Historical rates vis-à-vis the drachma 1997-2000

Law 1083/80 introduced a new framework for the implementation of exchange rate  policy and for the operation of the domestic foreign exchange market. In this context, the system of fixed exchange rates of  the drachma vis-à-vis foreign currencies was abandoned in favour of a system of freely negotiated rates (free floating).

Under Article 5 of the above law, the Bank of Greece was responsible for organising the Fixing session, during which the official exchange rate of the drachma against certain foreign currencies was determined. The session took place every working day between 13:30 and 14:15 at the premises of the Bank of Greece and under the Bank’s chairmanship and control, with the participation of all banks authorised to conduct foreign exchange operations through their respective authorised representatives.

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

You can find the historical Fixing rates of the drachma against major currencies over the period from January 1st, 1999 to December 29th, 2000.

Visitors to the Museum of the Bank of Greece have the opportunity to see the original board displaying the Fixing rates of the last Fixing session as of December 29th, 2000.

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