New central rate and compulsory intervention rates for the greek drachma in the exchange rate mechanism (ERM II)

17/01/2000 - Press Releases

At the request of the Greek authorities, the ministers of the euro-area member states of the European Community, the European Central Bank and the ministers and the central bank governors of Denmark and Greece have decided to revalue the central rate of the Greek drachma in the exchange rate mechanism (ERMII) and maintain the standard fluctuation band of + 15%.

The Bank of Greece and the European Central Bank, by common accord, have established the new compulsory intervention rates around the central rate of the Greek drachma in ERMII.

The new central rate and the compulsory intervention rates, effective as of 17 January 2000, are as follows:

Central rate : 1 euro = 340.750 GRD

Upper compulsory intervention rate: 1 euro = 391.863 GRD

Lower compulsory intervention rate: 1 euro = 289.638 GRD