Euro Exchange Reference Rates: Understanding the ECB’s Role in Currency Markets

The European Central Bank (ECB) plays a crucial role in monitoring and publishing euro foreign exchange reference rates, which are essential for transparency and market understanding. These rates, often referred to as “Euro Kur Merkez Bankası” in Turkish, are updated daily and provide a benchmark for the value of the euro against a range of international currencies.

These reference rates are typically refreshed at approximately 16:00 CET on every working day, except for TARGET closing days. This ensures that the information is timely and reflects the latest market conditions for businesses and individuals who rely on currency exchange data. The ECB’s commitment to regular updates underscores its dedication to providing consistent and reliable financial information.

The foundation for these rates lies in the daily concertation procedure involving central banks across Europe. This collaborative process, usually conducted around 14:10 CET, ensures a harmonized approach to determining exchange rates, reflecting a consensus view from major European financial institutions. This procedure enhances the credibility and accuracy of the published reference rates.

It is important to note that the reference rates published by the ECB are for informational purposes only. While they offer valuable insights into currency valuations, the ECB strongly advises against using these rates for transaction purposes. Market exchange rates can fluctuate throughout the day, and relying solely on the reference rate might not reflect the actual exchange rate available at the time of a transaction.

Daily Euro Exchange Rates – 21 February 2025

Below are the euro foreign exchange reference rates for 21 February 2025. All rates are quoted against the euro as the base currency, showing how many units of the foreign currency equal one euro.

The ECB has currently suspended the publication of the euro reference rate for the Russian ruble (EUR/RUB). This decision is due to the ongoing trading activity in the EUR/RUB market, which makes it impossible for the ECB to set a reference rate that accurately represents prevailing market conditions. The suspension remains in effect until further notice, with the last published rate dating back to 1 March 2022. This highlights the ECB’s commitment to data accuracy and its willingness to suspend publications when market conditions compromise the reliability of the reference rates.

Accessing Historical Data and Further Information

For users seeking more detailed information, the ECB provides several resources. You can download the latest reference rates for the most current data or access historical data to analyze trends over time. Additionally, it’s possible to download exchange rates for a specific day in PDF format, offering a convenient way to archive and share data.

For in-depth time series data, the ECB data portal offers comprehensive datasets for bilateral exchange rates. This resource is invaluable for researchers, analysts, and businesses requiring detailed historical exchange rate information.

To further understand the role and significance of exchange rates, the ECB provides explanatory resources. These materials are designed to enhance financial literacy and provide context on how exchange rates function within the global economy, and the crucial role of institutions like the “euro kur merkez bankası”, the European Central Bank.