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

The value for Official exchange rate (LCU per US$, period average) in Cyprus was 0.845 as of 2021. As the graph below shows, over the past 61 years this indicator reached a maximum value of 0.903 in 2016 and a minimum value of 0.350 in 1973.

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 0.357
1961 0.357
1962 0.357
1963 0.357
1964 0.357
1965 0.357
1966 0.357
1967 0.362
1968 0.417
1969 0.417
1970 0.417
1971 0.411
1972 0.384
1973 0.350
1974 0.365
1975 0.369
1976 0.410
1977 0.408
1978 0.374
1979 0.354
1980 0.353
1981 0.421
1982 0.475
1983 0.527
1984 0.588
1985 0.613
1986 0.518
1987 0.481
1988 0.467
1989 0.495
1990 0.458
1991 0.464
1992 0.450
1993 0.497
1994 0.492
1995 0.452
1996 0.466
1997 0.514
1998 0.518
1999 0.543
2000 0.622
2001 0.643
2002 0.611
2003 0.517
2004 0.469
2005 0.464
2006 0.459
2007 0.426
2008 0.680
2009 0.717
2010 0.754
2011 0.718
2012 0.778
2013 0.753
2014 0.753
2015 0.901
2016 0.903
2017 0.885
2018 0.847
2019 0.893
2020 0.876
2021 0.845

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