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:
“If mass communications blend together harmoniously, and often unnoticeably, art, politics, religion, and philosophy with commercials, they bring these realms of culture to their common denominator—the commodity form. The music of the soul is also the music of salesmanship. Exchange value, not truth value, counts.”
—Herbert Marcuse (1898–1979)
“I don’t know but a book in a man’s brain is better off than a book bound in calf—at any rate it is safer from criticism. And taking a book off the brain, is akin to the ticklish & dangerous business of taking an old painting off a panel—you have to scrape off the whole brain in order to get at it with due safety—& even then, the painting may not be worth the trouble.”
—Herman Melville (1819–1891)
““Do not be afraid; for see -I am bringing you good news of great joy for all the people: to you is born this day in the city of David a Savior, who is the Messiah, the Lord. This will be a sign for you: you will find a child wrapped in bands of cloth and lying in a manger.””
—Bible: New Testament, Luke 2:10 -12.
Angels to the Shepherds.