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:
“The first place he went into was the Royal Exchange .... where men of all ages and all nations were assembled, with no other view than to barter for interest. The countenances of most of the people showed they were filled with anxiety; some indeed appeared pleased, but yet it was with a mixture of fear.... [David] resolved to stay no longer in a place where riches were esteemed goodness, and deceit, low cunning, and giving up all things to the love of gain were thought wisdom.”
—Sarah Fielding (1710–1768)
“All of us failed to match our dreams of perfection. So I rate us on the basis of our splendid failure to do the impossible.”
—William Faulkner (1897–1962)
““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.