth & Development Office collects the fee in Pounds Sterling (GBP). If you pay for a service in cash, we use these monthly consular exchange rates to convert the fee into local currency.
Consular fees are set in Pounds Sterling (GBP). They are payable in the currency circulating at the place of payment. Consular officers have discretion to accept, in lieu of such currency, a cheque, money order, or other means to pay in terms of that currency.
On 19 January 2021 the European Commission issued a Communication on the launch of a new strategy to stimulate the openness, strength and resilience of the economic and financial system of the European Union (EU). The Communication includes a series of targeted actions to promote the international role of the euro.
The euro is the currency of 20 EU countries, over 350 million EU citizens and the second most important currency in the world. It was launched on 1 January 1999. Euro notes and coins are tangible, everyday reminders of the freedom, convenience and opportunities that the European Union makes possible.
Learn more on the history of the euro and the European Central bank
Public support for the euro remains at very high levels since surveys began in 2002. The latest survey (March 2021) shows that public support for the euro has reached a record high in the euro area. The survey shows the highest overall support for the euro for the fourth consecutive year since the start of these yearly surveys in 2002. When asked whether the euro is a good thing or not for the EU, 80% of those surveyed reply that having the euro is a good thing (an increase of 4 pp compared to October 2019), while just 14% think it is a bad thing.
A stronger euro relies on a robust institutional set-up of the Economic and Monetary Union, as well as on a resilient EU banking system and liquid capital markets. Further Deepening the Economic and Monetary Union, (completing the Banking Union and developing deep and liquid capital markets through the Capital Markets Union) are necessary to reinforce the international role of the euro.
The benefits attached to a wider use of an international currency come with increased global responsibilities, in line with central banks' respective mandates. Although the benefits of a stronger international role of the euro outweigh the possible challenges, its consequences would have to be carefully calibrated, for example in the area of balance of payments for the euro area vis--vis the rest of the world.
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