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Encyclopedia > Currencies related to the euro

Currently there are several currencies pegged to the euro, some with fluctuation bands around a central rate and others with no fluctuations allowed around the central rate. This can been seen as a safety measure, especially for currencies of areas with weak economies, as euro is seen as a stable currency and therefore would prevent collapse of currencies pegged to it, unless the euro itself were to collapse or the country were to run out of euros to exchange for their currency. A fixed currency, less commonly called a pegged currency, is a currency that uses a fixed exchange rate as its exchange rate regime. ... To meet Wikipedias quality standards, this article may require cleanup. ...


A few currencies remain pegged to the euro by virtue of the fact they were already pegged to one of the predecessors to the euro before the euro's introduction. The French franc and the German mark were the most widely used pre-euro currencies for pegging. French Franc. ... ISO 4217 Code DEM User(s) Germany, Montenegro, Kosovo ERM Since 13 March 1979 Fixed rate since 31 December 1998 Replaced by €, non cash 1 January 1999 Replaced by €, cash 1 January 2002 € = 1. ...

Contents

Currencies pegged to the euro

Currency Code Units per euro Band Pegged Since EMU Remarks
Bosnian Convertible mark BAM 1.95583 22 June 1999 Pegged to the German mark at rate 1:1, hence same rate as DEM to EUR
Bulgarian lev BGN 1.95583 1 January 1999 Pegged to the German mark at rate 1:1, hence same rate as DEM to EUR
Cape Verdean escudo CVE 110.265 1 January 1999 Pegged to the Portuguese escudo at 1 PTE = 0.55 CVE rate
Cypriot pound CYP 0.585274 15% 1 January 1999 ERM II
Danish krone DKK 7.46038 2.25% 1 January 1999 ERM II
Estonian kroon EEK 15.6466 15%[1] 1 January 1999 ERM II Pegged to the German mark at rate 8:1, therefore the rate is 1.95583 * 8
Hungarian forint HUF 282.36[2] 15% 4 May 2001 The forint has been allowed to strengthen (it was at 252.9 Ft/€ on Dec 18, 2006), although it still must stay within the 15% band.
Comorian franc KMF 491.96775 1 January 1999 Formerly pegged to the French franc
Lithuanian litas LTL 3.45280 15%[1] 2 February 2002 ERM II
Latvian lats LVL 0.702804 15%[1] 1 January 2005 ERM II
Moroccan dirham MAD 10.0[3] 1 January 1999
Maltese lira MTL 0.429300 15%[1] 2 May 2005 ERM II
Slovenian tolar SIT 239.640 15% 28 June 2004 ERM II to be replaced by the euro on 1 January 2007
Slovak koruna SKK 38.455 15% 28 November 2005 ERM II The Slovak koruna has been allowed to strengthen (it was at 34.91 Sk/€ on Dec 18, 2006), although it still must stay within the 15% band.[4]
Central African CFA franc XAF 655.957 1 January 1999 Pegged to the French franc at rate 100:1, therefore the rate is 6.55957 * 100
West African CFA franc XOF 655.957 1 January 1999 Pegged to the French franc at rate 100:1, therefore the rate is 6.55957 * 100
Pacific franc XPF 119.332 1 January 1999 Rate defined as 1 franc = 0.00838 € Formerly pegged to the French franc

