Real Effective Exchange Rates For 178 Countries: A New Database

BRUEGEL WORKING PAPER 2012/06
REAL EFFECTIVE
EXCHANGE RATES
FOR 178 COUNTRIES:
A NEW DATABASE
ZSOLT DARVAS
Highlights
We use data on exchange rates and consumer price indices and
the weighting matrix derived by Bayoumi, Lee and Jaewoo (2006)
to calculate consumer price index-based REER. The main novelties
of our database are that (1) it includes data for 178 countries
many more than in any other publicly available database plus
an external REER for the euro area, using a consistent
methodology; (2) it includes up-to-date REER values, such as data
for January 2012; and (3) it is relatively easy to calculate REER
against any arbitrary group of countries.
The annual database is complete for 172 countries and the euro
area for 1992-2011 and data is available for six other countries
for a shorter period. For several countries annual data is available
for earlier years as well, eg data is available for 67 countries from
1960.
The monthly database is complete for 138 countries for January
1995-January 2012, and data is also available for 15 other
countries for a shorter period.
The indicators calculated by us are freely downloadable from the
website of this working paper and will be irregularly updated
Zsolt Darvas (zsolt.darvas@bruegel.org) is a Research Fellow at

Bruegel . The first version of this database including monthly data was
created for the paper The threat of currency wars: a European
perspective (Bruegel Policy Contribution 2010/12) by Zsolt Darvas
and Jean Pisani-Ferry, which was prepared for the request of the
European Parliament. The annual database was created for the
authors contribution to the World Bank ECA report Golden growth:
restoring the lustre of the European Economic Model, edited by
Indermit Gill and Martin Raiser. The author is grateful Guntram Wolff
for comments and Dana Andreicut for research assistance.
MARCH 2012
1.
Introduction
The real effective exchange rate (REER), which measures the development of the real value of a
countrys currency against the basket of the trading partners of the country, is a frequently used
variable in both theoretical and applied economic research and policy analysis. It is used for a wide
variety of purposes, such as assessing the equilibrium value of a currency, the change in price or cost
competitiveness, the drivers of trade flows, or incentives for reallocation production between the
tradable and the non-tradable sectors.
The REER is calculated from the nominal effective exchange rate (NEER) and a measure of the relative
price or cost between the country under study and its trading partners. The most popular price and
costs measures are consumer prices (CPI), producer prices (PPI), GDP deflator, unit labour costs
(ULC) see Chinn (2006) for a nice overview of the theoretical underpinnings of various REER
measures. In this working paper we focus on CPI-based REERs.
Due to the importance of the REER in economic research and policy analysis, several institutions, such
as the World Bank, the Eurostat, the BIS, the OECD, just to name a few, publish various REER indicators
which are freely downloadable1. Altogether, these institutions publish data for 113 countries. Of these
113 countries, the World Bank reports data for 109, the BIS for 61, Eurostat for 42 and the OECD for 34
at the monthly and for 40 at the annual frequency. The countries for which data are available include
all advanced and several emerging and developing countries. However, different databases may have
different methodologies and even the 109 countries included in the World Bank database miss several
dozen countries of the world.
Our database has three novelties. First, using a consistent methodology, we calculate CPI-based REER
for 178 countries (plus the euro area) for annual data and for 153 countries (plus the euro area) for
monthly data. Second, we calculate the REER for all countries up to date, eg in the current vintage of
the database we calculate up to January 2012. Third, it is relatively easy to calculate REER against
any arbitrary group of countries what is needed for this is a re-scaling of the weighting matrix. For
example, in Darvas and Pisani-Ferry (2010) we have calculated the REER against 19 emerging
countries that entered the so called currency war, ie those countries with floating exchange rate
regimes which introduced various policy measures during the global financial and economic crisis in
order to limit the appreciation of their currencies, or even to achieve exchange rate depreciation.
