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 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 the euro itself were to collapse or the country were to run out of euros to exchange for their currency.
A few currencies remain pegged to the euro by virtue of the fact they were already pegged to one of the predecessors to the euro before the euro's introduction. The French franc and the German mark were the most widely used pre-euro currencies for pegging.
|Currency||Code||Units per euro||Band||Pegged Since||EMU||Remarks|
|B&H konvertibilna marka||BAM||1.95583||1 January 1999||Formerly pegged to the German Mark (since November 21 1995) at par, hence same rate as DEM to EUR|
|Bulgarian lev||BGN||1.95583||1 January 1999||Formerly pegged to the German Mark (since July 5 1999) at par, hence same rate as DEM to EUR|
|Cape Verdean escudo||CVE||110.265||1 January 1999||Formerly pegged to the Portuguese escudo (since 1998) at 1 PTE = 0.55 CVE|
|Danish krone||DKK||7.46038||2.25%||1 January 1999||ERM II|
|Estonian kroon||EEK||15.6466||15%||1 January 1999||ERM II||Formerly pegged to the German Mark (since April 1992) at 1 DEM = 8 EEK, therefore the rate is 1.95583 × 8|
|Comorian franc||KMF||491.96775||1 January 1999||Formerly pegged to the French franc (since 23 November 1979), at the end it was 1 FRF = 75 KMF, therefore the rate is 6.55957 × 75|
|Lithuanian litas||LTL||3.45280||15%||2 February 2002||ERM II|
|Latvian lats||LVL||0.702804||15%||1 January 2005||ERM II||The lats floats within a ±1% margin in practice|
|Moroccan dirham||MAD||≈ 10.0||1 January 1999|
|Pacific franc||XPF||≈ 119.332||1 January 1999||Formerly pegged to the French franc (since 21 September 1949), at the end it was 1 XPF = 0.055 FRF (⇔ 1€ ≈ 119.2649 XPF). Rate redefined (XPF slightly weakened) at 1 XPF = 0.00838 €|
|Slovak koruna||SKK||38.455||15%||28 November 2005||ERM II||The Slovak koruna has been allowed to strengthen (it was at 34.91 Sk/€ on Dec 18, 2006), although it still must stay within the 15% band.|
|35.4424||15%||17 March 2007||ERM II||The rate was readjusted.|
|30.1260||15%||29 May 2008||ERM II||The rate was readjusted.|
|Central African CFA franc||XAF||655.957||1 January 1999||Formerly pegged to the French franc (since October 17 1948), at the end the rate was 1 FRF = 100 XAF, therefore the rate is 6.55957 × 100|
|West African CFA franc||XOF||655.957||1 January 1999||Formerly pegged to the French franc (since October 17 1948), at the end the rate was 1 FRF = 100 XOF, therefore the rate is 6.55957 × 100|
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; consequently after introduction of the euro, the Convertible mark uses the German-mark-to-euro rate at 1.95583 BAM per euro.
A number of other currencies are related to the euro in the manner without being actually pegged to it or officially restricted to a certain fluctuation margin. For example, the Pound sterling until the summer of 2007 hovered around £0.68 per euro, but since then has depreciated to £0,79 per euro. The Swiss franc has in recent years hovered around 1.55 CHF per euro and the Croatian kuna around 7.35 HRK per euro. Several other currencies of countries in the vicinity of the Eurozone (the Moroccan dirham being one) have been virtually pegged to the euro, usually in an effort to control inflation by the respective national banks. Some of these actually track the euro more closely than a couple of currencies which are officially pegged, namely the Slovak Koruna, which have been allowed to strengthen due to strong foreign investment, exports, and economic growth.
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