Currencies
 
Euro Assistant is a calculator which converts any currency to euro, the European single currency, and back.
As we'll see currencies are divided into two groups - the 11 EMU national currencies and the non-EMU currencies.

Euro: the European Single Currency
 
On January 1, 1999 eleven European countries, gathered in what is called the Economic and Monetary Union (EMU), have adopted a single currency, the euro. These countries are Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Portugal and Spain.

Which is the euro time table? How will the transition from the 11 national currencies to the single currency take place?

• On December 31, 1998 the conversion rates between euro and EMU member countries national currencies are irrevocably fixed by the European Council. Conversion rates have 6 significant digits.
• On January 1, 1999 euro becomes official currency in the 11 participating countries.
• On January 1, 2002 euro coins and banknotes begin to circulate. 
• On July 1, 2002 (at the latest) the legal tender status of national coins and banknotes is canceled.

EMU National Currencies
 The EMU national currencies are the currencies of the 11 member countries of the Economic and Monetary Union - Belgian Franc, German Mark, Spanish Peseta, French Franc, Irish Punt, Italian Lira, Luxembourgian Franc, Dutch Guilder, Austrian Schilling, Portuguese Escudo and Finnish Mark.

On the basis of the irrevocable euro conversion rates fixed on December 31, 1998 by the European Council , from January 1, 1999 EMU national currencies become all non-decimal subdivisions of the European single currency, the euro, exactly as the Pfenning or the centime are (decimal) subdivisions of the German Mark or French Franc, respectively.

The following table lists the 11 EMU national currencies, their ISO codes and their irrevocable euro conversion rates. Conversion rates have 6 significant digits.

    Currency                   ISO Code          Euro Conversion Rate
    -----------------------------------------------------------------
    Belgian Franc                BEF                  40,3399
    German Mark                  DEM                  1,95583
    Spanish Peseta               ESP                  166,386
    French Franc                 FRF                  6,55957
    Irish Punt                  
IEP                  ,787564
    Italian Lira

        
ITL                  1936,27
    Luxembourgian Franc          LUF                  40,3399
    Dutch Guilder                NLG                  2,20371
    Austrian Schilling           ATS                  13,7603
    Portuguese Escudo            PTE                  200,482
    Finnish Mark                 FIM                  5,94573

Non-EMU Currencies
 
With Euro Assistant you can also convert euro to 10 predefined non-EMU currencies: the 4 European Union currencies which for different reasons didn't join the Economic and Monetary Union (Pound Sterling, Danish Krone, Swedish Krona and Greek Drachma) and 6 "important" non-EU currencies (US Dollar, Japanese Yen, Swiss Franc, Norwegian Krone, Canadian Dollar and Australian Dollar).

The number of Euro Assistant's non-EMU currencies can be also extended: up to 5 custom currencies can be defined (see Defining a Custom Currencies).

All non-EMU currencies (both predefined and custom) are defined through their euro exchange rates, which are not fixed and can be updated in the "Currencies" dialog box ("Currencies..." command in the File menu). Euro Assistant requires euro exchange rates to range from 0,1 to 9999,99 and considers just the first 6 significant digits. An exchange rate modification date is associated to each non-EMU currency and displayed in the "Currencies" dialog box, so that you can know when you last modified each rate.

Euro Assistant's default euro exchange rates are the official euro exchange rates on February 23, 1999. The following table lists the 10 predefined non-EMU currencies provided by Euro Assistant, their ISO codes and their default euro exchange rates:

    Currency               ISO Code       Euro Exchange Rate (Feb 23, 1999)
  -----------------------------------------------------------------------
  Danish Krone             DKK                     7,4344
  Greek Drachma            GRD                      323,1
  Swedish Krona            SEK                     8,9085
  Pound Sterling           GBP                     0,6796

  Australian Dollar       
AUD                     1,7145
  Canadian Dollar  

    
CAD                     1,6423
  Suiss Franc              CHF                     1,5954
  Japanese Yen             JPY                     133,14
  Norwegian Krone          NOK                     8,6745
  US Dollar                USD                     1,0969

The latest daily euro conversion rates published by the European Central Bank are always available at http://europa.eu.int/comm/dg02/xeurd.htm.

Currencies Dialog Box
 
The "Currencies" dialog box gathers all information concerning Euro Assistant's currencies and enables you to update exchange rates, to change roundings, to add and delete custom currencies.

To open the "Currencies" dialog box, choose the "Currencies..." command in the File menu or click the Rate button in the Euro Assistant window (the button is disabled when the EUR display is active).

For each EMU national currency, the "Currencies" dialog box displays ISO code, (fixed) euro conversion rate and current rounding. For each non-EMU currency (both predefined and custom), it displays ISO code, editable euro exchange rate, current rounding and date of the last exchange rate modification.

