The foreign exchange reference rates for the euro are set in accordance with the procedure established by the European System of Central Banks (ESCB). They are based on a daily concertation procedure between central banks across Europe, which normally takes place at 14:10 (CET). The published exchange rates are averages of the buying and selling rates representative of the market conditions prevailing at the time of the concertation.

As of 1 July 2016 the foreign exchange reference rates for the euro are published at around 16:00 (CET). The delayed publication reinforces the concept that the foreign exchange reference rates are made available for information purposes only. Using the rates for transaction purposes is therefore strongly discouraged.

The Bank of Italy is not liable for any inaccuracy or error caused for whatever reason.