In the next section we discuss our methodology and the data sources, which is followed by the
presentation of our results in Section 4, where we also compare our calculation to data included in
some other databases.
The IMF International Financial Statistics database also includes REERs, as well as nominal USD exchange rates and consumer price
indices which are used to calculate the REERs, but this database is not freely available and therefore we do not rely on this
database. A quick comparison suggests that the IMF and World Bank data are very similar.
2.
Methodology
The REER is calculated as:

NEERt CPI t
REERt =
,
CPI t( foreign )
where REERt is the real effective exchange rate of the country under study against a basket of
currencies of trading partners, CPI t is the consumer price index of the country under study,
N
NEERt = S (i )t
w( i )
is the nominal effective exchange rate of the country under study, which is in
i =1
turn the geometrically weighted average of S (i )t , the nominal bilateral exchange rate between the
country under study and its trading partner i (measured as the foreign currency price of one unit of
N
domestic currency), CPI t( foreign) = CPI (i )t
w( i )
is the geometrically weighted average of CPI indices
i =1
of trading partners, CPI (i )t is the consumer price index of trading partner i, w (i ) is the weight of
trading partner i, and N is the number of trading partners considered. The weights sum to one, ie
N
(i )
= 1 . We use geometrically weighted averages, because this is the most frequently used
i =1
method in the literature.

We use time-invariant weights and therefore our REER index is measured against a basket of
countries, which composition is constant. This basket is representative of foreign trade in 1998-2003
(see Bayoumi, Lee and Jaewoo, 2006). Most likely the IMF and the World Bank use the same
weighting matrix for calculating REERs for 1990-2012, but for earlier years the IMF and the World Bank
used another weighting.
Our use of time-invariant weights could be considered a weakness for our long-run calculation for
1960-2011. Some authors argue for time-varying weights due to the time-varying characteristic of the
composition of foreign trade. Adopting time-varying weights make sense, but they have a serious
drawback as well, which can be easily illustrated by a simple three-country example.
Suppose country A trades with countries B and C and initially the bilateral real exchange rate (RER)
between A and B and between A and C is flat, because the nominal exchange rate changes fully
compensate for the inflation differential (if any). The real effective exchange rate (REER) of A against
the basket of B and C is also flat, irrespective whether the weights of A and B are constant or timevarying. Suppose that the bilateral RER between A and B temporality changes, but a few years later
returns to its initial value, while the bilateral RER between A and C continues to remain flat. If weights
are time-varying and have changed during the temporary period when the bilateral RER between A and
B oscillated, then the REER against the basket of B and C will not return to its initial value, even though
both bilateral RERs against B and C have returned to their initial values. But when the weights are
constant, such an anomaly does not arise.
3 Data
3.1 Time periods and country coverage
We collected consumer price index and USD exchange rate data only from publicly available data
sources for the longest available time periods both at the annual and monthly frequencies, for the
largest number of countries.
Our annual database covers the period 1960-2011, but there are missing data for earlier years for
several countries. Therefore, we calculate REERs against two baskets: the broader basket is calculated
against 172 trading partners and the narrower basket is calculated against 67 countries. The borad
REER is available for the 172 countries for 1992-2011, plus the data is available for 6 other countries
and the euro area for a shorter period. The narrow REER is available for the 67 for 1960-2011, and for
shorter periods for the other countries in our sample.
Our monthly database covers the period January 1995 to January 2012 and we calculate the REER
against 138 countries. This monthly REER is available for these 138 countries and the euro area for
the January 1995 to January 2012 period and for additional 15 countries for a shorter period. We note
that the World Bank reports monthly REER data for the following countries, but we could not calculate
because of missing consumer price index data: Equatorial Guinea, Gambia, Guyana, Kiribati, Lesotho,
Nicaragua, Saint Kitts and Nevis, Solomon Islands and Zambia2.
