Average daily foreign exchange turnover in Ireland fell between April 1998 and April 2001 largely as a result of the euro's introduction in January 1999, according to a survey by the Central Bank of Ireland along with the Bank for International Settlements. Average daily foreign exchange turnover - spot, outright forward and foreign exchange swap transactions - amounted to $8.3 billion (€9.1 billion) in April 2001, of which 70 per cent was with euro area residents.
This compares with a figure of $10.1 billion for April 1998. The major currencies in which trading was conducted were dollar against euro (54 per cent); dollar against sterling (15 per cent); euro against sterling (9 per cent); dollar against yen (9 per cent); and euro against yen (5 per cent). Derivative activity recorded significant growth over the period with average daily turnover at $6.2 billion in April 2001, compared with $2.4 billion in April 1998. Most of this related to single currency interest rate derivative products.
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