Is there a particular exchange rate required to be used to convert turnover and asset values?

Merger Control (3rd edition)

Austria Small Flag Austria

Turnover has to be converted into Euro at the official exchange rate, i.e. the European Central Bank’s official exchange rates for the last business year. Thereby, the annual average rate has to be used. The exchange rates can be found on the website of the European Central Bank.

Chile Small Flag Chile

The exchange rate to be used to convert sales made in another currency and asset values to CLPs corresponds to the average annual exchange rate published by the Chilean Central Bank for the year preceding the transaction.

The applicable exchange rates for EUR and USD to CLP as of December 29th, 2017, are the following:

(i) 1 EURO = $735.21 CLP
(ii) 1 USD = $615.22 CLP

Turnover thresholds are in UF, which is a unit established by the Chilean Central Bank and changes according to inflation. To convert UFs into CLPs, it shall be considered the value of the UF on December 31st of the financial year preceding the transaction. As of December 31st, 2017, 1 UF was equivalent to $26,798.14 CLP.

Turkey Small Flag Turkey

For converting the annual turnover of an undertaking in foreign currency to TL, average buying rate of exchange of the Central Bank of Turkey for the financial year the turnover is generated is taken into consideration as the rate of exchange.

For 2017, applicable exchange rate to be used is 1 EUR= TL 4.11, 1 USD= TL 3.64.

Denmark Small Flag Denmark

Turnover, including assets, calculated in foreign currency is to be converted into Danish currency (DKK) according to the average exchange rate in the company’s most recent financial year.

The average applicable exchange rates in 2017 were EUR 100/DKK 743.86 and USD 100/DKK 659.53.

Ireland Small Flag Ireland

The CCPC does not specify the Euro conversion rates to be used in relation to the calculation of turnover, but generally follows the European Commission’s approach to the calculation of exchange rates for the purposes of the EUMR (i.e. by reference to the average rates published by the European Central Bank for the relevant period).

Cyprus Small Flag Cyprus

All turnovers and asset valuations are represented in the context of a notification of a concentration under Cyprus law must be in euro. Figures are derived from the last audited financial statements. The applicable exchange rate for turnovers and asset valuations in currencies other than the euro is deemed to be the one applicable at the time of calculation of the thresholds.

Italy Small Flag Italy

Foreign currency shall be converted into EUR using the average exchange rate of the reference year (data published by the European Central Bank are typically used).

Norway Small Flag Norway

Yes. The official exchange rate of Norges Bank (the Central Bank) is applied by the NCA.

Philippines Small Flag Philippines

The PCC’s Guidelines on the Computation of Merger Notification Thresholds state that if the financial statements of an entity are presented in a functional currency other than Philippine Pesos, the annual gross revenues from sales in, into or from the Philippines or the value of the assets in the Philippines of an entity shall be converted to Philippine Peso according to the average, over the twelve (12) months of that financial year, of the foreign exchange rate quoted by the Philippine’s central bank, the Bangko Sentral ng Pilipinas (“BSP”).

Russia Small Flag Russia

The official exchange rates determined by the Central Bank of the Russian Federation are used to convert foreign currencies into rubles. For most currencies, the rates are determined on a daily basis. The official rates are available on the website of the Central Bank of the Russian Federation ( With respect to data submitted to FAS, as a rule the exchange rate as of the last date of the relevant accounting period (regularly the calendar year) is applied, i.e. normally as of 31 December.

France Small Flag France

French merger control rules do not provide for a specific exchange rate.

In practice, it is usually referred to the average rate for the year concerned, published in the Monthly Bulletin of the European Central Bank (ECB).

South Africa Small Flag South Africa

While not expressly provided for by the Act or regulations, in practice, the exchange rate applied is typically the average exchange rate for the relevant accounting period to which the financial values relate.

Switzerland Small Flag Switzerland

Turnover in foreign currencies shall be converted into Swiss francs.

In practice, the annual average exchange rates based on the exchange rates provided by the Swiss National Bank are used for the conversion.

Germany Small Flag Germany

The Federal Cartel Office accepts only the average exchange rate of the European Central Bank.

Greece Small Flag Greece

No particular exchange rate to convert other currencies into Euros is prescribed by the Greek legislation.

Peru Small Flag Peru

The Law No. 26876 does not have specific provisions on the exchange rate required.

Also, the Bills do not establish anything in this regard.

Portugal Small Flag Portugal

The PCA’s practice has been to request that parties convert foreign currencies into euro using the average rate for the relevant twelve-month period, as determined by the European Central Bank, and in line with the Commission Consolidated Jurisdictional Notice.

Japan Small Flag Japan

A corporation should calculate turnover with the exchange rate that the corporation applied in its financial statements for the relevant accounting period. If a corporation does not have such rates, it may apply the average exchange rate for the relevant accounting period calculated from publicly available rates.

India Small Flag India

Yes, the conversion of the asset and turnover value from a foreign currency to INR or USD is required to be based on the average spot rate of the last six months quoted by the Reserve Bank of India from the date of the approval of the proposed merger or amalgamation by the board of directors of the transacting parties, or from the date of the execution of the acquisition agreement or any other document conveying an agreement to acquire shares/voting rights/control/assets of the target.

United Kingdom Small Flag United Kingdom

The CMA accepts the use of European Central Bank (ECB) exchange rates.

For the 2017 calendar year, GBP 1 = EUR 1.141 = USD 1.289.

ECB annual exchange rates for EUR / GBP and EUR / USD conversions are available at the ECB's website.

EU Small Flag EU

Typically, the average yearly European Central Bank exchange rate for the financial year to which the provided turnover information refers should be used.

Israel Small Flag Israel

Applicable exchange rates are the average exchange rates over the relevant period; normally the financial year preceding the transaction. If representative rates from the Bank of Israel are available for the relevant currency, these will be the determining rates for calculation of the turnover thresholds.

The average Bank of Israel representative rates for FY2017 were:

- US Dollars 3.6177 NIS = 1 USD
- Euros 4.0462 NIS = 1 EUR

China Small Flag China

In normal circumstances, the average of the central parity rates of the corresponding accounting year published by the People's Bank of China should be used to convert turnover in foreign currency into RMB.

Mexico Small Flag Mexico

The applicable currency is Mexican pesos. The legal competition framework states that transactions in other currencies should be converted to Mexican pesos for purposes of the thresholds.

Updated: March 18, 2019