Exchange rates and interest rates

Data extracted in January 2026

Planned article update: January 2027

Highlights

Between 2015 and 2025, the euro appreciated overall against the Japanese yen (25.9%), (British) pound sterling (18.0%), Chinese
renminbi-yuan (16.4%) and the United States dollar (1.8%). It depreciated by 12.3% against the Swiss franc.

In 2025, the highest Maastricht criterion bond yields were recorded in Romania (6.96%) and Hungary (6.94%). The lowest yields were recorded in Denmark (2.33%), Sweden (2.45%) and Germany (2.59%).

Exchange rates against the euro, 2015–25

This article presents an analysis of exchange rates and interest rates, which are some of Eurostat’s most frequently updated statistics. It is important to note that practically all of Eurostat’s data in monetary terms are denominated in euro (€), including statistics for European Union (EU) countries that are not part of the euro area (EA) (hereafter referred to as non-euro area countries) and data for non-EU countries. This information is derived by converting data in national currencies to data in euro using exchange rates (EUR – see currency codes). As such, for most of the monetary statistics that are released by Eurostat, it is necessary to bear in mind the possible effect of currency fluctuations when making comparisons across countries for indicators denominated in euro terms, in particular when analysing time series.

This article starts by considering the development of exchange rates across the EU, as well as exchange rate fluctuations between the euro and several currencies of non-EU countries, in particular the United States dollar, Japanese yen, the (British) pound sterling, Chinese renminbi-yuan and Swiss franc (all of which are important reserve currencies and/or commonly used for denominating international loans).

The second half of the article examines interest rates – in other words, the cost of lending/borrowing money. At the macroeconomic level, key interest rates are generally set by central banks as a primary tool for monetary policy with the goal of maintaining price stability.

Exchange rates

Table 1 shows the annual average exchange rates between the euro and a selection of European currencies, as well as the Chinese renminbi-yuan, the Japanese yen and the United States dollar, between 2015 and 2025. The development of these exchange rates is also shown in Figures 1a to 1d, where the currencies are grouped together according to the magnitude of their various exchange rates against the euro. Non-euro area countries may fix their exchange rates against the euro as part of the exchange rate mechanism (ERM II) in preparation for joining the euro area, and this explains some of the very stable euro exchange rates. Denmark is the only current member of ERM II (and has been since 1 January 1999), as Bulgaria adopted the euro as of 1 January 2026. This article refers to data up to 2025.

Table 1: Exchange rates against the euro, 2015–25
Source: Eurostat (ert_bil_eur_a), European Central Bank (ECB)

Focusing on the exchange rates of non-euro area EU countries, between 2015 and 2025 the euro appreciated most strongly against the Hungarian forint (28.3%), the Swedish krona (18.3%) and the Romanian leu (13.4%); notably smaller appreciations were recorded for the Polish zloty (1.3%) and the Danish krone (0.1%). The euro had an overall depreciation of 9.5% against the Czech koruna. In Figure 1, exchange rates against the euro for 2015 to 2025 are shown for the countries listed in Table 1. The countries are grouped in the different figures (Figures 1a–1d) depending on their national currency’s exchange rate against the euro in 2025. Different scales are used for the y-axes in each part of the figure. A fall in the exchange rate shows an appreciation in the value of the national currency and a depreciation in the value of the euro.

Figure 1a: Exchange rates against the euro, 2015–25
Source: Eurostat (ert_bil_eur_a), European Central Bank (ECB)

Figure 1a shows the development of the euro against the (British) pound sterling (GBP), the Swiss franc (CHF) and the United States dollar (USD).

Overall, the euro appreciated 18.0% against the pound sterling over the period 2015 to 2025. This change reflected falls in the value of the euro in 2019, 2021, 2022 and 2024, which collectively had a lower impact than the increases in the value of the euro in the other years. There was a particularly large change in 2016, with a large appreciation of the euro against the pound sterling (up 12.9%).

