On January 1, 1999, eleven European Union countries formed an economic and monetary union (EMU) and started using a single currency - the euro. These countries locked the exchange rates of their national currencies to the euro and are sharing the new currency.
However, euro notes and coins will not be available until January 1, 2001. Until then, the old national currency notes and coins (French francs, Deutschmarks etc) will continue to circulate. But in law they are part of the euro. Their value in euro is completely fixed. All kinds of cashless monetary transactions like cheques or wire transfers are possible in euro
You can find more information about the euro at: http://europa.eu.int/euro .
The following table shows the EMU member countries and the respective exchange rates of the euro to the old national currencies. More countries are expected to join the EMU later.
Country | ISO Code | Full Description | Exchange Rate |
---|---|---|---|
Austria | ATS | Austrian Schilling | 1 euro = 13.7603 S |
Belgium | BEF | Belgian Franc | 1 euro = 40.3399 bfrs |
Finland | FIM | Finnish Mark | 1 euro = 5.94573 Fmk |
France | FRF | French Franc | 1 euro = 6.55957 FF |
Germany | DEM | German Mark | 1 euro = 1.95538 DM |
Ireland | IEP | Irish Pound | 1 euro = 0.787564 Ir. £ |
Italy | ITL | Italian Lira | 1 euro = 1936.27 Lit |
Luxembourg | LUF | Luxembourgian Franc | 1 euro = 40.3399 lfrs |
Netherlands | NLG | Dutch Guilder | 1 euro = 2.20371 hfl |
Portugal | PTE | Portuguese Escudo | 1 euro = 200.482 Esc |
Spain | ESP | Spanish Peseta | 1 euro = 166.386 Ptas |
You can enable euro support in GnuCash in the international category of the preferences dialog box. If your system locale specifies one of the EMU member currencies, euro support is enabled by default.
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