Why the ECB's euro reference rate is not a fixing

Every working day the The European Central Bank, which began work on 1 June 1998; its Governing Council decides the monetary policy of the euro area.Source: Deutsche Bundesbank, TimelineOpens in a new tab publishes the euro's exchange rates against 29 currencies.Figures computed by FXtab from:European Central Bank, Euro foreign exchange reference ratesOpens in a new tabEuropean Central Bank, EXR - Exchange RatesOpens in a new tabEuropean Central Bank, Setting-up of common market standardsOpens in a new taband 15 moreGo to the list of sources It publishes them for information only: since before the euro existed, it has said they are not a An exchange rate used as a benchmark for transactions, unlike the ECB's reference rates, which are published for information only.Source: European Central Bank, ECB introduces changes to euro foreign exchange reference ratesOpens in a new tab.

Which rate, and what it is for

On July 8, 1998 the ECB's The ECB's main decision-making body: the members of its Executive Board and the governors of the national central banks of the euro area.Source: IATE, the terminology database of the European Union, Governing Council of the European Central BankOpens in a new tab decided: No euro area-wide official fixing procedure for the euro involving the ESCB, i.e. the ECB and the NCBs, will be set up.Source: European Central Bank, Setting-up of common market standardsOpens in a new tabGo to the list of sources Instead, the ECB will compute and publish reference exchange rates for the euro on a daily basisSource: European Central Bank, Setting-up of common market standardsOpens in a new tabGo to the list of sources, for 17 currencies,Figures computed by FXtab from:European Central Bank, Euro foreign exchange reference ratesOpens in a new tabEuropean Central Bank, EXR - Exchange RatesOpens in a new tabEuropean Central Bank, Setting-up of common market standardsOpens in a new taband 15 moreGo to the list of sources from the regular daily concertation procedure between central banks, which normally takes place at 2.15 p.m. (C.E.T.)Source: European Central Bank, Setting-up of common market standardsOpens in a new tabGo to the list of sources: one mid-rate per currency, written as 1 euro = x foreign currency unitsSource: European Central Bank, Setting-up of common market standardsOpens in a new tabGo to the list of sources.

The ECB's framework for the rates describes the procedure today. The rates are determined by the ECB daily around 14:10 CET between the administrator and the calculation agentsSource: European Central Bank, Framework for the euro foreign exchange reference ratesOpens in a new tabGo to the list of sources, the central banks that take part, and published at around 16:00 CETSource: European Central Bank, Framework for the euro foreign exchange reference ratesOpens in a new tabGo to the list of sources. There is no solicitation process to obtain underlying data, either by a panel or by pollingSource: European Central Bank, Framework for the euro foreign exchange reference ratesOpens in a new tabGo to the list of sources; the ECB uses transactional data between buyers and sellers in that market where those data are availableSource: European Central Bank, Framework for the euro foreign exchange reference ratesOpens in a new tabGo to the list of sources. The framework defines a reference rate as an exchange rate that is not intended to be used in any market transactions, whether directly or indirectly (as an underlying benchmark)Source: European Central Bank, Framework for the euro foreign exchange reference ratesOpens in a new tabGo to the list of sources, and adds: The rates are intended for information purposes only.Source: European Central Bank, Framework for the euro foreign exchange reference ratesOpens in a new tabGo to the list of sources

In December 2015 the ECB moved the publication from around 14:30 CET to around 16:00 CET as of 1 July 2016Source: European Central Bank, ECB introduces changes to euro foreign exchange reference ratesOpens in a new tabGo to the list of sources, to reinforce the distinction between exchange rate fixings used as benchmarks for transaction purposes and the ECB reference rates that are published for information purposes onlySource: European Central Bank, ECB introduces changes to euro foreign exchange reference ratesOpens in a new tabGo to the list of sources. It named what the rates are used for: annual financial statements of corporations, tax returns, statistical reports and economic analysesSource: European Central Bank, ECB introduces changes to euro foreign exchange reference ratesOpens in a new tabGo to the list of sources.

