Zambia | 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 Zambia
Records
63
Source
Zambia | Official exchange rate (LCU per US$, period average)
0.714286 1960
0.714286 1961
0.714286 1962
0.714286 1963
0.714286 1964
0.714286 1965
0.714286 1966
0.714286 1967
0.714286 1968
0.714286 1969
0.714286 1970
0.714286 1971
0.00071432 1972
0.0006524 1973
0.00064346 1974
0.00064323 1975
0.00070098 1976
0.00078973 1977
0.00080067 1978
0.00079333 1979
0.00078867 1980
0.00086958 1981
0.00092875 1982
0.001259 1983
0.00181319 1984
0.00313964 1985
0.00778845 1986
0.00951948 1987
0.00826603 1988
0.0138137 1989
0.03028911 1990
0.06463971 1991
0.17221378 1992
0.45276267 1993
0.66937062 1994
0.86411917 1995
1.2079 1996
1.3144975 1997
1.86206917 1998
2.38801917 1999
3.11084417 2000
3.610935 2001
4.398595 2002
4.73327105 2003
4.77887539 2004
4.465 2005
3.60166667 2006
4.00166667 2007
3.745 2008
5.045 2009
4.7975 2010
4.86166667 2011
5.1475 2012
5.39648333 2013
6.15416667 2014
8.63166667 2015
10.3075 2016
9.5175 2017
10.45833333 2018
12.89 2019
18.34409265 2020
20.01848659 2021
16.93759433 2022

Zambia | 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 Zambia
Records
63
Source