The foreign exchange reference rates of the Euro are based on the procedure established by the European System of Central Banks (ESCB).
They are based on a daily concertation procedure between the leading central banks, which takes place at 14:15 (CET). The published exchange rates, which are the average of the sale and purchase rates, reflect the market conditions prevailing at the time of the concertation.
From 1 July 2016 the foreign exchange reference rates of the Euro will be published at around 16:00 (CET).
Francesco Guido - Direttore Generale Banco di Napoli
The new publication regime reinforces the concept of the ECB foreign exchange rate as a purely informative one. Therefore, the usage of the rates for transaction purposes is strongly discouraged.
Additional information on the ECB reference rates procedure is available in the ECB press release of 7 December 2015 and related documents on the ECB website.
Bank of Italy is not liable for any inaccuracy or error caused by mistake.