What the history shows

The ECB's time series of its reference rates runs from January 4, 1999 to September 25, 2026, 7,101 dates. On its first day it carries 27 currencies; on its last, 29.Figures computed by FXtab from:European Central Bank, Euro foreign exchange reference ratesOpens in a new tabEuropean Central Bank, EXR - Exchange RatesOpens in a new tabEuropean Central Bank, Setting-up of common market standardsOpens in a new taband 15 moreGo to the list of sources

The series is not the list the ECB announced. The 1998 list named 17 currencies, among them GRD, which has no column in the series, although the ECB's Exchange Rates (EXR), the ECB's dataset of exchange rates in its Data Portal.Source: European Central Bank, EXR - Exchange RatesOpens in a new tab data holds its rates. On September 28, 2000 the ECB added 12 currencies As from 2 October 2000Source: European Central Bank, Additional reference exchange rates for the euroOpens in a new tabGo to the list of sources; the series carries values for 11 of them from January 4, 1999 and for BGN from July 19, 2000, and the EXR data marks none of the 4,144 values before October 2, 2000.Figures computed by FXtab from:European Central Bank, Euro foreign exchange reference ratesOpens in a new tabEuropean Central Bank, EXR - Exchange RatesOpens in a new tabEuropean Central Bank, Setting-up of common market standardsOpens in a new taband 15 moreGo to the list of sources

A currency leaves the list when its country adopts the euro: SIT after December 29, 2006, CYP and MTL after December 31, 2007, SKK after December 31, 2008, EEK after December 31, 2010, LVL after December 31, 2013, LTL after December 31, 2014, HRK after December 30, 2022, and BGN after December 31, 2025. The series adds CNY, HRK, IDR, MYR, PHP, RUB and THB from April 1, 2005, BRL and MXN from January 2, 2008, INR from January 2, 2009, and ILS from January 3, 2011. TRL gives way to TRY on January 3, 2005 and ROL to RON on July 1, 2005 (the last values of the old units are of December 31, 2004 and June 30, 2005). The ISK rates stop after December 9, 2008 and resume on February 1, 2018. RUB stops on March 1, 2022:Figures computed by FXtab from:European Central Bank, Euro foreign exchange reference ratesOpens in a new tabEuropean Central Bank, EXR - Exchange RatesOpens in a new tabEuropean Central Bank, Setting-up of common market standardsOpens in a new taband 15 moreGo to the list of sources the ECB decided to suspend its publication of a euro reference rate for the Russian rouble until further noticeSource: European Central Bank, Euro foreign exchange reference ratesOpens in a new tabGo to the list of sources.

Each country that adopted the euro fixed its currency at an irrevocable conversion rate, set by a Council regulation. The rate is the only rate to be used for conversion either way between the euro and the national currency unit and also for conversions between national currency unitsSource: European Central Bank, Determination of the euro conversion ratesOpens in a new tabGo to the list of sources. Council Regulation (EC) No 2866/98, which set the first eleven, gives the rates their precision: in order to ensure a high degree of accuracy, these rates will be adopted with six significant figuresSource: Publications Office of the European Union (EUR-Lex), Council Regulation (EC) No 2866/98 of 31 December 1998 on the conversion rates between the euro and the currencies of the Member States adopting the euroOpens in a new tabGo to the list of sources.

