Latest Eurosystem reference exchange rate reading. Amount of foreign currency per euro.
In accordance with the Treaty on the Functioning of the European Union (TFEU), Banca d'Italia may be called upon to intervene on the foreign exchange (FX) market together with the other national central banks (NCBs) and the European Central Bank (ECB). It may also intervene within the framework of the Exchange Rate Mechanism II (ERM II), which sets out the rules for the cooperation in exchange rate policies between the ECB and the NCBs of EU Member States that have not adopted the euro.
In addition, it may carry out foreign exchange transactions to modify the composition of its foreign currency reserves, for activities related to the servicing of Italy's foreign currency debt, and based on the agreements with the International Monetary Fund.
Banca d'Italia monitors the FX market continuously and analyses the performance of the main currencies, using information provided by the main news agencies and market participants. It publishes daily the euro foreign exchange reference rates and, on the Exchange Rates Portal, the exchange rate quotations against the euro and the US dollar of all the currencies with an ISO code and legal tender status as well as the reference rates for the Special Drawing Rights of the International Monetary Fund, owing to the importance of the latter for the international foreign exchange markets. On the same portal, in compliance with the applicable law, Banca d'Italia also makes available the average monthly and yearly exchange rates to be used for tax purposes, which are published in the Official Journal of the Italian Republic by the Ministry for the Economy and Finance.
Banca d'Italia adheres to the principles of the Foreign Exchange Global Code of Conduct (FX Global Code).
The irrevocable conversion rates in euro for each participating currency are adopted by the EU Council. They are the only rates to be used for conversion between the euro and the national currency units.
On 31 December 1998, and effective from 1 January 1999, the irrevocable conversion rates for the first eleven participating currencies were adopted. The irrevocable conversion rates for the following currencies were adopted on later dates: the Greek drachma on 1 January 2001, the Slovenian tolar on 1 January 2007, the Cyprus pound and the Maltese lira on 1 January 2008, the Slovak koruna on 1 January 2009, the Estonian kroon on 1 January 2011, and the Latvian lat on 1 January 2014. On 23 July 2014, the EU Council approved Lithuania’s request to join the euro area as of 1 January 2015. As of 1 January 2023, Croatia too adopted the euro as its official currency.
The EurosystemThe Eurosystem is the system of euro-area central banks responsible for implementing the single monetary policy. It comprises the European Central Bank (ECB) and the national central banks (NCBs) of the EU member states that have adopted the euro (Austria, Belgium, Croatia, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Portugal, Slovakia, Slovenia and Spain).
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