Euro at 1.1392 USD on June 23: Official exchange rates for businesses

Key data

If your company operates with dollars, yen or pounds, on June 23, 2026 you have an official exchange rate that is not optional: it is the one you must use to value operations, calculate taxes and record in accounting. The Resolution from the Bank of Spain published on June 24 in the BOE conveys the rates set by the European Central Bank and grants them official status in accordance with article 36 of Law 46/1998.

This is not a guidance rate. Its official status means that the Tax Authority, auditors and courts can require its application for operations on June 23, 2026.

What does this regulation establish?

The Bank of Spain publishes daily the official euro exchange rates established by the ECB. These rates have the legal status of official exchange rates by virtue of article 36 of Law 46/1998, making them mandatory reference for certain operations.

The three rates published for June 23, 2026 are:

These rates apply to commercial, accounting and tax operations requiring currency conversion with value date June 23, 2026. Publication in the BOE the following day (June 24) is the usual mechanism for official dissemination.

Economic and operational impact

The official exchange rate of the day directly determines the euro value of any operation denominated in foreign currency. This affects three critical business areas:

• Accounting: Assets and liabilities in foreign currencies (accounts receivable, debts, deposits) must be valued at the official rate of closing or transaction date. An error in the applied rate can generate incorrect exchange differences.
• Tax: The taxable base in international operations (VAT on imports, Corporate Income Tax on transactions with foreign subsidiaries) is calculated in euros using the official rate. Applying a different rate can result in incorrect settlements.
• Commercial operations: Invoices issued or received in USD, JPY or GBP on June 23 must be converted using these rates for accounting entry and to determine the effective price in euros.

With the euro at 1.1392 USD, every 100,000 dollars collected equals approximately 87,783 euros. With the euro at 0.86200 GBP, every 100,000 pounds collected equals approximately 115,997 euros. These differences compared to rates from previous days can have material impact on companies with high volume of international operations.

Who does it affect?

• Exporting companies that invoice in dollars, yen or pounds and must convert their income to euros.
• Importing companies that pay suppliers in USD, JPY or GBP and need to value the cost in euros for their accounting.
• Finance departments and CFOs that manage exchange rate hedges or open positions in foreign currency.
• Tax and accounting advisors that prepare VAT on imports settlements, Corporate Income Tax returns or accounting closures with foreign currency operations.
• Financial entities that operate with customers in foreign currencies or manage portfolios with assets denominated in USD, JPY or GBP.
• Companies with subsidiaries or contracts in the United Kingdom, USA or Japan that record intercompany operations in foreign currency.

Practical example

A Spanish electronics components importing company receives on June 23, 2026 an invoice from its Japanese supplier for 5,000,000 yen (JPY).

Applying the official rate published by the Bank of Spain for that day (1 euro = 184.02 JPY), the amount to record in accounting is:

5,000,000 JPY ÷ 184.02 = approximately 27,171.50 euros.

If the company had used a different rate—for example, the previous day's rate or an unofficial bank rate—the recorded amount could differ by several hundred euros, generating an incorrect exchange difference and a possible adjustment in the tax return. Using the official ECB rate published by the Bank of Spain eliminates this risk.

What should companies do now?

1. Record operations from June 23 with official rates: Any invoice, collection or payment in USD, JPY or GBP with value date June 23 must be recorded using 1 EUR = 1.1392 USD, 184.02 JPY or 0.86200 GBP respectively.
2. Review accounting systems and ERP: Verify that management software has correctly updated the exchange rates for the day. Many systems update automatically, but it is advisable to confirm to avoid errors in automatic entries.
3. Calculate pending exchange differences: If there are open balances in foreign currency (customers or suppliers), value them at the June 23 rate to determine the exchange differences for the period.
4. Document the applied rate: Keep the reference to the Bank of Spain Resolution of June 23, 2026 as documentary support for possible Tax Authority reviews or audits.
5. Inform the tax team: If there are import operations with VAT to settle or intercompany transactions, convey the official rate to the tax advisor so they apply it in the corresponding settlements.

Official source

Consult complete regulation in official source

Notice: 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-2026-13736