The euro appreciated 1.8% against the United States dollar between 2015 and 2025. Developments were irregular, with the euro appreciating most years but depreciating notably in 2019 (down 5.2%) and 2022 (down 11.0%).

The euro depreciated 12.3% against the Swiss franc between 2015 and 2025. Despite modest appreciations in the value of the euro in 2016 to 2018 and 2021, falls in most recent years (2019, 2020 and 2022 to 2025) led to an overall depreciation during the period under consideration.

Figure 1b: Exchange rates against the euro, 2015–25
Source: Eurostat (ert_bil_eur_a), European Central Bank (ECB)

Figure 1b shows the development of the euro against the Georgian lari (GEL), the Polish zloty (PLN), the Romanian leu (RON), the Danish krone (DKK) and the Chinese renminbi-yuan (CNY).

Between 2015 and 2025, the euro appreciated against the Georgian lari, up 22.9%. During the period under consideration, the euro appreciated against the lari in all years except 2022 (down 19.3%) and 2023 (down 7.7%).

The euro appreciated 16.4% against the Chinese renminbi-yuan between 2015 and 2025. The euro depreciated strongly against the renminbi-yuan in 2022 (down 7.2%) and more moderately in 2019 and 2021. In all other years, the euro appreciated against the Chinese renminbi-yuan.

The euro also appreciated strongly against the Romanian leu, up 13.4% between 2015 and 2025. The euro appreciated against the leu in all years (although the rates of change were relatively modest each year).

Between 2015 and 2025, the euro appreciated somewhat against the Polish zloty, up 1.3%. During the period under consideration, the euro depreciated against the zloty in 2017 (down 2.4%), 2023 (down 3.1%), 2024 (down 5.2%) and 2025 (down 1.5%).

Since 1 January 1999, Denmark has been a member of the ERM II. Its currency, the Danish krone, has been pegged to the euro with a band allowing fluctuations of +/- 2.25%. Over the period 2015 to 2025, there were only minor changes in this exchange rate, with annual decreases or increases of the euro in the range of -0.2% to +0.2%. Overall, the euro appreciated 0.1% against the Danish krone.

Figure 1c: Exchange rates against the euro, 2015–25
Source: Eurostat (ert_bil_eur_a), European Central Bank (ECB)

Figure 1c shows the development of the euro against the Swedish krona (SEK), the Norwegian krone (NOK), the Moldovan leu (MDL), the Czech koruna (CZK), the Turkish lira (TRY) and the Ukrainian hryvnia (UAH).

Overall, the euro appreciated 1 381% against the Turkish lira. There was a regular appreciation of the euro against the Turkish lira, with the euro appreciating every year between 2015 and 2025. For example, in the three most recent years the euro appreciated by 48.0% (2023), 38.1% (2024) and 26.0% (2025).

The euro appreciated 94.7% against the Ukrainian hryvnia between 2015 and 2025. During this period, the euro appreciated every year except for 2019 (down 10.0%). The euro appreciated most strongly in 2016 (up 17.0%). The 16.2% appreciation in 2023, 9.9% appreciation in 2024 and the 8.3% appreciation in 2025 were the three largest increases since 2016.

The euro appreciated 30.9% against the Norwegian krone between 2015 and 2025. The euro’s developments against the Norwegian krone followed a generally upward trend, interrupted over two years: the euro was stable or appreciated each year between 2015 and 2020; it depreciated in 2021 and again in 2022 before appreciating strongly (up 13.1%) in 2023 and then at a more modest pace in 2024 and 2025.

The euro appreciated 18.3% against the Swedish krona between 2015 and 2025. This reflected appreciation most years, with relatively modest depreciations in 2020, 2021, 2024 and 2025; the strongest appreciation was in 2023, up 8.0%.

