Overview of the most important annual average exchange rates for foreign currencies

The conversion of income in foreign currency must be done on a monthly basis using the Euro reference rate of the European Central Bank. The monthly exchange rates are determined by the Federal Ministry of Finance.

However, it is not objected if wage payments received in a foreign currency are converted on the basis of an annual exchange rate - calculated from the monthly published VAT reference rates, rounded down to the nearest 50 cents. (BMF letter dated 03.05.2018)