| Euro exchange rate (source :BCE) |  |
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Since 1999 the European Central Bank has provided a daily list of euro reference exchange rates for 35 currencies. |
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The reference rates are based on a daily consultation procedure between central banks within the European System of Central Banks (ESCB) and outside the ESCB, which normally takes place at 2:15 pm ( Frankfurt time). The reference exchange rates are published electronically by market information agencies as well as on the ECB’s website shortly after the consultations. |
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The ECB ensures that the exchange rates published reflect the market conditions in force at the time of the daily consultation procedure. Since euro rates for other currencies are the averages of selling and buying exchanges rates, they are not necessarily representative of exchange rates to which market operations have subject. Euro exchange rates are only published by the ECB for reference purposes; the exchange transactions it carries out are not necessarily dealt with at this rate. |
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| SDR exchange rates (Special Drawing Rights) |  |
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SDRs are an international reserve tool created by the IMF in 1969 to complement the existing official reserves of member states. SDRs are allocated to member states in proportion to their share in the IMF. SDRs are also used as a unit of account in the IMF and some other international organisations. Its value is determined from a basket of currencies which currently includes the US dollar, the euro, the pound sterling and the yen. SDR counter-values in US dollars are provided on a daily basis on the IMF website. The value represents the sum of the share of each of the four currencies of which the SDR consists, expressed in US dollars and calculated using the exchange rate quoted at midday every day on the London market The composition of the basket is reviewed every five days to ensure that the weighting of currencies takes into account their relative importance in exchanges and international financial systems. During the last statutory re-examination of SDR values, which took place in October 2000, the method used for selecting currencies and their weighting was revised to take into consideration the adoption of the euro as a common currency in a certain number of European countries and the increasing role of international financial markets. These modifications came into effect on 1 January 2001.
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