Sri Lanka | 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
Democratic Socialist Republic of Sri Lanka
Records
63
Source
Sri Lanka | Official exchange rate (LCU per US$, period average)
1960 4.7619
1961 4.7619
1962 4.7619
1963 4.7619
1964 4.7619
1965 4.7619
1966 4.7619
1967 4.86110584
1968 5.95237
1969 5.95237
1970 5.95237
1971 5.93494862
1972 5.97031718
1973 6.4025
1974 6.65075
1975 7.00716667
1976 8.412
1977 8.87283333
1978 15.61066667
1979 15.57183333
1980 16.53441667
1981 19.24575
1982 20.81225
1983 23.52858333
1984 25.43816667
1985 27.16258333
1986 28.01733333
1987 29.44475
1988 31.80675
1989 36.04708333
1990 40.06291667
1991 41.3715
1992 43.829625
1993 48.3221675
1994 49.41514167
1995 51.25158917
1996 55.27144417
1997 58.994605
1998 64.45011833
1999 70.63545
2000 77.00511667
2001 89.38301333
2002 95.662065
2003 96.52095083
2004 101.1944575
2005 100.49805167
2006 103.91444583
2007 110.62323333
2008 108.33376272
2009 114.94478333
2010 113.06448045
2011 110.56520785
2012 127.60335351
2013 129.06903093
2014 130.56468522
2015 135.8569128
2016 145.58166749
2017 152.44641395
2018 162.46485874
2019 178.74492505
2020 185.59255777
2021 198.76431684
2022

Sri Lanka | 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
Democratic Socialist Republic of Sri Lanka
Records
63
Source