Guyana | 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
Co-operative Republic of Guyana
Records
63
Source
Guyana | Official exchange rate (LCU per US$, period average)
1960 1.71429
1961 1.71429
1962 1.71429
1963 1.71429
1964 1.71429
1965 1.71429
1966 1.71429
1967 1.73809917
1968 2
1969 2
1970 2
1971 1.98866024
1972 2.08727296
1973 2.10617621
1974 2.22685529
1975 2.35538415
1976 2.55
1977 2.55
1978 2.55
1979 2.55
1980 2.55
1981 2.8125
1982 3
1983 3
1984 3.83157167
1985 4.251855
1986 4.27241667
1987 9.75583333
1988 10
1989 27.15875
1990 39.53333333
1991 111.81066667
1992 125.0025
1993 126.73044167
1994 138.29024083
1995 141.98916667
1996 140.375
1997 142.40083333
1998 150.51916667
1999 177.995
2000 182.43
2001 187.32083333
2002 190.665
2003 193.87833333
2004 198.3075
2005 199.875
2006 200.18833333
2007 202.34666667
2008 203.63333333
2009 203.95
2010 203.63583333
2011 204.0175
2012 204.35833333
2013 205.39416667
2014 206.44916667
2015 206.5
2016 206.5
2017 206.5
2018 207.71666667
2019 208.5
2020 208.5
2021 208.5
2022 208.5

Guyana | 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
Co-operative Republic of Guyana
Records
63
Source