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:
“So long as the law considers all these human beings, with beating hearts and living affections, only as so many things belonging to the master—so long as the failure, or misfortune, or imprudence, or death of the kindest owner, may cause them any day to exchange a life of kind protection and indulgence for one of hopeless misery and toil—so long it is impossible to make anything beautiful or desirable in the best-regulated administration of slavery.”
—Harriet Beecher Stowe (1811–1896)
“If I die prematurely at any rate I shall be saved from being bored to death at my own success.”
—Samuel Butler (1835–1902)
““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.