Press release

Euro exchange rate set for 2016 Basic Payment Scheme payments

BPS payments for England are set in Euros and then converted into sterling. The rate for 2016 has now been set.

Money

The Euro exchange rate has been set for calculating 2016 Basic Payment Scheme (BPS) payments.

BPS payments for England are set in Euros and then converted into sterling and the rate, an average of the European Central Bank exchange rates set in September, will be €1 = £0.85228.

The previous year’s exchange rate for 2015 BPS was €1 = £0.73129.

The Rural Payments Agency (RPA) will make full payments on 2016 BPS claims from the opening of the payment window in December.

The RPA makes all payments directly into bank accounts by BACS transfer.

Published 30 September 2016