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Identification

The symbol, an E epsilon with a double bar:

The subdivision: the cent (one hundredth of Euro)
Name which was retained with the informal council of Economy and Treasury Ministers of Verona in April 1996, to indicate the subdivision of the euro.

Rate of conversion in euro

It is the conversion rate fixed in an irrevocable and final way on December 31, 1998 between the euro and national currencies of the European Community and
its Member States. The conversion rate is a number with 6 significant figures (including 5 decimals for France) and could not be truncated (or rounded).

EUR - euro -------- DEM - mark allemand 1.95583
FRF - franc français 6.55957 NLG - florin hollandais 2.20371
BEF/LUF - franc belge 40.3399 FIM - mark finlandais 5.94573
ITL - lire italienne 1936.27 ATS - schilling autrichien 13.7603
ESP - peseta espagnole 166.386 IEP - livre irlandaise 0.787564
PTE - escudo portugais 200.482 GRD - drachme grec 340.750

The method of round off

The amounts in euros are rounded-off with the "hundredth" nearest superior or inferior.

Examples:

  • 15.244932 euros are rounded with 15.24 euros
  • 15.245932 euros are rounded with 15.25 euros
  • 15.246832 euros are rounded with 15.25 euros

The amounts in national monetary units are rounded with the "subdivision" of the nearest national monetary unity (the cent).

Examples:

  • 106.559768 francs are rounded with 106.56 francs
  • 106.555768 francs are rounded with 106.56 francs
  • 106.554768 francs are rounded with 106.55 francs

Notice: The round-off of the intermediate amount that results from conversion from one national currency of the euro zone towards another national currency of the euro zone will be carried out to three decimals. Any other method is excluded except if it gives the same results.

Conversions followed by a conversion reverse

The objective of this double conversion is to obtain the amount of the origin. Two cases can arise:

Francs - - : Euro - - : Francs

This double conversion can reveal a variation of conversion of ± 3 cents between the origin amount and the final amount. This variation is legally authorized when it did not exceed these limits.

Example:

  • 2545.35 F ÷ 6.55957 = 388.036106, rounded to 388.04
  • 388.04 X 6.55957 = 2545.37554 F, rounded -off with 2545.38 F

One observes a variation of + 3 cents (this variation is authorized).

Euro > Francs > Euro

This double conversion makes it possible to find the origin amount rigorously. It did not have difference between the origin amount and the final amount.

Example:

  • 1562 X 6.55957 = 10246.04834 F, round -off with 10246.05 F
  • 10246.05 ÷ 6.55957 = 1562.000253, rounded to 1562

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