Turkiye | 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 Turkiye
Records
63
Source
Turkiye | Official exchange rate (LCU per US$, period average)
1960 9.02E-6
1961 9.02E-6
1962 9.02E-6
1963 9.02E-6
1964 9.04E-6
1965 9.04E-6
1966 9.04E-6
1967 9.04E-6
1968 9.04E-6
1969 9.04E-6
1970 1.133E-5
1971 1.487E-5
1972 1.415E-5
1973 1.415E-5
1974 1.393E-5
1975 1.444E-5
1976 1.605E-5
1977 1.8E-5
1978 2.428E-5
1979 3.108E-5
1980 7.604E-5
1981 0.00011122
1982 0.00016255
1983 0.00022546
1984 0.00036668
1985 0.00052198
1986 0.00067451
1987 0.00085721
1988 0.00142235
1989 0.00212168
1990 0.00260864
1991 0.00417182
1992 0.00687242
1993 0.01098463
1994 0.02960868
1995 0.04584506
1996 0.08140489
1997 0.151865
1998 0.26072425
1999 0.41878292
2000 0.6252185
2001 1.22558808
2002 1.50722642
2003 1.50088521
2004 1.42553725
2005 1.34358311
2006 1.42845341
2007 1.30293091
2008 1.3015217
2009 1.54995978
2010 1.50284863
2011 1.67495455
2012 1.79600094
2013 1.90376824
2014 2.18854242
2015 2.72000853
2016 3.02013475
2017 3.64813264
2018 4.82837015
2019 5.67381931
2020 7.00860542
2021 8.85040755
2022 16.54886042

Turkiye | 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 Turkiye
Records
63
Source