The euro depreciated 6.2% against the Moldovan leu over the period 2015 to 2025. This reflected relatively irregular movements. The euro appreciated in 2016 (up 5.6%). This appreciation was lost in the next three years (2017 to 2019), before the euro appreciated again in 2020 and 2021, depreciated in 2022 to 2024, and then appreciated again (up 1.8%) in 2025.

The euro depreciated 9.5% against the Czech koruna between 2015 and 2025. The exchange rate fluctuated between 2015 and 2021 by no more than +/- 3.1%. A larger appreciation (up 4.6%) was observed in 2024 while a larger depreciation (down 4.2%) was recorded in 2022.

Figure 1d: Exchange rates against the euro, 2015–25
Source: Eurostat (ert_bil_eur_a), European Central Bank (ECB)

Figure 1d shows the development between 2015 and 2025 of the euro against the Macedonian denar (MKD), the Albanian lek (ALL), the Serbian dinar (RSD), the Icelandic króna (ISK), the Japanese yen (JPY) and the Hungarian forint (HUF).

Among the national currencies of non-euro area EU countries, the euro appreciated between 2015 and 2025 most strongly against the Hungarian forint (up 28.3%). This overall appreciation was accumulated over most of the period, as the euro appreciated against the forint every year apart from 2017 (when it depreciated slightly, down 0.7%) and 2023 (when it depreciated more strongly, down 2.4%).

The euro appreciated by 25.9% against the Japanese yen between 2015 and 2025. The exchange rate fluctuated in the early part of this period, with a depreciation of the euro in 2016, appreciations in 2017 and 2018, and depreciations in 2019 and 2020. In the five most recent years, there have been appreciations. The largest appreciations of the euro during this period were recorded in 2023 (up 10.1%) and 2024 (up 7.8%).

Between 2015 and 2025, there was little movement in the exchange rate between the euro and the Macedonian denar with no overall change (0.0%). The Macedonian denar has been pegged (within a band of +/- 1% of a central rate) against the euro since 2002.

Over the period 2015 to 2025, the euro depreciated 1.1% against the Icelandic króna. This reflected depreciations in three periods: in 2016 and 2017, in 2021 and 2022, and again in 2025.

Overall, the euro depreciated marginally (down 2.9%) against the Serbian dinar between 2015 and 2025. Developments of the euro’s exchange rate against the Serbian dinar followed three stages: the euro appreciated in 2016 (up 2.0%); the euro depreciated in 2017 (down 1.4%) and 2018 (2.5%); the euro was broadly stable (with changes in the range from -0.4% to 0.1%) in the years from 2019 to 2025.

Between 2015 and 2025, a depreciation of the euro was observed against the Albanian lek (down 30.0% overall). The euro depreciated most years, with a slight appreciation in 2020. The largest depreciations were observed in 2023 and 2024, down 8.6% and 7.4%, respectively.

Interest rates

EU (weighted) average bond yields (see the explanatory notes for more information) were higher in 2025 than they had been in 2020 (see Figure 2). In the EU, bond yields in 2025 (3.44%) were 3.13 percentage points higher than they had been in 2020 (0.31%). The change for the euro area was somewhat smaller, as bond yields in 2020 (0.04%) were 3.05 percentage points lower than in 2025 (3.09%).

Between 2020 and 2025, bond yields increased in all EU countries. These yields increased most notably in Hungary (up 4.71 percentage points), while the smallest increases were in Cyprus (up 2.05 percentage points), Greece (up 2.10 percentage points) and Croatia (up 2.16 percentage points).

Romania (6.96%), Hungary (6.94%) and Poland (5.52%) were the only EU countries with bond yields that were above 5.00% in 2025. A total of 11 EU countries had yields that were 3.00% or lower, among which Denmark (2.33%), Sweden (2.45%) and Germany (2.59%) had the lowest yields.

