Exchange Rate Bands
In theory, most of the currencies are allowed to fluctuate as much as 15% from their assigned value. In practice, however, the currency of Lithuania is pegged tightly to the central rate, and currencies of Denmark and Latvia deviate very little (usually less than 1%) from it.
| Date of entry | Country | Currency | €1= | Band | Notes | |
|---|---|---|---|---|---|---|
| Nominal | Actual | |||||
| 1 January 1999 | Denmark | Krone | 7.46038 | 2.25% | <1% | The Danish krone entered the ERM II in 1999, when the euro was created. See Denmark and the euro for more information. |
| 28 June 2004 | Lithuania | Litas | 3.45280 | 15% | 0% | The Lithuanian litas was pegged to the US dollar until 2 February 2002, when it switched to a euro peg. |
| 2 May 2005 | Latvia | Lats | 0.702804 | 15% | 1% | Latvia has a fixed exchange rate system arrangement whose anchor switched from the SDR to the euro on 1 January 2005. |
Read more about this topic: European Exchange Rate Mechanism
Famous quotes containing the words exchange, rate and/or bands:
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—William Shakespeare (1564–1616)
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—Mary A. [Elizabeth, Countess Von] Arnim (1866–1941)
“According to the historian, they escaped as by a miracle all roving bands of Indians, and reached their homes in safety, with their trophies, for which the General Court paid them fifty pounds. The family of Hannah Dustan all assembled alive once more, except the infant whose brains were dashed out against the apple tree, and there have been many who in later time have lived to say that they have eaten of the fruit of that apple tree.”
—Henry David Thoreau (1817–1862)