HMRC exchange rates for January 2023
These are the official HMRC period rates for January 2023, covering 143 currencies. HMRC fixes one rate per currency per calendar month and does not revise the published monthly file afterwards, so these are the same figures HMRC issued at the time — which is what a correction to that period needs. (For customs valuation HMRC can separately issue an amended rate during a month; check its amendments feed if a currency moved sharply.) Rates are units of foreign currency per £1, so you divide the foreign amount by the rate.
Where January 2023 sits in the run of rates
Sterling bought €1.1652 in January 2023. Over the 12 months to January 2023 the rate ranged from 1.1471 to 1.2013, averaging 1.1772. Against January 2022 (1.1745), that is -0.8%.
For US dollars the month's rate was $1.2406 , down 6.1% on January 2022, against a 12-month range of 1.1259 to 1.3629.
Comparisons across months are ours: HMRC publishes each month on its own.
What moved most against sterling
Compared with December 2022, across the currencies UK businesses actually trade. A positive figure means sterling bought more of that currency in January 2023 than the month before; a negative figure means it bought less.
| Currency | Code | December 2022 | January 2023 | Change |
|---|---|---|---|---|
| Mexican Peso | MXN | 23.3684 | 24.4721 | +4.72% |
| Dollar | CAD | 1.6144 | 1.6825 | +4.22% |
| Rand | ZAR | 20.5347 | 21.3221 | +3.83% |
| Rupee | INR | 98.7621 | 102.2892 | +3.57% |
| Turkish Lira | TRY | 22.4635 | 23.1130 | +2.89% |
| Riyal | SAR | 4.5348 | 4.6647 | +2.86% |
| Dollar (US) | USD | 1.2065 | 1.2406 | +2.83% |
| Dirham | AED | 4.4317 | 4.5569 | +2.83% |
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 2023
| Currency | Code | Units per £1 | Used by |
|---|---|---|---|
| Dirham | AED | 4.5569 | Abu Dhabi, Dubai, UAE |
| Lek | ALL | 133.5447 | Albania |
| Dram | AMD | 488.9586 | Armenia |
| Readj Kwanza | AOA | 634.2580 | Angola |
| Peso | ARS | 213.5512 | Argentina |
| Dollar | AUD | 1.8070 | Australia |
| Florin | AWG | 2.2207 | Aruba |
| New Manat | AZN | 2.1090 | Azerbaijan |
| Marka | BAM | 2.2879 | Bosnia- Herzegovinia |
| Dollar | BBD | 2.4812 | Barbados |
| Taka | BDT | 128.0922 | Bangladesh |
| Lev | BGN | 2.2787 | Bulgaria |
| Dinar | BHD | 0.4677 | Bahrain |
| Franc | BIF | 2,551.9194 | Burundi |
| Dollar (US) | BMD | 1.2406 | Bermuda |
| Dollar | BND | 1.6712 | Brunei |
| Boliviano | BOB | 8.5726 | Bolivia |
| Real | BRL | 6.6052 | Brazil |
| Dollar | BSD | 1.2406 | Bahamas |
| Ngultrum | BTN | 102.2892 | Bhutan |
| Pula | BWP | 15.9666 | Botswana |
| Rouble | BYN | 3.1077 | Belarus |
| Dollar | BZD | 2.4812 | Belize |
| Dollar | CAD | 1.6825 | Canada |
| Congo Fr | CDF | 2,522.1451 | Congo (DemRep) |
| Franc | CHF | 1.1459 | Switzerland |
| Peso | CLP | 1,076.6197 | Chile |
| Yuan | CNY | 8.6103 | China |
| Peso | COP | 5,932.9963 | Colombia |
| Colon | CRC | 742.6309 | Costa Rica |
| Peso | CUP | 29.6903 | Cuba |
| Escudo | CVE | 129.3328 | Cape Verde Islands |
| Koruna | CZK | 28.2638 | Czech Republic |
| Franc | DJF | 220.2069 | Djibouti |
| Krone | DKK | 8.6672 | Denmark |
| Peso | DOP | 68.3200 | Dominican Republic |
| Dinar | DZD | 170.6642 | Algeria |
| Dollar | ECS | 1.2406 | Ecuador |
| Pound | EGP | 30.6560 | Egypt |
| Nakfa | ERN | 18.6090 | Eritrea |
| Birr | ETB | 66.3102 | Ethiopia |
| Euro | EUR | 1.1652 | Eurozone |
| Dollar | FJD | 2.7572 | Fiji Islands |
| Lari | GEL | 3.3062 | Georgia |
| Cedi | GHS | 12.6231 | Ghana |
| Dalasi | GMD | 76.7933 | Gambia |
| Franc | GNF | 10,686.5351 | Guinea Republic |
| Quetzal | GTQ | 9.7722 | Guatemala |
| Dollar | GYD | 259.6702 | Guyana |
| Dollar | HKD | 9.6430 | Hong Kong |
| Lempira | HNL | 30.6429 | Honduras |
| Kuna | HRK | 8.7812 | Croatia |
| Gourde | HTG | 177.6962 | Haiti |
| Forint | HUF | 471.7727 | Hungary |
| Rupiah | IDR | 19,344.1183 | Indonesia |
