The Euro:

Understanding the Euro:

On January 1, 2002, 12 European Union Countries will replace their national currency units with the Euro. Intercredit Inc. is prepared to make this transition smooth and simple for all companies involved in international trade.

Euro notes and coins will be introduced for the first time for use in the Euro Zone Countries causing the greatest revolution in foreign exchange.

Following please find additional highlights regarding the euro.

January 1, 2002

Bank accounts will be denominated in Euros. Drafts will no longer be issued in legacy currency.

January 1, 2002 - February 28, 2002

Banks will introduce the new Euro banknotes and coins into circulation while withdrawing legacy and coins.

March 1, 2002

The Euro will officially replace the legacy currencies as legal tender in the Euro Community.

Countries in the Euro Community:

Austria foreign exchange payments, fix euro cross rates,euro Belgium wire transfers, payment remittance, value date Finland invoice collection, discounted rates,risk management tools
France Electronic Funds Transfers, Miami, Florida Germany pounds, foreign currency brokers, checks Ireland interbank rates, spot prices, forward contracts
Italy Greece The Netherlands
Portugal Spain    

 

Fixed Euro Cross-Rates Established on January 1st., 1999
These Cross Rates Were Full Accepted By The Eleven Participating Euro-Zone Countries.
These Rates Have Been Irrevocably Fixed By
The European Commission for The Use Of Trade As Of January 1st., 1999.

 
Country- FX
  
Germany Netherlands Greece Belgium Ireland France Spain Portugal Italy Austria Finland EURO
ONE = Mark Guilder Drachma Franc Punt Franc Peseta Escudo Lira Schilling Markka  
Germany Mark   1.12674 174.2 20.6255 0.4027 3.3539 85.0718 102.505 989.999 7.03553 3.04 1.95583
Netherlands Guilder 0.88752   154.6 18.3054 0.35738 2.9766 75.5027 90.9748 878.641 878.641 6.24415 2.20371
Greece
Drachma
 0.00574 0.00647    0.1184 0.0023 0.0193 0.4883 0.5884 5.6824 0.0404 0.0174 340.75
Belgium Franc 0.04848 0.05463
8.447
   0.01952 0.16261 4.1246 4.96952 47.9989 0.34111 0.14739 40.3399
Ireland Punt 2.48339 2.79813 432.7 51.2211   8.32894 211.267 254.56 2458.56 17.472 7.54952 0.787564
France Franc 0.29816 0.33595 51.95 6.14978 0.12006   25.3654 30.5633 295.182 2.09774 0.90642 6.55957
Spain Peseta 0.01175 0.01324 2.048 0.24254 0.00473 0.03942   1.20492 11.6372 0.0827 0.03573 166.386
Portugal Escudo 0.00976 0.01099 1.7 0.20121 0.00393 0.03272 0.82993   9.65807 0.06864 0.02966 200.482
Italy Lira 0.00101 0.00114 0.176 0.02083 0.00041 0.00339 0.08593 0.10354   0.00711 0.00307 1936.27
Austria Schilling 0.14214 0.16015 24.76 2.93161 0.05723 0.4767 12.0917 14.5696 140.714   0.43209 13.7603
Finland Markka 0.32895 0.37064 57.31 6.78468 0.13246 1.10324 27.9841 33.7187 325.657 2.31432   5.94573

 

 

 

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