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Economy and Finance

Ireland and the euro

Ireland joined the European Union in 1973 and was one of the first countries to adopt the euro on 1 January 1999.

Status

Euro-area member since 1 January 1999.

Fixed conversion rate

€1 = 0.787564 IEP

Adoption of the euro

The euro banknotes and coins were introduced in Ireland on 1 January 2002, after a transitional period of three years when the euro was the official currency but only existed as 'book money'. The dual circulation period – when both the Irish pound and the euro had legal tender status – ended on 9 February 2002.

Exchange of former national currency

The Central Bank of Ireland continues to exchange Irish pound banknotes and coins for an unlimited period.

Institutions