Announcement of the Czech National Bank on a change in the extent of exchange rates published as of 1 January 2004 in connection with the accession of the Czech Republic to the European Union

With effect from 1 January 2004 there will be a change in the extent of published exchange rates in connection with the Czech Republic's accession to the European Union as of 1 May 2004. In addition to the 16 exchange rates published at present, the rates of the following 13 currencies will be included:

BGN – Bulgarian lev

EEK – Estonian kroon

HKD – Hong Kong dollar

ISK – Icelandic krona

ZAR – South African rand

KRW – South Korean won

CYP – Cyprus pound

LTL – Lithuanian litas

LVL – Latvian lats

MTL – Maltese lira

ROL – Romanian leu

SGD – Singapore dollar

TRL – Turkish lira

The exchange rates effective from 31 December 2003, which will be created on 31 December 2003, will be published in the existing form.

The adjusted exchange rates effective from 2 January 2004, which will be created on 2 January 2004, will look like this:

Exchange rates (29 items):

1 USD = XX.XXX CZK

1 EUR = XX.XXX CZK

(exchange rates of another 27 currencies given below)

Under the Act on Accounting and other legal norms, the exchange rates are used for non-business purposes (valuing assets and liabilities, tax and customs proceedings, etc). For client operations, commercial banks are allowed to use their own CZK exchange rates vis-ŕ-vis individual currencies, in line with current practice.

CNB Communications Division