Key data
| Regulation | Resolution of 3 November 2026, from the Bank of Spain, publishing the euro exchange rates for 3 November 2026 |
|---|---|
| BOE Publication | 4 November 2026 |
| Effective date | 3 November 2026 |
| Affected parties | Businesses and individuals with foreign currency operations |
| Category | Regulatory Changes |
| Legal basis | Article 36 of Law 46/1998, of 17 December, on the Introduction of the Euro |
| Issuing body | Bank of Spain (rates set by the ECB) |
If your business operates with US dollars, Japanese yen or British pounds, the exchange rates published on 3 November 2026 are the ones you must apply in your accounting and tax records for that date. They are not advisory: they have official status in accordance with article 36 of the Law 46/1998, of 17 December, on the Introduction of the Euro.
The Bank of Spain Resolution contains the rates set by the European Central Bank (ECB) and grants them official validity in Spain. Their use is mandatory in certain tax settlements and in the accounting valuation of assets and liabilities in foreign currency.
What does this regulation establish?
The Bank of Spain publishes daily, in compliance with article 36 of Law 46/1998, the euro exchange rates set by the ECB. These rates are considered official exchange rates and are the legal reference for commercial, accounting and tax operations in Spain.
The rates published for 3 November 2026 are as follows:
| Currency | ISO Code | Exchange rate (1 EUR =) |
|---|---|---|
| US dollar | USD | 1.1179 |
| Japanese yen | JPY | 176.95 |
| British pound | GBP | 0.83358 |
These values apply to transactions, valuations and settlements that reference 3 November 2026. Publication in the BOE the following day (4 November) is the formal mechanism for official dissemination.
Economic and operational impact
For businesses with currency exposure, these rates directly determine the euro value of their positions. Let's look at the practical implications by currency:
- US dollar (1.1179 USD/EUR): One euro buys 1.1179 dollars. Businesses exporting to the US or receiving payments in USD must convert their income at this rate. Importers paying in USD will calculate their cost in euros by dividing the dollar amount by 1.1179.
- Japanese yen (176.95 JPY/EUR): One euro equals 176.95 yen. Businesses with operations in Japan or with Japanese suppliers must apply this rate to value debts and credits in JPY on 3 November 2026.
- British pound (0.83358 GBP/EUR): One euro exchanges for 0.83358 pounds. This means that 1 pound equals approximately 1.1997 euros. Relevant for businesses with operations in the post-Brexit United Kingdom.
On the accounting side, the General Accounting Plan requires converting foreign currency balances at the applicable closing rate. Using a rate other than the official one may result in incorrectly recorded exchange differences and adjustments in Corporate Income Tax.
Who does it affect?
- Exporting and importing businesses with invoicing in USD, JPY or GBP that must record transactions dated 3 November 2026.
- Accounting and finance departments that close foreign currency positions or perform balance conversions on that date.
- CFOs and controllers who prepare financial reports with currency exposure.
- Tax advisors and auditors who must evidence the exchange rate applied in Corporate Income Tax settlements, VAT in intra-community operations or information returns.
- Businesses with debt or investments in foreign currency that must value their positions as of 3 November 2026.
- Individuals with significant foreign currency operations (purchase and sale of foreign property, international inheritances, etc.) who need to evidence the official rate.
Practical example
A Spanish company imports electronic components from a US supplier. The invoice, with accrual date 3 November 2026, amounts to 500,000 USD.
Applying the official rate published by the Bank of Spain for that date:
- Official rate: 1 EUR = 1.1179 USD
- Amount in euros: 500,000 ÷ 1.1179 = 447,267.20 EUR (approximately)
If the company had applied a different rate—for example, its commercial bank's rate for that day—and the difference was significant, it could face an accounting adjustment and a discrepancy in its Corporate Income Tax return. The official ECB rate is the reference that prevails in case of inspection or litigation.
The same principle applies for a company with a loan in British pounds: if the outstanding balance on 3 November 2026 is 200,000 GBP, its value in euros according to the official rate is 200,000 ÷ 0.83358 = 239,940 EUR approximately.
What should businesses do now?
- Verify all transactions dated 3 November 2026 in USD, JPY or GBP and ensure they have been recorded with the official published rates (1.1179 / 176.95 / 0.83358 respectively).
- Update ERP or accounting systems with these exchange rates for the indicated date, especially if the system does not load them automatically from the ECB or Bank of Spain.
- Review foreign currency balances as of 3 November 2026: debts to suppliers, credits from customers, loans and deposits in foreign currencies must be valued at these rates.
- Document the rate applied in accounting records and keep the official source (BOE of 4 November 2026, reference BOE-A-2026-23166) as support for possible requests from the Tax Agency or audits.
- Consult with your tax advisor if there are significant operations (mergers, acquisitions, intercompany loans in foreign currencies) where the official exchange rate has material impact on the taxable base.
Frequently asked questions
What is the official euro exchange rate against the dollar on 3 November 2026?
The official exchange rate published by the Bank of Spain for 3 November 2026 is 1 euro = 1.1179 US dollars (USD). This rate has been set by the European Central Bank and has official status in accordance with article 36 of Law 46/1998.
Is it mandatory to use the official ECB exchange rate in my company's accounting?
Yes, in certain tax and accounting settlements, current regulations require applying the official exchange rates published by the Bank of Spain. Their use is mandatory for the valuation of assets, liabilities and transactions in foreign currency when it is necessary to evidence the rate to the Tax Agency or in audits.
How much is a Japanese yen worth in euros according to the official rate on 3 November 2026?
According to the official rate published, 1 euro equals 176.95 Japanese yen (JPY). Therefore, 1 yen is worth approximately 0.005651 euros. This rate is the reference for operations with Japan accrued on that date.
Where can I consult the official exchange rates of the Bank of Spain?
Official exchange rates are published daily in the Official State Gazette (BOE). The resolution corresponding to 3 November 2026 has the reference BOE-A-2026-23166 and was published on 4 November 2026. They are also available on the Bank of Spain website.
What official exchange rate applies for the British pound on 3 November 2026?
The official rate for the British pound is 1 euro = 0.83358 British pounds (GBP), which means that 1 pound is worth approximately 1.1997 euros. This rate is relevant for businesses with commercial or financial operations with the United Kingdom.
Official source
View complete regulation in official source
Disclaimer: This article is for informational purposes only and does not constitute legal advice. For specific decisions, consult a qualified professional. Source: https://www.boe.es/diario_boe/txt.php?id=BOE-A-2026-23166
