FX Week

BoE suggests round figure for sterling’s euro entry

NEWS

LONDON -- The Bank of England suggested last week that a "more convenient" conversion rate should be used for sterling’s anticipated euro entry.

Odd conversion rates were confusing when the first wave of countries joined the euro, as they were difficult to remember, the bank said in its 17th edition of Practical Issues Arising From the Euro.

"Conversion rates expressed to six significant figures were unavoidable in the first wave, as 11 countries joined EMU [economic and monetary union] initia