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

The value for Official exchange rate (LCU per US$, period average) in The Gambia was 51.48 as of 2021. As the graph below shows, over the past 61 years this indicator reached a maximum value of 51.50 in 2020 and a minimum value of 1.70 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 1.79
1961 1.79
1962 1.79
1963 1.79
1964 1.79
1965 1.79
1966 1.79
1967 1.84
1968 2.08
1969 2.08
1970 2.08
1971 2.05
1972 2.00
1973 1.70
1974 1.71
1975 1.81
1976 2.23
1977 2.29
1978 2.09
1979 1.89
1980 1.72
1981 1.99
1982 2.29
1983 2.64
1984 3.58
1985 3.89
1986 6.92
1987 7.07
1988 6.71
1989 7.58
1990 7.88
1991 8.73
1992 8.90
1993 9.11
1994 9.58
1995 9.54
1996 9.80
1997 10.20
1998 10.64
1999 11.40
2000 12.79
2001 15.69
2002 19.92
2003 28.53
2004 30.03
2005 28.58
2006 28.07
2007 24.87
2008 22.19
2009 26.64
2010 28.01
2011 29.46
2012 32.08
2013 35.96
2014 41.73
2015 42.51
2016 43.37
2017 46.61
2018 48.15
2019 50.06
2020 51.50
2021 51.48

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