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

The value for Official exchange rate (LCU per US$, period average) in North Macedonia was 52.10 as of 2021. As the graph below shows, over the past 27 years this indicator reached a maximum value of 68.04 in 2001 and a minimum value of 37.88 in 1995.

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
1994 43.26
1995 37.88
1996 39.98
1997 50.00
1998 54.46
1999 56.90
2000 65.90
2001 68.04
2002 64.35
2003 54.32
2004 49.41
2005 49.28
2006 48.80
2007 44.73
2008 41.87
2009 44.10
2010 46.49
2011 44.23
2012 47.89
2013 46.40
2014 46.44
2015 55.54
2016 55.73
2017 54.67
2018 52.11
2019 54.95
2020 54.14
2021 52.10

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