Fixing Foreign Exchange Rates against the Drachma
(Historical Data 1999, 2000)

Fixing rates

Law 1083/80 introduced a new framework of exchange rate policy and operation of domestic foreign exchange market. In this context, the system of fixed exchange rates of foreign currencies against the drachma was abandoned and a new system of freely negotiated rates was implemented. Under Article 5 of that Act, the Bank of Greece was responsible for organizing the Fixing session setting the official exchange rate of the drachma against certain foreign currencies. The session took place every working day between 13:30 and 14:15 at the Bank of Greece under the chairmanship and the control of the Bank of Greece and the participation of all authorized to conduct foreign exchange transactions banks, through their respective authorized representatives.

The last Fixing session was held on 29 December 2000, last working day before the accession of Greece in the third and final stage of Economic and Monetary Union (EMU).

At this point are shown the historical Fixing rates of the drachma against the major currencies for the period from 1-1-1999 to 29-12-2000.