A reference rate supplies information. An office quote applies to a specific proposed transaction. Check the source, currency unit, direction and time before you compare them.
A reference figure is not a reserved offer
A central bank reference rate can help you understand a currency pair. It does not establish that a nearby office will exchange your cash at that price. The European Central Bank states that its reference rates serve information purposes. It discourages their use for transactions.
That statement concerns the ECB's own series. Other sources can use different methods. Read the explanation attached to the series you use. Do not assume that every number called a “reference rate” has the same base currency or collection time.
Compare five details
Before comparing two figures, identify:
- The source that publishes each figure.
- The base currency and quoted currency.
- The unit, such as TRY per one GBP.
- Whether the figure is a buy price, sell price or reference value.
- The date and time of the underlying figure.
A single reference value is not the same as an office's two-sided price. One direction can look better than the reference while the other looks worse. First decide which transaction you need. The buy and sell guide explains the direction used on this site.
The same label can hide a different unit
The ECB reference table quotes currencies against the euro as its base. KKTC Exchange displays TRY for one GBP, EUR or USD. A number from one table can require a unit conversion before any comparison makes sense.
For an invented example, 1 EUR = 2 units of another currency is equivalent to 1 unit = 0.5 EUR. Those two numbers describe the same relationship in opposite directions. Neither example is a current quote.
Collection time and office time answer different questions
On KKTC Exchange, the collection time describes when the source gathered the rate data. An office time describes that office's quote when the source supplies one. A new collection can include an unchanged office quote.
If the source supplies no office time, the app shows that the time is unknown. It does not invent a recent time. A page refresh also does not prove that an office changed its rate.
How the comparison treats reference rows
The app identifies central bank rows as references. Its rate highlights exclude those rows. They also exclude commercial quotes with a known office time older than one hour. A quote without an office time can remain in a highlight, so the unknown-time notice still matters.
These rules apply to the displayed dataset. A highlight does not establish that every office in Northern Cyprus appears in the source. It does not confirm cash availability, fees or a rate reservation. The about page explains the data limits.
A small difference can have several explanations
Two quotes can refer to different times, directions or terms. A separate fee can also change the final amount. Ask for the complete offer rather than assuming that a difference proves an error.
Use the fees guide to compare net amounts. Use the rate list to inspect each supplied quote. This article explains how to read the information; it does not advise when to buy or sell a currency.
This content gives general information. Confirm the transaction rate, fees and cash availability with the office.
