What is the Currency of Belgium?

By Japhet Rotich on August 1 2017 in Economics

A collection of euro bills.
A collection of euro bills.

The euro is the current official currency of Belgium. It replaced the Belgian franc the year 2002.

The Most Traded Currency Worldwide

After the United States dollar, the euro came second as the most traded currency worldwide, and in January 2017, at least €1,109,000,000,000 worth were in use.

In Madrid, the use of euro was accepted officially in the year 1995. Later introduction to the world market took place on January 1, 1999. By May 2002, the euro had taken over previously used currencies. Despite trading at a lower rate than United States dollar as late as October 2000, it increased its exchange rate to US$1.6038 as on July 2008. From June 2017, the euro traded with the dollar at approximately US$1.13.

Banknotes and Coins

The smallest denomination is 100 cents, called "euro cents". All the coins in circulation bear the same side with the value, a map, and denomination inscribed. Due to the linguistic diversity of the Eurozone, the language used on the coins is Latin.

Coins are available in the following denominations: 1c, 2c, 5c, 10c, 20, 50c, €2. Coins bearing €2 on the face entered the market with different features of nationally designed-coins. These coins were introduced to mark various commemorations - for example, the 50th anniversary of Rome Treaty signing.

The euro notes carry the same designs on the two sides. Robert Kalina developed the design. The issuance of banknotes is done in €5, €10, €20, 50, €100, € 200, and €500. Every note has particular color representing artistic or architectural achievements in Europe. The bridges on the banknotes stand for the connection between the future and European nations. Others characteristics on the notes are gateways and windows.

The € Symbol

The € symbol was designed by Alain Billiet a Belgian. It was adopted after the proposed ten subsequently reduced to two. The Є part represents the civilization in Europe and the initials letter of the name Europe while the lines on parallel ‘indicates’ the euro's stability.

More in Economics