Pakistan's best financial daily

The Business Recorder is Pakistan’s finest financial daily. However, what is not understandable is that its printed version is still neglecting the existence of the Euro zone for countries such as Germany, France, Netherlands, Italy, Belgium, Austria, and Spain.

The picture is showing the foreign exchange rate of Pakistan’s Business Recorder as of 4 December 2006. The above mentioned countries lost their national currencies on 1 January 1999.

For the history freaks and the editor of the Business Recorder:

On 31 December 1998 the conversion rates between the participating national currencies and the ECU (and later Euro with an exchange rate 1:1 between ECU and Euro) were irrevocably fixed, and became the official rates to be used for all conversions from national currencies to the ECU/Euro. On 1 January 1999 the Euro was born and legally, the participating currencies had ceased to exist and became ‘non-decimal sub-divisions’ of the Euro. The above mentioned date was also the start of the three year transition period before the introduction of Euro notes and coins. On 1 January 2002 the Euro notes and coins entered circulation and on 28 February 2002 the national currencies were withdrawn from circulation. (Sources from the European Union).

Again, this blog can not be read in Pakistan.