Cayman Islands - Official exchange rate (LCU per US$, period average)

The value for Official exchange rate (LCU per US$, period average) in Cayman Islands was 0.833 as of 2021. As the graph below shows, over the past 61 years this indicator reached a maximum value of 0.839 in 1974 and a minimum value of 0.714 in 1960.

Definition: 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).

Source: International Monetary Fund, International Financial Statistics.

See also:

Year Value
1960 0.714
1961 0.714
1962 0.714
1963 0.714
1964 0.714
1965 0.714
1966 0.714
1967 0.727
1968 0.833
1969 0.833
1970 0.828
1971 0.833
1972 0.800
1973 0.816
1974 0.839
1975 0.833
1976 0.833
1977 0.833
1978 0.833
1979 0.833
1980 0.833
1981 0.833
1982 0.833
1983 0.833
1984 0.833
1985 0.833
1986 0.833
1987 0.833
1988 0.833
1989 0.833
1990 0.833
1991 0.833
1992 0.833
1993 0.833
1994 0.833
1995 0.833
1996 0.833
1997 0.833
1998 0.833
1999 0.833
2000 0.833
2001 0.833
2002 0.833
2003 0.833
2004 0.833
2005 0.833
2006 0.833
2007 0.833
2008 0.833
2009 0.833
2010 0.833
2011 0.833
2012 0.833
2013 0.833
2014 0.833
2015 0.833
2016 0.833
2017 0.833
2018 0.833
2019 0.833
2020 0.833
2021 0.833

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.

Periodicity: Annual

Classification

Topic: Financial Sector Indicators

Sub-Topic: Exchange rates & prices