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:
“Let every woman ask herself: “Why am I the slave of man? Why is my brain said not to be the equal of his brain? Why is my work not paid equally with his? Why must my body be controlled by my husband? Why may he take my labor in the household, giving me in exchange what he deems fit? Why may he take my children from me? Will them away while yet unborn?” Let every woman ask.”
—Voltairine Decleyre (1866–1912)
“If we became students of Malcolm X, we would not have young black men out there killing each other like they’re killing each other now. Young black men would not be impregnating young black women at the rate going on now. We’d not have the drugs we have now, or the alcoholism.”
—Spike Lee (b. 1956)
“With girls, everything looks great on the surface. But beware of drawers that won’t open. They contain a three-month supply of dirty underwear, unwashed hose, and rubber bands with blobs of hair in them.”
—Erma Bombeck (20th century)