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
Trinidad and Tobago | 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 1.97487615
1972 1.92128071
1973 1.95922054
1974 2.05323091
1975 2.1697976
1976 2.43578643
1977 2.4
1978 2.4
1979 2.4
1980 2.4
1981 2.4
1982 2.4
1983 2.4
1984 2.4
1985 2.45
1986 3.6
1987 3.6
1988 3.84375
1989 4.25
1990 4.25
1991 4.25
1992 4.25
1993 5.35109667
1994 5.92492917
1995 5.94779583
1996 6.00506583
1997 6.25167833
1998 6.2983075
1999 6.2989
2000 6.29979667
2001 6.23321667
2002 6.24868333
2003 6.2951
2004 6.29899167
2005 6.29955833
2006 6.31228333
2007 6.32803333
2008 6.28943333
2009 6.32490833
2010 6.37550833
2011 6.40930071
2012 6.42960266
2013 6.4426294
2014 6.40909458
2015 6.37744167
2016 6.66896667
2017 6.779525
2018 6.7707509
2019 6.75432668
2020 6.75105269
2021 6.75853005
2022 6.75412896

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