To change a non-EMU currency euro exchange rate, select it in the Currencies list box and type the new value in the Exchange Rate edit box. Then click "Save Rate". Euro Assistant saves the new exchange rate and updates the associated modification date. Notice that exchange rates must range from 0,1 to 9999,99.

In the "Currencies" dialog box you can also specify rounding values for all Euro Assistant currencies. To change the CHF rounding, for instance, select "Suiss Franc" in the Currencies list box and choose a new value in the Rounding popup menu.

The "Currencies" dialog box lets you finally define new currencies (up to a maximum of 5) and delete those custom currencies which you don't need anymore. Currencies are added and deleted by clicking the "New Currency..." button and the "Delete Currency" button respectively. A currency which is displayed in the Euro Assistant window cannot be deleted.

Defining a Custom Currency
 
To define a custom currency, click the "New Currency..." button in the "Currencies" dialog box. A new dialog box is opened asking you to specify the new currency's name, ISO code and euro exchange rate.

ISO-4217 codes are standardized three-character abbreviations which univocally indicate currencies. If you don't know the ISO code of the currency you want to define, select its country in the list box: the ISO code will automatically appear in the corresponding edit box. Notice that country names are always in English, no matter which is your current Euro Assistant language.

After you have entered a currency name, an ISO code and an euro exchange rate (remember that Euro Assistant's exchange rates must range from 0,1 to 9999,99), click "OK". The new currency will be available in the "Currencies" dialog box, in the "Switch Currency" submenu and in all Currencies popup menus.

Rounding Currencies
 
Currency conversion always implies a rounding of the result: you generally round to 1 Pfennig
(= 0,01 DEM) when converting to DEM or to 1 centime (= 0,01 FRF) when converting to FRF.

Euro Assistant's default rounding is to 1/100 of the currency's value (1 eurocent, cent, centavo, centesimo, centime, centimo, Groschen, pence, penni, Pfennig, øre, lepton, öre, rappen, sen), but a different rounding amount can be specified.

Currencies which have no subdivisions (e.g. BEF) should be rounded to their own value (e.g. 1 BEF). Another possibility is to round currencies to their smallest coin.

The following table shows the effect of different rounding amounts on the same value:

            Rounding            Before              After
          -----------------------------------------------------
            0,0001 ITL     1.234,56789 ITL     1.234,5679 ITL
            0,001  ITL     1.234,56789 ITL     1.234,568  ITL
            0,01   ITL     1.234,56789 ITL     1.234,57   ITL
            0,02   ITL     1.234,56789 ITL     1.234,56   ITL
            0,05   ITL     1.234,56789 ITL     1.234,55   ITL
            0,10   ITL     1.234,56789 ITL     1.234,60   ITL
            0,20   ITL     1.234,56789 ITL     1.234,60   ITL
            0,25   ITL     1.234,56789 ITL     1.234,50   ITL
            0,50   ITL     1.234,56789 ITL     1.234,50   ITL
            1      ITL     1.234,56789 ITL     1.235      ITL
            2      ITL     1.234,56789 ITL     1.234      ITL
            5      ITL     1.234,56789 ITL     1.235      ITL
           10      ITL     1.234,56789 ITL     1.230      ITL
           20      ITL     1.234,56789 ITL     1.240      ITL
          
50      ITL     1.234,56789 ITL     1.250      ITL

Rounding amounts can be specified in the "Currencies" dialog box. The active display's rounding can be  selected in the Rounding popup menu in the Euro Assistant window.

Adding Currencies in the Euro Assistant Window
 
The Euro Assistant window always displays the EUR display and at least one national currency (i.e. an EMU national currency or a non-EMU currency) display. Displays can be added until 12 national currencies are shown.
If you show a single national currency, you simply convert this currency to euro and back. By adding other national currencies to the Euro Assistant window, you can perform multiple conversions - see Multiple Conversion: Euro Input and Multiple Conversion: National Currency Input. 

To add a new currency, choose the "Add Currency" command in the File menu. Euro Assistant inserts a new display in the Euro Assistant window. The added currency is the first enabled currency in the "Switch Currencies" submenu which is not already displayed. To switch to another currency in the new display, click it to activate it and select the desired currency in the "Switch Currency" submenu in the File menu. Equivalently, click the corresponding popup arrow to display the Currencies menu and select a new currency.

Removing Currencies from the Euro Assistant Window
 
To remove a currency which you don't need anymore, activate the corresponding display and choose the "Remove Currency" command in the File Menu. EUR can't be removed.

Moving Currencies in the Euro Assistant Window
 When you display more national currencies, you might want to rearrange them in the Euro Assistant window. To move a national currency to a different position, drag its ISO code and drop it on the desired new position's ISO code. The currency will be inserted in that position. See also What's All in the Euro Assistant Window.
EUR can't be moved.