Venezuela, RB | 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
Bolivarian Republic of Venezuela
Records
63
Source
Create chart Download showed records Download Full dataset
Venezuela, RB | Official exchange rate (LCU per US$, period average)
0.00334958 1960
0.00334983 1961
0.00334967 1962
0.00334967 1963
0.00435 1964
0.0044 1965
0.0044 1966
0.0044 1967
0.0044 1968
0.0044 1969
0.0044 1970
0.0044 1971
0.0043 1972
0.0043 1973
0.0043 1974
0.0043 1975
0.0043 1976
0.0043 1977
0.0043 1978
0.0043 1979
0.0043 1980
0.0043 1981
0.0043 1982
0.0043 1983
0.00701667 1984
0.0075 1985
0.00808333 1986
0.0145 1987
0.0145 1988
0.03469167 1989
0.04689167 1990
0.056825 1991
0.06838333 1992
0.09084167 1993
0.14685833 1994
0.17684167 1995
0.41735 1996
0.48863333 1997
0.54756667 1998
0.605725 1999
0.67996667 2000
0.72365833 2001
1.16095 2002
1.60695833 2003
1.89133333 2004
2.08975 2005
2.147 2006
2.147 2007
2.147 2008
2.147 2009
2.58206032 2010
4.2893 2011
4.2893 2012
6.04796184 2013
6.2842 2014
6.2842 2015
9.25734444 2016
9.975 2017
2018
2019
2020
2021
2022
Venezuela, RB | 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
Bolivarian Republic of Venezuela
Records
63
Source
Create chart Download showed records Download Full dataset