Cabo Verde | 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
Cabo Verde
Records
63
Source
Cabo Verde | Official exchange rate (LCU per US$, period average)
1960 28.75000003
1961 28.75000003
1962 28.75000003
1963 28.75000003
1964 28.75000003
1965 28.75000003
1966 28.75000003
1967 28.75000003
1968 28.75000003
1969 28.75000003
1970 28.75000003
1971 28.36017029
1972 27.05341667
1973 24.51516667
1974 25.40816667
1975 25.54325
1976 30.22908333
1977 34.04649167
1978 35.50075
1979 37.433
1980 40.17491667
1981 48.69466667
1982 58.29333333
1983 71.68583333
1984 84.87791667
1985 91.63166667
1986 80.14491667
1987 72.46583333
1988 72.0675
1989 77.97808333
1990 70.03133333
1991 71.40833333
1992 68.01758333
1993 80.42659736
1994 81.89083333
1995 76.85333333
1996 82.59146667
1997 93.17666667
1998 98.1575
1999 102.7
2000 115.87655158
2001 123.21333333
2002 117.25583333
2003 97.7875
2004 88.7479249
2005 88.64616853
2006 87.92606491
2007 80.61502716
2008 75.33600384
2009 80.03541773
2010 83.27868938
2011 79.27688148
2012 86.31895418
2013 83.0725
2014 83.0345
2015 99.38569354
2016 99.68811364
2017 97.80693777
2018 93.41357891
2019 98.49517859
2020 96.79574279
2021 93.21809241
2022 105.53078271

Cabo Verde | 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
Cabo Verde
Records
63
Source