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

The value for Official exchange rate (LCU per US$, period average) in Greece was 0.85 as of 2021. As the graph below shows, over the past 61 years this indicator reached a maximum value of 365.40 in 2000 and a minimum value of 0.68 in 2008.

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 30.00
1961 30.00
1962 30.00
1963 30.00
1964 30.00
1965 30.00
1966 30.00
1967 30.00
1968 30.00
1969 30.00
1970 30.00
1971 30.00
1972 30.00
1973 29.63
1974 30.00
1975 32.05
1976 36.52
1977 36.84
1978 36.75
1979 37.04
1980 42.62
1981 55.41
1982 66.80
1983 88.06
1984 112.72
1985 138.12
1986 139.98
1987 135.43
1988 141.86
1989 162.42
1990 158.51
1991 182.27
1992 190.62
1993 229.25
1994 242.60
1995 231.66
1996 240.71
1997 273.06
1998 295.53
1999 305.65
2000 365.40
2001 1.12
2002 1.06
2003 0.88
2004 0.80
2005 0.80
2006 0.80
2007 0.73
2008 0.68
2009 0.72
2010 0.75
2011 0.72
2012 0.78
2013 0.75
2014 0.75
2015 0.90
2016 0.90
2017 0.89
2018 0.85
2019 0.89
2020 0.88
2021 0.85

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