Fixed euro conversion rates
Currency	Units per euroFigures computed by FXtab from:European Central Bank, Euro foreign exchange reference ratesOpens in a new tabEuropean Central Bank, EXR - Exchange RatesOpens in a new tabEuropean Central Bank, Setting-up of common market standardsOpens in a new taband 15 moreGo to the list of sources	From
Austrian schillings (ATS)	13.7603	January 1, 1999
Belgian francs (BEF)	40.3399	January 1, 1999
Deutsche Mark (DEM)	1.95583	January 1, 1999
Spanish pesetas (ESP)	166.386	January 1, 1999
Finnish markkas (FIM)	5.94573	January 1, 1999
French francs (FRF)	6.55957	January 1, 1999
Irish pound (IEP)	0.787564	January 1, 1999
Italian lire (ITL)	1,936.27	January 1, 1999
Luxembourg francs (LUF)	40.3399	January 1, 1999
Dutch guilders (NLG)	2.20371	January 1, 1999
Portuguese escudos (PTE)	200.482	January 1, 1999
Greek drachmas (GRD)	340.750	January 1, 2001
Slovenian tolars (SIT)	239.640	January 1, 2007
Cypriot pound (CYP)	0.585274	January 1, 2008
Maltese lira (MTL)	0.429300	January 1, 2008
Slovak koruna (SKK)	30.1260	January 1, 2009
Estonian kroon (EEK)	15.6466	January 1, 2011
Latvian lats (LVL)	0.702804	January 1, 2014
Lithuanian litas (LTL)	3.45280	January 1, 2015
Croatian kuna (HRK)	7.53450	January 1, 2023
Bulgarian lev (BGN)	1.95583	January 1, 2026

For 4 currencies FXtab's ECB series begins before the ECB's reference rates do: BRL on January 13, 2000, ILS on January 13, 2000, INR on January 13, 2000 and MXN on January 4, 1999. The ECB's EXR data marks those earlier values Indicative rateSource: European Central Bank, EXR - Exchange RatesOpens in a new tabGo to the list of sources, and FXtab labels them so up to the day each became a reference rate: January 2, 2008 for BRL, January 3, 2011 for ILS, January 2, 2009 for INR and January 2, 2008 for MXN. For ILS the EXR data keeps the mark until October 30, 2020;Figures computed by FXtab from:European Central Bank, Euro foreign exchange reference ratesOpens in a new tabEuropean Central Bank, EXR - Exchange RatesOpens in a new tabEuropean Central Bank, Setting-up of common market standardsOpens in a new taband 15 moreGo to the list of sources FXtab follows the ECB's announcement that it publishes the Israeli shekel as of 3 January 2011Source: European Central Bank, Changes to the list of euro foreign exchange reference rates: Israeli shekel added, Estonian kroon removedOpens in a new tabGo to the list of sources, the date the time series begins it.

What it means for your money

EU law makes the ECB's rates the yardstick for card payments. Under Article 4(1) of The EU regulation of 14 July 2021 on cross-border payments in the Union.Source: Publications Office of the European Union (EUR-Lex), Regulation (EU) 2021/1230 of the European Parliament and of the Council of 14 July 2021 on cross-border payments in the Union (codification)Opens in a new tab, A person or firm authorised to provide payment services, or recognised as an issuer of electronic money.Source: IATE, the terminology database of the European Union, payment service providerOpens in a new tab and parties providing currency conversion at an ATM or at the point of sale shall express the total currency conversion charges as a percentage mark-up over the latest available euro foreign exchange reference rates issued by the European Central Bank (ECB)Source: Publications Office of the European Union (EUR-Lex), Regulation (EU) 2021/1230 of the European Parliament and of the Council of 14 July 2021 on cross-border payments in the Union (codification)Opens in a new tabGo to the list of sources. That mark-up shall be disclosed to the payer prior to the initiation of the payment transaction.Source: Publications Office of the European Union (EUR-Lex), Regulation (EU) 2021/1230 of the European Parliament and of the Council of 14 July 2021 on cross-border payments in the Union (codification)Opens in a new tabGo to the list of sources For a conversion between two currencies other than the euro, its recitals add: A mark-up might have to be based on a rate derived from two ECB ratesSource: Publications Office of the European Union (EUR-Lex), Regulation (EU) 2021/1230 of the European Parliament and of the Council of 14 July 2021 on cross-border payments in the Union (codification)Opens in a new tabGo to the list of sources.

So a rate the ECB publishes for information only is the rate against which a card provider in the EU must state its conversion charge. FXtab's Check a quote computes the same kind of mark-up: how far a rate you are offered is from the ECB's reference rate of the day.

Sources

Figures as of September 25, 2026, computed by FXtab from these sources.