A 50,00 konvertibilnih marka (Federation of BiH) banknote A 0,50 KM (Republika Srpska) banknote A 500,00 Dinar (Republic of Bosnia Hercegovina) banknote The Convertible Mark (Bosnian and Croatian: konvertibilna marka, Serbian: конвертибилна марка), (ISO 4217:BAM) is the currency of Bosnia and Herzegovina. ... June 22 is the 173rd day of the year (174th in leap years) in the Gregorian Calendar, with 192 days remaining. ... 1999 (MCMXCIX) was a common year starting on Friday, and was designated the International Year of Older Persons by the United Nations. ... ISO 4217 Code DEM User(s) Germany, Montenegro, Kosovo ERM Since 13 March 1979 Fixed rate since 31 December 1998 Replaced by €, non cash 1 January 1999 Replaced by €, cash 1 January 2002 € = 1. ... The Lev (lv) (Bulgarian: лев, plural - лева, левове (leva)) is the currency of Bulgaria. ... January 1 is the first day of the calendar year in both the Julian and Gregorian calendars. ... 1999 (MCMXCIX) was a common year starting on Friday, and was designated the International Year of Older Persons by the United Nations. ... ISO 4217 Code DEM User(s) Germany, Montenegro, Kosovo ERM Since 13 March 1979 Fixed rate since 31 December 1998 Replaced by €, non cash 1 January 1999 Replaced by €, cash 1 January 2002 € = 1. ... The Cape Verdean Escudo is the currency of Cape Verde. ... January 1 is the first day of the calendar year in both the Julian and Gregorian calendars. ... 1999 (MCMXCIX) was a common year starting on Friday, and was designated the International Year of Older Persons by the United Nations. ... The escudo was the official currency of Portugal prior to the introduction of the euro in 1 January 1999 (euro coins and notes were not introduced until 2002). ... ISO 4217 Code CYP User(s) Cyprus (except in the self-proclaimed Turkish Republic of Northern Cyprus), Akrotiri and Dhekelia Inflation 2. ... January 1 is the first day of the calendar year in both the Julian and Gregorian calendars. ... 1999 (MCMXCIX) was a common year starting on Friday, and was designated the International Year of Older Persons by the United Nations. ... The European exchange rate mechanisms (or ERM) was a system introduced by the European Community in March 1979, as part of the European Monetary System (EMS), to reduce exchange-rate variability and achieve monetary stability in Europe, in preparation for Economic and Monetary Union and the introduction of a single... ISO 4217 Code DKK User(s) Denmark, Greenland, Faroe Islands (coins only in the latter case) Inflation rate 1. ... January 1 is the first day of the calendar year in both the Julian and Gregorian calendars. ... 1999 (MCMXCIX) was a common year starting on Friday, and was designated the International Year of Older Persons by the United Nations. ... The European exchange rate mechanisms (or ERM) was a system introduced by the European Community in March 1979, as part of the European Monetary System (EMS), to reduce exchange-rate variability and achieve monetary stability in Europe, in preparation for Economic and Monetary Union and the introduction of a single... The Kroon is the official currency of Estonia. ... January 1 is the first day of the calendar year in both the Julian and Gregorian calendars. ... 1999 (MCMXCIX) was a common year starting on Friday, and was designated the International Year of Older Persons by the United Nations. ... The European exchange rate mechanisms (or ERM) was a system introduced by the European Community in March 1979, as part of the European Monetary System (EMS), to reduce exchange-rate variability and achieve monetary stability in Europe, in preparation for Economic and Monetary Union and the introduction of a single... ISO 4217 Code DEM User(s) Germany, Montenegro, Kosovo ERM Since 13 March 1979 Fixed rate since 31 December 1998 Replaced by €, non cash 1 January 1999 Replaced by €, cash 1 January 2002 € = 1. ... ISO 4217 Code HUF User(s) Hungary Inflation 3. ... May 4 is the 124th day of the year in the Gregorian calendar (125th in leap years). ... This article is about the year 2001. ... ISO 4217 Code KMF User(s) Comoros Inflation rate 3% Source CIA World Fact Book, 2005 est. ... January 1 is the first day of the calendar year in both the Julian and Gregorian calendars. ... 