Colombia | 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 Colombia
Records
63
Source
Colombia | Official exchange rate (LCU per US$, period average)
1960 6.635
1961 6.7
1962 6.96166667
1963 9
1964 9
1965 10.5
1966 13.5
1967 14.50666667
1968 16.29166667
1969 17.32166667
1970 18.44416667
1971 19.93333333
1972 21.86666667
1973 23.57166667
1974 26.06166667
1975 30.9275
1976 34.695
1977 36.77416667
1978 39.095
1979 42.54833333
1980 47.27833333
1981 54.48916667
1982 64.08583333
1983 78.8575
1984 100.8175
1985 142.31166667
1986 194.26083333
1987 242.60666667
1988 299.17333333
1989 382.56666667
1990 502.26
1991 627.1525
1992 680.38583333
1993 786.34666667
1994 826.54
1995 912.895
1996 1036.6225
1997 1141.11666667
1998 1426.42416667
1999 1756.68583333
2000 2087.91833333
2001 2299.89333333
2002 2504.68083333
2003 2877.54333333
2004 2628.36833333
2005 2321.13166667
2006 2358.59460526
2007 2077.81095833
2008 1965.1375
2009 2157.59833333
2010 1898.9975
2011 1848.01666667
2012 1798.01166667
2013 1868.895
2014 2001.105
2015 2741.78166667
2016 3055.255
2017 2951.4869112
2018 2955.70396998
2019 3281.62219382
2020 3693.27583333
2021 3744.24416667
2022 4256.19416667

Colombia | 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 Colombia
Records
63
Source