Figure 2: EMU convergence criterion bond yields (Maastricht criterion), 2020 and 2025
Source: Eurostat (irt_lt_mcby_a)

Figure 3 shows 3-month interbank rates (see the explanatory notes for more information). Money market rates, also known as interbank rates, are interest rates used by banks for operations among themselves. In the money market, banks are able to borrow and re-lend highly liquid assets between themselves.

Figure 3: Short-term interest rates – 3-month interbank rates (annual average), 2020 and 2025
Source: Eurostat (irt_st_m)

In the euro area, the interbank rate rose from -0.43% in 2020 to 2.18% in 2025. Interbank rates were also higher in 2025 than in 2020 for all non-euro area EU countries for which data are available. As in the euro area, Denmark also reported a negative rate in 2020 and a relatively low positive rate in 2025. In absolute terms, the largest percentage point increases between 2020 and 2025 among the non-euro area EU countries was in Hungary, up 5.84 percentage points from 0.70% in 2020 to 6.55% in 2025. Elsewhere, the increases ranged from 2.09 percentage points in Sweden to 4.43 percentage points in Poland.

For comparison, the annual average of 3-month interbank rate of the United States rose 4.74 percentage points between 2020 and 2023, while in the United Kingdom the increase was 4.67 percentage points during the same period. In Japan, interbank rates remained stable and just under zero, increasing 0.04 percentage points between 2020 and 2022.

Figure 4: Euro yield curve, 2015–25
Source: Eurostat (irt_euryld_a), European Central Bank (ECB)

Figure 4 shows the euro yield curve between 2015 and 2025 for central government bonds with various years remaining to maturity.

Yields were relatively high just before the onset of the financial and economic crisis in 2008 but fell thereafter. Bond yields for almost all maturities fell most years through to a low in 2016 before increasing somewhat in 2017 and stabilising in 2018.
In 2019 and again in 2020, yields were once more at historic lows for almost all maturities, the only exceptions being for one or two years to maturity. In 2020, bonds with 29 or fewer years to maturity had negative yields while bonds with 30 years to maturity offered a yield of just 0.01%.
This situation shifted in 2021: bonds with 17 or fewer years to maturity had negative yields while bonds with 30 years to maturity offered a yield of 0.15%. This development continued in 2022, as positive yields were observed for bonds for all maturities (up to 30 years). The yield for bonds with 30 years to maturity was 1.40%, the highest yield for a bond with 30 years to maturity since 2014.
In 2023, positive yields were again observed for bonds for all maturities (up to 30 years), with yields higher than in 2022 for all maturities. In fact, the yields in 2023 were higher than those observed in any of the older years presented in Figure 4. Unlike in earlier years, the highest yields observed in 2023 were for bonds with the shortest maturity, 3.16% for bonds with one year to maturity.
In 2024, positive yields were observed for the third consecutive year for bonds for all maturities (up to 30 years). As in 2023, the highest yields observed in 2024 were for bonds with the shortest maturity, 2.91% for bonds with one year to maturity.
For the fourth consecutive year, bonds for all maturities in 2025 had positive yields.
- The yields in 2025 were generally higher than those in 2024 and 2023: they were only lower than the yields in 2023 for bonds with seven or fewer years to maturity, while they were only lower than the yields in 2024 for bonds with five or fewer years to maturity.
- Unlike in all earlier years, the highest yields observed in 2025 were neither for bonds with the shortest maturity, nor those with the longest maturity; the highest yield observed was 3.11% for bonds with a 22-year or 23-year maturity.
- As in most years (most notably not in 2023 or 2024, but also not between 2019 and 2021), the lowest yields in 2025 were for bonds with shorter periods to maturity; the lowest yield was 1.96% for bonds with one or two years to maturity.

Source data for tables and graphs

Exchange rates and interest rates: tables and figures

Data sources

Exchange rates

Eurostat publishes a number of different datasets concerning exchange rates. There are two main datasets, with statistics on:

bilateral exchange rates between currencies, including some special conversion factors for countries that have adopted the euro
effective exchange rate indices.