3.2 The weight matrix
When assessing the role of one country as a competitor in another countrys foreign trade, then not
just the bilateral export and import shares matter, because the two countries compete on third
markets as well. For example, Czech produces compete with Slovakian producers not just in the Czech
Republic and Slovakia, but in many other countries, such as Austria and Germany. Bayoumi, Lee and
Jaewoo (2006) derived a weight matrix for 184 countries that considers competition in third markets
that we use.
We also calculate an external REER for the euro area, by considering the first 12 euro-area members.
In order to derive the weights for this euro-area-12 aggregate, we have first normalised the weights of
non-euro-area-12 countries to one for each of the 12 countries. Then we weighted these normalised
weights with the share of total trade of the 12 countries, ie Germanys share is 28.3 percent, Greeces
share is 1.7 percent, etc. A weakness of this approach is that we use total trade (that also includes
intra-euro-area trade) and not only extra-euro area trade to derive the shares of the 12 countries,
though the bias arising from this simplification may not be large. Observe on Figure 1.c that the REER
for the euro area that we have calculated is rather similar to the REER published by three institutions
(World Bank, Eurostat, BIS), though there is a further difference: we consider the first 12 euro-area
countries, while eg Eurostat published data for the euro area 17. The main reason for considering the
first 12 countries only is that allows the calculation of this REER for a longer period.
3.3 Exchange rates
We have collected exchange rate against the US dollar and used them to calculate the bilateral rates
between all countries. The main source is the on-line databases of the World Bank, which are freely
accessible. The annual data starting in 1960 (when available) is from the World Development
2
Nevertheless all of these countries but Kiribati are included in our annual database.
Indicators, while monthly data starting in January 1991 (when available) is from the Global Economic
Monitor. Data was downloaded on 14 February 2012 for the current vintage of our database. Table 1
lists the web addresses of these and all other databases we use.
For euro-area members, since their entry to the euro area, we multiplied the euro/dollar exchange rate
with the conversion rate to the euro in order to extend the exchange rate of their earlier national
currencies. Pre-euro national currency exchange rates were available from Eurostat against the ECU
that we used, along with the USD exchange rate against the ECU, to calculate the USD rate of pre-euro
national currencies.
Taiwans exchange rate is from the National Statistics of Republic of China (Taiwan).
Filling the gaps of missing annual data
Missing annual data is taken form the Penn World Tables (PWT) for Albania (1970-92), Argentina
(1950-61), Armenia (1990-92), Belarus (1990-94), Bosnia & Herzegovina (1990-96), Bulgaria
(1975-85), Cambodia (1974-89), Croatia (1990-91), Czechoslovakia used for the Czech Republic
and Slovakia (1980-92), Estonia (1991-92), Georgia (1990-95), Indonesia (1960-66), Iraq (19912003), Kazakhstan (1990-93), Kyrgyz Republic (1990-93), Latvia (1987-91), Lithuania (1987-91),
Macedonia former Yugoslav Republic (1990-93), Mauritania (2004), Moldova (1990-94), Mongolia
(1970-90), Montenegro (1990-98), Poland (1960-94), Russia (1990-92), Serbia (1990-96), Slovenia
(1990), Somalia (1990-2009), Tajikistan (1990-91), Turkmenistan (1990-2009), Ukraine (198792), Uzbekistan (1990-2009), Venezuela (1960-63), Vietnam (1970-85), and Yemen (1969-89). In
each case we have carefully checked that later data of the PWT and WDI are identical or almost
identical.
Data is taken form the EBRD for Azerbaijan (1989-1991).
For Turkmenistan, 2010-11 data is taken from the Central Bank of Turkmenistan.
For Somalia the PWT has data till 2009, but Oanda data is available more recently as well, which is
different from the PWT data for the overlapping period. For example, monthly Oanda suggests a fixed
rate to the dollar in 1995-2002 at a rate about 2,620, while the annual PWT data indicates
depreciation from 5,725 in 1995 to 20,025 in 2002. For 2010 and 2011 we calculated the percent
change in Oanda data and used these percent changes to extend the PWT data for 2010-11.