| Shekel | ILS | 4.2183 | Israel |
| Rupee | INR | 102.2892 | India |
| Dinar | IQD | 1,811.4221 | Iraq |
| Krona | ISK | 175.8058 | Iceland |
| Dollar | JMD | 190.5704 | Jamaica |
| Dinar | JOD | 0.8796 | Jordan |
| Yen | JPY | 167.2828 | Japan |
| Schilling | KES | 152.4080 | Kenya |
| Som | KGS | 105.3892 | Kyrgyz Republic |
| Riel | KHR | 5,102.5163 | Cambodia |
| Franc | KMF | 573.2204 | Comoros |
| Won | KRW | 1,608.1310 | South Korea |
| Dinar | KWD | 0.3799 | Kuwait |
| Dollar | KYD | 1.0173 | Cayman Islands |
| Tenge | KZT | 582.6613 | Kazakhstan |
| Kip | LAK | 21,500.8314 | Lao People's Dem Rep |
| Pound | LBP | 1,888.1972 | Lebanon |
| Rupee | LKR | 454.3955 | Sri Lanka |
| Loti | LSL | 21.3221 | Lesotho |
| Dinar | LYD | 6.0079 | Libya |
| Dirham | MAD | 12.9784 | Morocco |
| Leu | MDL | 23.9598 | Moldova |
| Malagasy Ariary | MGA | 5,464.8542 | Madagascar |
| Denar | MKD | 71.7130 | Macedonia |
| Kyat | MMK | 2,606.4644 | Myanmar |
| Tugrik | MNT | 4,249.0649 | Mongolia |
| Pataca | MOP | 9.9323 | Macao |
| Ouguiya | MRU | 44.3267 | Mauritania |
| Rupee | MUR | 54.5865 | Mauritius |
| Rufiyaa | MVR | 19.1053 | Maldive Islands |
| Kwacha | MWK | 1,275.2340 | Malawi |
| Mexican Peso | MXN | 24.4721 | Mexico |
| Ringgit | MYR | 5.4481 | Malaysia |
| Metical | MZN | 79.2125 | Mozambique |
| Naira | NGN | 552.6884 | Nigeria |
| Gold Cordoba | NIO | 45.2820 | Nicaragua |
| Norwegian Krone | NOK | 12.1046 | Norway |
| Rupee | NPR | 163.6628 | Nepal |
| Dollar | NZD | 1.9227 | New Zealand |
| Rial | OMR | 0.4776 | Oman |
| Balboa | PAB | 1.2406 | Panama |
| New Sol | PEN | 4.7577 | Peru |
| Kina | PGK | 4.3713 | Papua New Guinea |
| Peso | PHP | 69.2070 | Philippines |
| Rupee | PKR | 279.1356 | Pakistan |
| Zloty | PLN | 5.4569 | Poland |
| Guarani | PYG | 8,948.5619 | Paraguay |
| Riyal | QAR | 4.5180 | Qatar |
| New Leu | RON | 5.7374 | Romania |
| Dinar | RSD | 136.7640 | Serbia |
| Rouble | RUB | 80.4841 | Russia |
| Franc | RWF | 1,317.5199 | Rwanda |
| Riyal | SAR | 4.6647 | Saudi Arabia |
| Dollar | SBD | 10.2402 | Soloman Islands |
| Rupee | SCR | 17.6889 | Seychelles |
| Pound | SDG | 704.0419 | Sudan Republic |
| Krona | SEK | 12.6559 | Sweden |
| Dollar | SGD | 1.6712 | Singapore |
| Leone | SLL | 17,223.6508 | Sierra Leone |
| Schilling | SOS | 705.6730 | Somali Republic |
| Dollar | SRD | 39.2936 | Surinam |
| Dobra | STD | 28,548.8000 | Saotome & Principe |
| Colon | SVC | 10.8613 | El Salvador |
| Lilangeni | SZL | 21.3221 | Swaziland |
| Baht | THB | 42.8659 | Thailand |
| New Manat | TMT | 4.3111 | Turkmenistan |
| Dinar | TND | 3.8622 | Tunisia |
| Pa'anga (AUS) | TOP | 1.8070 | Tonga Islands |
| Turkish Lira | TRY | 23.1130 | Turkey |
| Dollar | TTD | 8.3673 | Trinidad/Tobago |
| Dollar | TWD | 37.9178 | Taiwan |
| Schilling | TZS | 2,893.0849 | Tanzania |
| Hryvnia | UAH | 45.7993 | Ukraine |
| Schilling | UGX | 4,584.0270 | Uganda |
| Dollar (US) | USD | 1.2406 | Liberia, USA |
| Peso | UYU | 47.9183 | Uruguay |
| Sum | UZS | 13,964.4911 | Uzbekistan |
| Dong | VND | 29,203.8164 | Vietnam |
| Vatu | VUV | 147.1417 | Vanuatu |
| Tala | WST | 3.3548 | Western Samoa |
| CFA Franc | XAF | 764.2939 | Cameroon Republic, Central African Republic, Chad and 3 more |
| E Caribbean Dollar | XCD | 3.3496 | Antigua, Dominica, Grenada and 4 more |
| CFA Franc | XOF | 764.2939 | Benin, Burkina Faso, Cote d'Ivoire and 5 more |
| CFP Franc | XPF | 139.0403 | Fr. Polynesia, New Caledonia, Wallis & Futuna Islands |
| Rial | YER | 310.4608 | Yemen (Rep of) |
| Rand | ZAR | 21.3221 | South Africa |
| Kwacha | ZMW | 21.8160 | Zambia |
| Dollar | ZWL | 448.9740 | Zimbabwe |
Using this month's rate
Worked example. An invoice for USD 10,000 dated in January 2023, at that month's rate of 1.2406, converts to £8,060.62 (10,000 ÷ 1.2406). 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
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