Bilateral exchange rates are available with reference to the euro, although before 1999 they were given in relation to the European currency unit (ECU). The ECU ceased to exist on 1 January 1999 when it was replaced by the euro at an exchange rate of 1:1. From that date, the currencies of the euro area became subdivisions of the euro at irrevocably fixed rates of conversion.

Daily exchange rates are available from 1974 onwards against a large number of currencies. These daily values are used to construct monthly and annual averages, which are based on business day rates; alternatively, month-end and year-end rates are also published. From 2010 onwards the official rate for the Icelandic króna (ISK) is shown for indicative purposes.

Interest rates

Interest rates provide information on the cost or price of borrowing, or the gain from lending. Traditionally, interest rates are expressed in annual percentage terms, although the period for lending/borrowing can be anything from overnight to a period of many years. Different types of interest rates are distinguished either by the period of lending/borrowing involved or by the parties involved in the transaction (business, consumers, governments or interbank operations).

Long-term interest rates are one of the convergence criteria for European economic and monetary union (EMU). In order to comply, EU countries need to demonstrate an average nominal long-term interest rate that does not exceed by more than 2 percentage points that of, at most, the three best-performing EU countries. Long-term interest rates are based upon central government bond yields (or comparable securities), taking into account differences in national definitions, on the secondary market, gross of tax, with a residual maturity of around 10 years.

Eurostat also publishes a number of short-term interest rates, with different maturities (overnight, 1 to 12 months). A yield curve, also known as the term structure of interest rates, represents the relationship between market remuneration (interest) rates and the remaining time to maturity of government bonds.

Context

Interest rates, inflation rates and exchange rates are highly linked: the interaction between these economic phenomena is often complicated by a range of additional factors such as levels of government debt, the sentiment of financial markets, terms of trade, political stability and overall economic performance.

An exchange rate is the price or value of a currency in relation to another. Those countries with relatively stable and low inflation rates tend to display an appreciation in their currencies, as their purchasing power increases relative to other currencies, whereas higher inflation typically leads to a depreciation of the local currency. When the value of a currency appreciates against another, then that country’s exports become more expensive and its imports become cheaper.

Through using a common currency, the countries of the euro area have removed bilateral exchange rates and, therefore, aim to benefit from the elimination of currency exchange costs, lower transaction costs and the promotion of trade and investment resulting from the scale of the euro area market. Furthermore, the use of a single currency increases price transparency for consumers across the euro area.

All economic and monetary union participants are eligible to adopt the euro. Aside from demonstrating two years of exchange rate stability (via membership of ERM II), EU countries aiming to join the euro area also need to adhere to a number of additional criteria relating to interest rates, budget deficits, inflation rates and debt-to-GDP ratios.

From 1 January 2002, euro notes and coins entered circulation in the euro area, as 12 EU countries – Belgium, Germany, Ireland, Greece, Spain, France, Italy, Luxembourg, the Netherlands, Austria, Portugal and Finland – adopted the euro as their common currency. Slovenia subsequently joined the euro area at the start of 2007 and was followed by Cyprus and Malta on 1 January 2008, Slovakia on 1 January 2009, Estonia on 1 January 2011, Latvia on 1 January 2014, Lithuania on 1 January 2015, Croatia on 1 January 2023 and Bulgaria on 1 January 2026, bringing the total number of countries currently using the euro as their common currency to 21.

Central banks seek to exert influence over both inflation and exchange rates by way of monetary policy. Their main tool for this purpose is the setting of key interest rates. In joining the euro, each EU country agrees to allow the European Central Bank (ECB) to act as an independent authority responsible for maintaining price stability through the implementation of monetary policy. As of 1999, the ECB started to set benchmark interest rates and manage the euro area’s foreign exchange reserves. The ECB has defined price stability as a year-on-year increase in the harmonised index of consumer prices (HICP) for the euro area below, but close to, 2% over the medium term (see the article on consumer prices – inflation and comparative price levels). Monetary policy decisions are taken by the ECB’s governing council that meets every six weeks to analyse and assess economic and monetary developments and the risks to price stability and thereafter to decide upon the appropriate level of key interest rates.

