Currency conversion rates in July 2020
Customs establishes the following currency conversion rates, which should be used when establishing the customs value of imported goods. These conversion rates must, if nothing else is mentioned, be used on goods that in Finland, during the time period 01.07.2020 - 31.07.2020, is released for free circulation within the customs territory of the Union.
The base currency for the established currency conversion rates below is euro (e.g. 1 EUR = 1.1232 USD).
|Currency||Currency code||Currency rate|
|United Arab Emirates||AED||4.0177|
If the transaction price or the related items are given in a currency other than the euro, the sums must first be converted into euros based on the currency rates confirmed by Customs.
On customs declarations, the value of the goods is declared in the currency stated on the invoice or freight bill. The sums are converted into euros according to the conversion rate confirmed by Customs.
In the case of customs declarations for release for free circulation, the conversion rates applied are those valid on the date when Customs accepts the customs declaration for the goods. For example, if the acceptance date of the customs declaration is in September, the rate Customs has confirmed for September will be applied.
How does Customs determine the currency conversion rates?
The reference rate published by the European Central Bank on the penultimate Wednesday of each month is used for currency conversion to determine the customs value. Customs will responsible for determining the rate if no ECB reference rate is available.
The currency rate will applied for one month from the first day of the following month.