Filling the gaps of missing monthly data
For Georgia the monthly data is available from October 1995, although the annual average is available
for the full year. We set a fixed valued for January-September so that the average of the twelve months
of the year equals the annual average. Note that the exchange rate was practically unchanged from
October 1995 to till mid-1998 and quite close to the annual average for 1995 and hence assuming
a constant rate for the first nine month of 1995 may not be distorting.
For most countries the World Bank database included data for January 2012 at the time we accessed
it. But for a few countries data for some recent months was missing. In order to fill these gaps, we used
some other data sources. For Armenia, the 2012m01 figure is from the Central Bank of Armenia. For
Turkmenistan 2009-2012 data is from the Central Bank of Turkmenistan (earlier data is not available
at the monthly frequency). Oanda data is used for Afghanistan (2011m12-2012m01), Cambodia
(2012m01), Cape Verde (2012m01), Laos (2011m03-2012m01), Liberia (2011m06-2012m01),

Libya (2012m01), Somalia (1995m05-2012m01), Tanzania (2011m10-2012m1), Tajikistan
(2011m10-2012m1), Zambia (2011m10-2012m1) and Myanmar (2012m01). For Myanmar the
World Bank and Oanda data were not identical for the overlapping period when both were available and
hence we chained the 2012m01 Oanda data to the World Bank data.
For Syria we used World Bank data but note that data from Oanda (available for 1995-2012) and
Reuters (1999-2012) are very close to each other and fluctuate between 40 and 58 during 19952012, but rather different from the from the World Bank data, which has a constant value of 11.225
since 1988).
3.4 Consumer prices
Similarly to exchange rates, the primary source of consumer price data are also the World
Development Indicators (annual) and Global Economic Monitor (monthly) databases of the World
Bank. However, for annual CPI data we also used data from the (freely accessible) IMFs September
2011 World Economic Outlook database, which includes data for 1980-2016, ie it also includes
forecasts.
Filling the gaps of missing annual data
Annual inflation rate was taken from EBRD for the following countries and time periods, which was
chained backward to the World Bank data: Armenia (1989-1993), Georgia (1990-94), Kazakhstan
(1991-92), Kyrgyz Republic (1991-92), Latvia (1989-92), Lithuania (1989-92), FYI Macedonia
(1989-91), Russia (1989-92), Serbia (1994-97), Slovenia (1989-92), Azerbaijan (1990-92), Belarus
(1989-92), Tajikistan (1989-92), Ukraine (1989-92), Turkmenistan (1989-92), Uzbekistan (198992), Montenegro (1995-2000) and Estonia (1989-1991).
For Aruba, data is missing for 1981-83, but in order to have a continuous time series, we assumed that
the annual inflation rate was equal from 1980 to 1984.
For Chile the data is from the National Statistical Institute of Chile.
For the Czech Republic data for 1960-1995 is from the Czech statistics office, and refers to the Czech
Socialist Republic before 1993.
For Slovakia data for 1970-92 is from the Statistical Office of the Slovak Republic, and refers to
Czechoslovakia up to 1990 and the Slovak Socialist Republic for 1991-92.
For Dominica data for 1979 is missing and we assumed that the annual inflation rate in 1979 and
1980 was equal in order to have a continuous time series.
For Germany and UK data before 1980 is from the AMECO.
For South Korea (1960-1966) and Slovenia (1981-88) the data is from http://www.inflation.eu/
For Taiwan the data is from the National Statistics of the Republic of China (Taiwan).