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Database

Exchange and interest rates – detailed datasets, see:

Exchange rates (ert)

Bilateral exchange rates (ert_bil)

Effective exchange rate indices (ert_eff)

Exchange rates - historical data (ert_h)

Interest rates (irt)

Euro yield curves (irt_euryld)

Long-term interest rates (irt_lt)

Short-term interest rates (irt_st)

Interest rates - historical data (irt_h)

Exchange and interest rates – selected datasets, see:

Exchange rates (t_ert)

ECU/EUR exchange rates versus national currencies (tec00033)

Euro/national currency exchange rates (teimf200)

Real effective exchange rate - 42 trading partners (teimf250)

Interest rates (t_irt)

Euro yield curve by maturity (1, 5 and 10 years) (teimf060)

EMU convergence criterion series - annual data (tec00097)

Long term government bond yields (teimf050)

Day-to-day money market interest rates (teimf100)

3-month-interest rate (teimf040)

Thematic section

Exchange and interest rates

Methodology

Euro/ECU exchange rates (ESMS metadata file – ert_bil_eur_esms)
Conversion factors for euro fixed series into euro/ECU (ESMS metadata file – ert_bil_conv_esms)
Effective exchange rate indices (ESMS metadata file – ert_eff_esms)
Euro yield curves (ESMS metadata file – irt_euryld_esms)
Government bond yields - 10 years’ maturity (ESMS metadata file – irt_lt_gby10_esms)
Maastricht criterion interest rates (ESMS metadata file – irt_lt_mcby_esms)
Short-term interest rates (ESMS metadata file – irt_st_esms)

Legislation

Regulation (EC) No 2866/98 of 31 December 1998 on the conversion rates between the euro and the currencies of EU countries adopting the euro
Summaries of EU Legislation: Conversion rates between national currencies and the euro

External links

The euro (ECB)

Central banks within the European Union

European Central Bank
Belgium: Nationale Bank van België / Banque nationale de Belgique
Bulgaria: Българската народна банка
Czechia: Česká národní banka
Denmark: Danmarks Nationalbank
Germany: Deutsche Bundesbank
Estonia: Eesti Pank
Ireland: Banc Ceannais na hÉireann / Central Bank of Ireland
Greece: Τράπεζα της Ελλάδος
Spain: Banco de España
France: Banque de France
Croatia: Hrvatska narodna banka
Italy: Banca d’Italia
Cyprus: Kεντρική Τπάπεζα της Κύπρου
Latvia: Latvijas Banka
Lithuania: Lietuvos bankas
Luxembourg: Banque Centrale du Luxembourg
Hungary: Magyar Nemzeti Bank
Malta: Bank Ċentrali ta’ Malta / Central Bank of Malta
Netherlands: De Nederlandsche Bank
Austria: Österreichische Nationalbank
Poland: Narodowy Bank Polski
Portugal: Banco de Portugal
Romania: Banca Naţională a României
Slovenia: Banka Slovenije
Slovakia: Národná banka Slovenska
Finland: Suomen Pankki / Finlands Bank
Sweden: Sveriges Riksbank

Selected central banks outside the EU

China: Bank of China
Japan: Bank of Japan
United Kingdom: Bank of England
United States Federal Reserve

Bank for International Settlements

Central bank and monetary authority websites

Exchange rates and interest rates

Highlights

Exchange rates against the euro, 2015–25

Exchange rates

Interest rates

Source data for tables and graphs

Data sources

Exchange rates

Interest rates

Context

Explore further

Other articles

Database

Thematic section

Methodology

Legislation

External links