Cayman Islands | 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
Cayman Islands
Records
63
Source
Cayman Islands | Official exchange rate (LCU per US$, period average)
1960 0.71428571
1961 0.71428571
1962 0.71428571
1963 0.71428571
1964 0.71428571
1965 0.71428571
1966 0.71428571
1967 0.727467
1968 0.83333333
1969 0.83333333
1970 0.82784387
1971 0.83275941
1972 0.8004973
1973 0.81634189
1974 0.83882588
1975 0.83333
1976 0.83333
1977 0.83333
1978 0.83333
1979 0.83333
1980 0.83333
1981 0.83333
1982 0.83333
1983 0.83333
1984 0.83333
1985 0.83333
1986 0.83333
1987 0.83333
1988 0.83333
1989 0.83333
1990 0.83333
1991 0.83333
1992 0.83333
1993 0.83333
1994 0.83333
1995 0.83333
1996 0.83333
1997 0.83333
1998 0.83333
1999 0.83333
2000 0.83333
2001 0.83333
2002 0.83333
2003 0.83333
2004 0.83333
2005 0.83333
2006 0.83333
2007 0.83333
2008 0.83333
2009 0.83333
2010 0.83333
2011 0.83333
2012 0.83333
2013 0.83333
2014 0.83333
2015 0.83333
2016 0.83333
2017 0.83333
2018 0.83333
2019 0.83333
2020 0.83333
2021 0.83333
2022

Cayman Islands | 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
Cayman Islands
Records
63
Source