Finland | 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 Finland
Records
63
Source
Finland | Official exchange rate (LCU per US$, period average)
1960 3.2
1961 3.2
1962 3.2
1963 3.2
1964 3.2
1965 3.2
1966 3.2
1967 3.4499925
1968 4.19997
1969 4.19997
1970 4.19997
1971 4.18441779
1972 4.14633333
1973 3.82116667
1974 3.77375
1975 3.67866667
1976 3.86441667
1977 4.02941667
1978 4.11733333
1979 3.89533333
1980 3.73008333
1981 4.31525
1982 4.82041667
1983 5.57008333
1984 6.01
1985 6.19789583
1986 5.06952
1987 4.395565
1988 4.18283333
1989 4.29121583
1990 3.823505
1991 4.04397917
1992 4.47944
1993 5.71229167
1994 5.2235125
1995 4.36666667
1996 4.59355
1997 5.191435
1998 5.34406583
1999 0.93828307
2000 1.08270508
2001 1.11653309
2002 1.057559
2003 0.88404793
2004 0.80392165
2005 0.80380019
2006 0.79643273
2007 0.7296724
2008 0.67992268
2009 0.7169577
2010 0.75430899
2011 0.7184139
2012 0.77833812
2013 0.75294512
2014 0.7527282
2015 0.90129642
2016 0.90342144
2017 0.88520551
2018 0.84677267
2019 0.89327626
2020 0.8755064
2021 0.84549414
2022 0.94962375

Finland | 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 Finland
Records
63
Source