Greek drachma

Data provided for this currency at BPStat | Statistics online| cover the period from January 1948 to December 1998, except for observations between October 1950 and September 1951.

The ISO 4217 code for the Greek currency is GRD.

During this period, particular reference may be made to the following events, which possibly account for some of the changes in this currency against the Portuguese escudo:

·         On 21 September 1949, due to Pound sterling devaluation on 18 September, there was a devaluation of the Greek drachma, to a parity of GRD 15,000 = USD 1;

·         From October 1952 to April 1953 a currency surcharge system was in force in Greece, with an increase of 25% to 200% over imports and a subsidy of 12% to 50% for exports;

·         On 9 April 1953 the drachma was devalued by 50% against the US dollar;

·         On 1 May 1954 an exchange rate reform created a new drachma equal to 1,000 former drachmas;

·         On 29 March 1961 the IMF was notified of an initial value of GRD 30.00 = USD 1, equivalent to GRD 1 = 0.0296224 grammes of fine gold;

·         Due to the devaluation of the US dollar, on 18 December 1971 a “central exchange rate” was announced, no changes having been introduced vis-ŕ-vis the previous parity reported to the Fund. The drachma moved to a floating regime, with a magnitude of 4.5%;

·         On 19 May 1972 the Greek drachma was devalued by 7.85%, the “central exchange rate” remaining unchanged;

·         On 19 October 1973 Greece announced the fluctuation of its currency against all currencies except for the US dollar. Several adjustments followed this valuation;

·         On 7 March 1975 the drachma began to fluctuate, even against the US dollar, and exchange values were calculated based on a basket of currencies which were more representative in the Greek economy;

·         On 15 June 1982 the drachma was devalued by 3.2% against the US dollar and by 2.2% against the Deutsche Mark. The Greek currency was revalued by 3.6% against the French franc;

·         On 9 January 1983 the drachma was devalued by 15.5%, with a further peg with the US dollar, at GRD 84 = USD 1;

·         Exchange rates were again based on a basket of currencies on 3 August 1983;

·         On 17 September 1984 the Greek currency became an integral part of the basket for the calculation of the ECU value;

·         As of 15 July 1985 Banco de Portugal set exchange rates for the Greek drachma (coins) on a normal basis;

·         On 15 October 1985 the drachma was devalued by 15% against the US dollar;

·         Pursuant to paragraph 4 of article 109l of the Treaty establishing the European Community, the irrevocably fixed rates for the euro were adopted on 31 December 1998 by the EU Council (19 June 2000 for Greece, 11 July 2006 for Slovenia and 10 July 2007 for Cyprus and Malta), upon a proposal from the Commission of European Communities and after consulting the European Central Bank (ECB). They entered into force at 12 p.m. of 1 January 1999 (1 January 2001 for Greece, 1 January 2007 for Slovenia and 1 January 2008 for Cyprus and Malta).

The conversion rate between the euro and the Greek drachma is the following (X foreign currency per 1 euro):

(1)   In force as of 1 January 2001