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Currencies related to the euro
Introduction
Currently there are several currencies pegged to the euro, some with fluctuation bands around a central rate and others with no fluctuations allowed around the central rate. This has been done for a number of reasons. For some, it has been done to facilitate the anticipated introduction of euro in cash form. For others, it can been seen as a safety measure, especially for currencies of areas with weak economies, as euro is seen as a stable currency and therefore would prevent collapse of currencies pegged to it, unless of course, euro itself were to collapse.
Currencies pegged to the euro
| Currency | Currency Code | Currency units per euro | Pegged Since |
|---|---|---|---|
| Convertible mark | BAM | 1.95583 | 22 June 1998 |
| Bulgarian Lev | BGN | 1.95583 | 1 January 1999 |
| Cape Verdean Escudo | CVE | 110.265 | 1 January 1999 |
| Danish Krone | DKK | 7.46038 ±2.25% | 1 January 1999 (ERM II) |
| Estonian Kroon | EEK | 15.6466 ±15% | 1 January 1999 |
| Hungarian forint | HUF | 276.1 ±15% | May 2001 |
| Comoro franc | KMF | 491.96775 | 1 January 1999 |
| Lithuanian Litas | LTL | 3.4528 ±15% | 2 February 2002 |
| Latvian Lat | LVL | 0.6963 ±1% | 1 January 2005 |
| Moroccan Dirham | MAD | 10* | 1 January 1999 |
| Slovenian Tolar | SIT | 239.640 ±15% | 28 June 2004 (ERM II) |
| Central Africa franc | XAF | 655.957 | 1 January 1999 |
| West Africa franc | XOF | 655.957 | 1 January 1999 |
| Pacifique franc | XPF | 119.33 | 1 January 1999 |
*The Moroccan Dirham is pegged to the euro, it fluctuates around €1=MAD10, however unlike the other currencies that fluctuate, the Moroccan Dirham does not have an official fluctuation band.
Notes
The Bulgarian Lev is pegged to the euro through a currency board. The Estonian Kroon and Lithuanian Litas are also pegged to the euro through a currency board, but they have a fluctuation band of ±15% as part of ERM II. Also, Estonia and Lithuania only joined ERM II on 28 June 2004, but their currencies had been fixed against the euro before that time. Convertible mark is the currency of Bosnia and Herzegovina and it was fixed to 1 German mark when it was introduced on the basis of the Dayton agreement.
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