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Conversion rates

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Conversion rates

This Regulation fixes irrevocably the conversion rates between the euro and the currencies of the countries participating in the euro zone.

ACT

Council Regulation (EC) No 2866/98 of 31 December 1998 on the conversion rates between the euro and the currencies of the Member States adopting the euro [See amending acts].

SUMMARY

This Regulation sets the conversion rates between the euro and the former national currencies of the Member States. These rates were adopted on 31 December 1998 when the first eleven Member States adopted the euro (Belgium, Germany, Spain, France, Ireland, Italy, Luxembourg, the Netherlands, Austria, Portugal and Finland).

This Regulation has subsequently been amended several times to adopt the conversion rates of new Member Sates joining the euro area:

According to Article 140 of the Treaty on the Functioning of the EU, the conversion rates between the euro and the currencies of the Member States are set by the Council of the EU. It decides with the unanimity of the Member States whose currency is the euro and the Member State concerned, acting on a proposal from the Commission and after consulting the European Central Bank. Moreover, the conversion rates are irrevocably fixed:

1 euro

Exchange Rate

Former national currency

-

40.3399

Belgian francs

-

1.95583

German marks

-

15.6466

Estonian kroon

-

340.750

Greek drachma

-

166.386

Spanish pesetas

-

6.55957

French francs

-

0.787564

Irish pounds

-

1936.27

Italian lire

-

0.585274

Cyprus pounds

-

40.3399

Luxembourg francs

-

0.429300

Maltese liri

-

2.20371

Dutch guilders

-

13.7603

Austrian schillings

-

200.482

Portuguese escudos

-

239.640

Slovene tolars

-

30.1260

Slovakian kroon

-

5.94573

Finnish marks

References

Act

Entry into force

Deadline for transposition in the Member States

Official Journal

Regulation (EC) No 2866/98

1.1.1999

-

OJ L 359 of 31.12.1998

Amending act(s)

Entry into force

Deadline for transposition in the Member States

Official Journal

Regulation (EC) No 1478/2000

1.1.2001

-

OJ L 167 of 7.7.2000

Regulation (EC) No 1086/2006

1.1.2007

-

OJ L 195 of 15.7.2006

Regulation (EC) No 1134/2007

1.1.2008

-

OJ L 256 of 2.10.2007

Regulation (EC) No 1135/2007

1.1.2008

-

OJ L 256 of 2.10.2007

Regulation (EC) No 694/2008

1.1.2009

-

OJ L 195 of 24.7.2008

Regulation (EU) No 671/2010

1.1.2011

-

OJ L 196 of 28.7.2010

Last updated: 15.10.2010

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