The (freely accessible) 2002 IMF World Economic Outlook was used for obtaining pre-1980 data for
the following countries: Angola (1970-80), Antigua and Barbuda (1970-80), Bangladesh (1970-80),
Belize (1970-80), Benin (1970-80), Bhutan (1970-80), Botswana (1970-74), Brazil (1970-80), Cape
Verde (1970-80), Chad (1970-80), China mainland (1970-80), Comoros (1970-80), Djibouti (197091), Dominica (1980), Equatorial Guinea (1970-80), Guinea (1970-80), Guinea-Bissau (1970-80),
Guyana (1970-80), Hong Kong (1970-80), Lao (1970-80), Lebanon (1970-80), Malawi (1970-80),
Maldives (1970-80), Mali (1970-80), Moldova (1990-92), Namibia (1970-90), Nicaragua (1970-88),
Republic of Congo (1970-80), Romania (1970-80), Sierra Leone (1970-80), Tunisia (1970-80),
Vanuatu (1970-76) and Zambia (1970-80).
For Hungary, pre-1972 data is from the Central Statistical Office of Hungary.
Filling the gaps of missing monthly data
Data from the national central statistical office was used for Anguilla, Belize, Bhutan, Bosnia and
Herzegovina, Grenada, Kosovo, Netherlands Antilles, Moldova, Papua New Guinea, Serbia, St. Lucia,
Turkey and United Arab Emirates. Only quarterly data was available for Anguilla, Belize, Bhutan and
Papua New Guinea that we interpolated to monthly frequency. For Djibouti the source is the Ministry of
Economy and Finance. The source of the 1995 data of Indonesia is http://www.inflation.eu/. For
Serbia, the CPI was available from 2007, but the cost of living index was available from 2001 (which
was very similar to the CPI in the overlapping period when both indices are available). We have chained
the earlier cost of living index to CPI.
For Lithuania the World Bank database included an improper series because it indicated a deflation
from 1995 to 2011, while other datasets indicated a cumulative inflation of about 120 percent during
this period. Therefore, we have used data from the Statistics Lithuania instead.
For Qatar (December 2007 and December 2008) and the United Arab Emirates (December 2007) the
respective end-year inflation rates from the IMF WEO were used to calculate the CPI by chaining the
inflation rates to later monthly data available from the central statistical officies. This allowed us to
normalise the REERs we calculate to December 2007 = 100 for all countries.
For most countries the World Bank database included data for December 2011 at the time we
accessed it, but the January 2012 data is not available, and for a number of countries one or more
months are missing for 2011 as well. In order to fill these gaps and also approximate the REER for
January 2012, we assume that the latest available data on the 12-month inflation has remained
unchanged since. Consumer prices do not use to change abruptly and in the short-run the nominal
exchange rate is the main determinant of movement in REER. Therefore, this approximation should not
distort much the results.
4.
Results
Table 2 shows the composition of our two baskets of countries used for annual and the one basket
used for monthly calculations. It also shows the share of these baskets of trading partners in total
trade, where total trade is represented by the total of the 184 countries included in Bayoumi, Lee and
Jaewoo (2006).
Figure 1 (after Table 2) shows our monthly REER for January 1995-January 2012 in comparison with
data from World Bank, Eurostat, BIS and OECD (whenever available)3, while Figure 2 shows annual
data for 1960-2011 in comparison with the World Bank and OECD data (whenever available). Since the
67 countries for which data is available since 1960 comprise a large share of trade of several
countries of the world, there is not much difference between the REER calculated against 172 and
against 67 countries for a large number of countries.
For those countries for which data is available in other data sources the REER calculated by us is quite
similar to data in other databases.
5.
Access and updating
The REERs and NEERs calculated in this working paper are freely downloadable from the website of
this working paper and will be irregularly updated. Note that we do not republish the underlying CPI
and USD exchange rate data, which are freely available from the data sources listed in Table 1.