1999 (MCMXCIX) was a common year starting on Friday, and was designated the International Year of Older Persons by the United Nations. ... French Franc. ... The litas (ISO currency code LTL, symbolized as Lt; Lithuanian plural form is litai) is the official currency of Lithuania. ... February 2 is the 33rd day of the year in the Gregorian Calendar. ... For album titles with the same name, see 2002 (album). ... The European exchange rate mechanisms (or ERM) was a system introduced by the European Community in March 1979, as part of the European Monetary System (EMS), to reduce exchange-rate variability and achieve monetary stability in Europe, in preparation for Economic and Monetary Union and the introduction of a single... The 5 lats coin, used before WWII, becamed a popular symbol of independence during the Soviet era The lats (in Latvian: lats, plural lati, the ISO 4217 currency code: LVL) is the official currency of Latvia. ... January 1 is the first day of the calendar year in both the Julian and Gregorian calendars. ... 2005 (MMV) was a common year starting on Saturday of the Gregorian calendar. ... The European exchange rate mechanisms (or ERM) was a system introduced by the European Community in March 1979, as part of the European Monetary System (EMS), to reduce exchange-rate variability and achieve monetary stability in Europe, in preparation for Economic and Monetary Union and the introduction of a single... The dirham is the currency of Morocco. ... January 1 is the first day of the calendar year in both the Julian and Gregorian calendars. ... 1999 (MCMXCIX) was a common year starting on Friday, and was designated the International Year of Older Persons by the United Nations. ... The Maltese lira, known in the Maltese language as the Lira Maltija, is the currency of Malta. ... May 2 is the 122nd day of the year in the Gregorian calendar (123rd in leap years). ... 2005 (MMV) was a common year starting on Saturday of the Gregorian calendar. ... The European exchange rate mechanisms (or ERM) was a system introduced by the European Community in March 1979, as part of the European Monetary System (EMS), to reduce exchange-rate variability and achieve monetary stability in Europe, in preparation for Economic and Monetary Union and the introduction of a single... ISO 4217 Code SIT User(s) Slovenia Inflation 0. ... June 28 is the 179th day of the year (180th in leap years) in the Gregorian Calendar, with 186 days remaining. ... 2004 (MMIV) was a leap year starting on Thursday of the Gregorian calendar. ... The European exchange rate mechanisms (or ERM) was a system introduced by the European Community in March 1979, as part of the European Monetary System (EMS), to reduce exchange-rate variability and achieve monetary stability in Europe, in preparation for Economic and Monetary Union and the introduction of a single... January 1 is the first day of the calendar year in both the Julian and Gregorian calendars. ... 2007 (MMVII) will be a common year starting on Monday of the Gregorian calendar. ... ISO 4217 Code SKK User(s) Slovakia Inflation 2. ... November 28 is the 332nd day (333rd on leap years) of the year in the Gregorian Calendar. ... 2005 (MMV) was a common year starting on Saturday of the Gregorian calendar. ... The European exchange rate mechanisms (or ERM) was a system introduced by the European Community in March 1979, as part of the European Monetary System (EMS), to reduce exchange-rate variability and achieve monetary stability in Europe, in preparation for Economic and Monetary Union and the introduction of a single... now. ... January 1 is the first day of the calendar year in both the Julian and Gregorian calendars. ... 1999 (MCMXCIX) was a common year starting on Friday, and was designated the International Year of Older Persons by the United Nations. ... French Franc. ... now. ... January 1 is the first day of the calendar year in both the Julian and Gregorian calendars. ... 1999 (MCMXCIX) was a common year starting on Friday, and was designated the International Year of Older Persons by the United Nations. ... French Franc. ... The CFP franc (in French: franc Pacifique or franc CFP ; CFP stood for Colonies françaises du Pacifique (i. ... January 1 is the first day of the calendar year in both the Julian and Gregorian calendars. ... 1999 (MCMXCIX) was a common year starting on Friday, and was designated the International Year of Older Persons by the United Nations. ... French Franc. ...

