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Economy and Finance

Greece and the euro

Greece joined the European Union in 1981, and adopted the euro in 2001 in time to be among the first wave of countries to launch euro banknotes and coins on 1 January 2002.

Status

Euro-area member since 1 January 2001

Fixed conversion rate

€1 = 340.750 GRD

Adoption of the euro

The euro banknotes and coins were introduced in Greece on 1 January 2002, after a transitional period of one year when the euro was the official currency but only existed as 'book money'. The dual circulation period – when both the Greek drachma and the euro had legal tender status – ended on 28 February 2002.

Exchange of former national currency

The Τράπεζα της Ελλάδος (National Central Bank of Greece) exchanged drachma coins until 1 March 2004 and drachma banknotes until 1 March 2012.

Institutions