Trinidad and Tobago | 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 Trinidad and Tobago
Records
63
Source
Create chart Download showed records Download Full dataset
Trinidad and Tobago | Official exchange rate (LCU per US$, period average)
1.71429 1960
1.71429 1961
1.71429 1962
1.71429 1963
1.71429 1964
1.71429 1965
1.71429 1966
1.73809917 1967
2 1968
2 1969
2 1970
1.97487615 1971
1.92128071 1972
1.95922054 1973
2.05323091 1974
2.1697976 1975
2.43578643 1976
2.4 1977
2.4 1978
2.4 1979
2.4 1980
2.4 1981
2.4 1982
2.4 1983
2.4 1984
2.45 1985
3.6 1986
3.6 1987
3.84375 1988
4.25 1989
4.25 1990
4.25 1991
4.25 1992
5.35109667 1993
5.92492917 1994
5.94779583 1995
6.00506583 1996
6.25167833 1997
6.2983075 1998
6.2989 1999
6.29979667 2000
6.23321667 2001
6.24868333 2002
6.2951 2003
6.29899167 2004
6.29955833 2005
6.31228333 2006
6.32803333 2007
6.28943333 2008
6.32490833 2009
6.37550833 2010
6.40930071 2011
6.42960266 2012
6.4426294 2013
6.40909458 2014
6.37744167 2015
6.66896667 2016
6.779525 2017
6.7707509 2018
6.75432668 2019
6.75105269 2020
6.75853005 2021
6.75412896 2022
Trinidad and Tobago | 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 Trinidad and Tobago
Records
63
Source
Create chart Download showed records Download Full dataset