Notes

The Bulgarian Lev is pegged to the euro through a currency board. Estonia and Lithuania joined ERM II on 28 June 2004, Cyprus, Latvia and Malta joined on 2 May 2005; these currencies had been pegged to the Euro before joining ERM II. Malta was pegged to a basket of currencies where the Euro had a 70% weighting. As part of ERM II, the currencies have a fluctuation band of ±15%. However, some states have committed to a tighter fluctation band. A currency board is a monetary authority which is required to maintain an exchange rate with a foreign currency. ... June 28 is the 179th day of the year (180th in leap years) in the Gregorian Calendar, with 186 days remaining. ... 2004 (MMIV) was a leap year starting on Thursday of the Gregorian calendar. ... May 2 is the 122nd day of the year in the Gregorian calendar (123rd in leap years). ... 2005 (MMV) was a common year starting on Saturday of the Gregorian calendar. ...


Convertible mark is the currency of Bosnia and Herzegovina and it was fixed to 1 German mark when it was introduced on the basis of the Dayton agreement; subsequently morphed into fixing 1.95583 BAM per euro. A 50,00 konvertibilnih marka (Federation of BiH) banknote A 0,50 KM (Republika Srpska) banknote A 500,00 Dinar (Republic of Bosnia Hercegovina) banknote The Convertible Mark (Bosnian and Croatian: konvertibilna marka, Serbian: конвертибилна марка), (ISO 4217:BAM) is the currency of Bosnia and Herzegovina. ... ISO 4217 Code DEM User(s) Germany, Montenegro, Kosovo ERM Since 13 March 1979 Fixed rate since 31 December 1998 Replaced by €, non cash 1 January 1999 Replaced by €, cash 1 January 2002 € = 1. ... General Framework Agreement for Peace in Bosnia and Herzegovina, i. ...


A number of other currencies are related to the euro in the manner without being actually pegged to it or officially restricted to a certain fluctuation margin. For example, the Swiss franc has in recent years hovered around 1.55 CHF per euro. The Croatian kuna has hovered around 7.35 HRK per euro. Several other currencies of countries in the vicinity of the Eurozone have been virtually pegged to the euro, usually in an effort to control inflation by the respective national banks. Some of these actually track the euro more closely than a couple of currencies which are officially pegged, namely the Slovak koruna and Hungarian forint, which have been allowed to strengthen due to strong foreign investment, exports, and economic growth. ISO 4217 Code CHF User(s) Switzerland, Liechtenstein, Campione dItalia Inflation 1. ... Kuna is the name of the currency of Croatia. ...


See also

To meet Wikipedias quality standards, this article may require cleanup. ... The Eurozone (also called Euro Area, Eurosystem or Euroland) is the subset of European Union member states which have adopted the euro, creating a currency union. ...

References

  1. ^ a b c d These currencies do not use their fluctuation bands and stay at the central rate constantly.
  2. ^ Between 4 May 2001 and 4 June 2003 the central rate was 276.1 HUF per euro [1].
  3. ^ The Moroccan dirham is pegged to the euro, it fluctuates around €1=MAD10, however unlike the other currencies that fluctuate, the Moroccan dirham does not have an official fluctuation band.
  4. ^ European Central Bank

May 4 is the 124th day of the year in the Gregorian calendar (125th in leap years). ... This article is about the year 2001. ... June 4 is the 155th day of the year in the Gregorian calendar (156th in leap years), with 210 days remaining. ... 2003 (MMIII) was a common year starting on Wednesday of the Gregorian calendar. ...

External links

  • ECB latest press release on central rates and bands for ERM II

  Results from FactBites:
 
BIGpedia - Euro - Encyclopedia and Dictionary Online (4969 words)
The euro was established by the provisions in the 1992 Maastricht Treaty on European Union that was used to establish an economic and monetary union.
The currency was introduced in non-physical form (travellers' cheques, electronic transfers, banking, etc.) at midnight on 1 January, 1999, when the national currencies of participating countries (the Eurozone) ceased to exist independently in that their exchange rates were locked at fixed rates against each other, effectively making them mere non-decimal subdivisions of the euro.
Having a single currency is expected to increase the economic interdependency of and the ease of trade between the EU members that have adopted the euro.
Euro - Encyclopedia, History, Geography and Biography (6552 words)
The euro coins are €2, €1, 50c, 20c, 10c, 5c, 2c and 1c (known as tinies for their small size), though the latter two are not minted in Finland or the Netherlands (but are still legal tender).
The euro is the sole currency in Austria, Belgium, France, Finland, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal and Spain.
There are a number of foreign currencies that were pegged to a European currency and are now currencies related to the euro: the Cape Verdean escudo, the Bosnia and Herzegovina convertible mark, the Bulgarian lev, the CFP franc, the CFA franc and the Comorian franc.
  More results at FactBites »

 
 

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