Benin | Official exchange rate (LCU per US$, period average)

Official exchange rate refers to the exchange rate determined by national authorities or to the rate determined in the legally sanctioned exchange market. It is calculated as an annual average based on monthly averages (local currency units relative to the U.S. dollar). Development relevance: In a market-based economy, household, producer, and government choices about resource allocation are influenced by relative prices, including the real exchange rate, real wages, real interest rates, and other prices in the economy. Relative prices also largely reflect these agents' choices. Thus relative prices convey vital information about the interaction of economic agents in an economy and with the rest of the world. Limitations and exceptions: Official or market exchange rates are often used to convert economic statistics in local currencies to a common currency in order to make comparisons across countries. Since market rates reflect at best the relative prices of tradable goods, the volume of goods and services that a U.S. dollar buys in the United States may not correspond to what a U.S. dollar converted to another country's currency at the official exchange rate would buy in that country, particularly when nontradable goods and services account for a significant share of a country's output. An alternative exchange rate - the purchasing power parity (PPP) conversion factor - is preferred because it reflects differences in price levels for both tradable and nontradable goods and services and therefore provides a more meaningful comparison of real output. Statistical concept and methodology: The exchange rate is the price of one currency in terms of another. Official exchange rates and exchange rate arrangements are established by governments. Other exchange rates recognized by governments include market rates, which are determined largely by legal market forces, and for countries with multiple exchange arrangements, principal rates, secondary rates, and tertiary rates.
Publisher
The World Bank
Origin
Republic of Benin
Records
63
Source
Benin | Official exchange rate (LCU per US$, period average)
1960 245.1951014
1961 245.26010162
1962 245.01385069
1963 245.0163507
1964 245.02718408
1965 245.06093421
1966 245.67843656
1967 246.00093779
1968 247.56469376
1969 259.96057435
1970 276.40313703
1971 275.35645669
1972 252.02762746
1973 222.88918305
1974 240.70466764
1975 214.31290034
1976 238.95049427
1977 245.67968657
1978 225.65586023
1979 212.72164426
1980 211.27955541
1981 271.73145255
1982 328.6062527
1983 381.06603602
1984 436.95666579
1985 449.26296271
1986 346.30590355
1987 300.5365624
1988 297.84821882
1989 319.00829949
1990 272.26478795
1991 282.10690881
1992 264.69180075
1993 283.1625795
1994 555.20469566
1995 499.1484259
1996 511.55243027
1997 583.66937235
1998 589.95177457
1999 615.47334932
2000 710.20797703
2001 732.39769326
2002 693.7132265
2003 579.89742617
2004 527.33803229
2005 527.25836265
2006 522.4256249
2007 478.63371848
2008 446.00004143
2009 470.29342334
2010 494.79426222
2011 471.24862572
2012 510.55633845
2013 493.89962385
2014 493.75732988
2015 591.21169798
2016 592.60561506
2017 580.65674959
2018 555.4464584
2019 585.95081376
2020 574.29454965
2021 554.60779886
2022 623.93731193

Benin | Official exchange rate (LCU per US$, period average)

Official exchange rate refers to the exchange rate determined by national authorities or to the rate determined in the legally sanctioned exchange market. It is calculated as an annual average based on monthly averages (local currency units relative to the U.S. dollar). Development relevance: In a market-based economy, household, producer, and government choices about resource allocation are influenced by relative prices, including the real exchange rate, real wages, real interest rates, and other prices in the economy. Relative prices also largely reflect these agents' choices. Thus relative prices convey vital information about the interaction of economic agents in an economy and with the rest of the world. Limitations and exceptions: Official or market exchange rates are often used to convert economic statistics in local currencies to a common currency in order to make comparisons across countries. Since market rates reflect at best the relative prices of tradable goods, the volume of goods and services that a U.S. dollar buys in the United States may not correspond to what a U.S. dollar converted to another country's currency at the official exchange rate would buy in that country, particularly when nontradable goods and services account for a significant share of a country's output. An alternative exchange rate - the purchasing power parity (PPP) conversion factor - is preferred because it reflects differences in price levels for both tradable and nontradable goods and services and therefore provides a more meaningful comparison of real output. Statistical concept and methodology: The exchange rate is the price of one currency in terms of another. Official exchange rates and exchange rate arrangements are established by governments. Other exchange rates recognized by governments include market rates, which are determined largely by legal market forces, and for countries with multiple exchange arrangements, principal rates, secondary rates, and tertiary rates.
Publisher
The World Bank
Origin
Republic of Benin
Records
63
Source