HMRC exchange rates for January 2022

Where January 2022 sits in the run of rates

Sterling bought €1.1745 in January 2022. Over the 12 months to January 2022 the rate ranged from 1.1261 to 1.1907, averaging 1.1648. Against January 2021 (1.1075), that is +6.0%.

For US dollars the month's rate was $1.3215 , down 2.1% on January 2021, against a 12-month range of 1.3215 to 1.4146.

Comparisons across months are ours: HMRC publishes each month on its own.

What moved most against sterling

Compared with December 2021, across the currencies UK businesses actually trade. A positive figure means sterling bought more of that currency in January 2022 than the month before; a negative figure means it bought less.

Deliberately limited to widely traded currencies. Ranking all ~140 by size of move fills the table with redenominations and revaluations rather than market movement — when Croatia adopted the euro in January 2023, for instance, the Croatian kuna's published figure changed by 87% without any exchange rate moving at all.

All 143 rates for January 2022

Using this month's rate

Worked example. An invoice for USD 10,000 dated in January 2022, at that month's rate of 1.3215, converts to £7,567.16 (10,000 ÷ 1.3215). Because the rates are units per £1, you divide rather than multiply — the most frequent error in practice.

HMRC's period rate is an accepted method for VAT; VAT Notice 700 also permits the European Central Bank rate or a rate agreed in advance with HMRC, provided you apply your chosen method consistently. For the current month, the background on which rate applies to which tax, and the full explanation, see our HMRC exchange rates page.

If you are paying rather than filing, this is not the rate you will get: that depends on your provider's margin against the mid-market rate. The FX calculator shows the difference, and the IBAN checker validates the account before you send.

Other months

All of 2022 →  ·  Every year →

Source: HMRC monthly exchange rate file via the UK Online Trade Tariff, under the Open Government Licence v3.0 · Retrieved 31 August 2026 · Editorial policy