References
Bayoumi, Tamim, Jaewoo Lee and Sarma Jayanthi (2006) New Rates from New Weights, IMF Staff
Papers 53(2), 272-305 http://www.imf.org/External/Pubs/FT/staffp/2006/02/pdf/bayoumi.pdf
Chinn, Menzie D. (2006) A Primer on Real Effective Exchange Rates: Determinants, Overvaluation,
Trade Flows and Competitive Devaluation, Open Economies Review 17, 115143
http://www.springerlink.com/content/n4745m7668314m72/
Darvas, Zsolt and Jean Pisani-Ferry (2010) The Threat of Currency Wars: A European Perspective,
Policy Contribution 2010/12, Bruegel http://www.bruegel.org/publications/publicationdetail/publication/461-the-threat-of-currency-wars-a-european-perspective/
Eurostat publishes REERs against various baskets: we plot the broadest indicator, which is calculated against 41 trading partners
except for Belgium and Luxembourg, for which this indicator is not available and therefore we use the REER against 34 partners. BIS
publishes REERs against a broad (61 countries) and a narrow (26 countries) baskets and we plot the broader one.
Table 1.a Data sources

Date
Accessed Link
Source
Main sources
Country
Series
World Bank, Global Economic Monitor

World Bank, World Development Indicators
Various
Various
CPI, USD
CPI, USD
2/14/2012 http://data.worldbank.org/data-catalog/global-economic-monitor
2/14/2012 http://data.worldbank.org/data-catalog/world-development-indicators
EBRD
National Statistics, Republic of China (Taiwan)
Various
Taiwan
CPI, USD
CPI
10/1/2011 http://www.ebrd.com/pages/research/economics/data/macro.shtml#macro
2/14/2012 http://eng.stat.gov.tw/ct.asp?xItem=12092&ctNode=1558
National Bureau of Statistics of the National Republic of Moldova
Moldova
United Arab
Emirates
Zambia
Nicaragua
Papua New Guinea
Solomon Islands
CPI
CPI
CPI
CPI
CPI
CPI
3/6/2012 http://www.statistica.md/pageview.php?l=en&idc=335&id=2344
http://www.uaestatistics.gov.ae/ReportDetailsEnglish/tabid/121/Default.aspx?ItemId=1978&PTID=104&Menu
3/6/2012 Id=1
2/14/2012 http://www.zamstats.gov.zm/media.php?id=6
2/14/2012 http://www.inide.gob.ni/
2/15/2012 www.nso.gov.pg/
2/16/2012 http://www.spc.int/prism/country/sb/stats/Economic/cpi/Cpi-Summary.htm
Equatorial Guinea
CPI
2/17/2012 http://www.dgecnstat-ge.org/
Various
Antigua and
Barbuda
Grenada
Saint Lucia
Gambia
Kriribati
Maldives
Timor Leste
Chad
Indonesia
CPI
Other sources
United Arab Emirates National Bureau of Statistics

Zambia Central Statistical Office
National Institute of Statistics and Census Nicaragua
National Statistical Office Papua New Guinea
Solomon Islands National Statistics Office
Equatorial Guinea General Directorate for Statistics and National
Accounts
Eastern Carribean Central Bank (this is the source of the data,
which was taken by the bank from the following):
Central Statistical Office, Antigua and Barbuda
Central Statistical Office, Grenada
Central Statistical Office, Saint Lucia
Gambia Bureau of Statistics
Kiribati National Statistice Office
Department of National Planning Republic of Maldives
Timor Leste National Statistics Directorate
Chad National Statistics Institute
Statistics Indonesia
Central Service for Statistics and Economic Studies Luxembourg
Turkish Statistical Institute
Bosnia and Herzegovina Agency for Statistics
Republic of Kosovo, Office of the prime minister statistical agency
of Kosovo
National Bank of Serbia
Anguilla Statistics Department
Statistical Institute of Belize
National Statistics Bureau Bhutan
Department of Economic Planning and Development, Prime
Minister's Office, Brunei Darussalam
CPI
CPI
CPI
CPI
CPI
CPI
CPI
CPI
CPI
3/6/2012 http://www.eccb-centralbank.org/Statistics/index.asp#cpidata
3/6/2012
3/6/2012
3/6/2012
3/6/2012
3/6/2012
3/6/2012
3/6/2012
2/14/2012
2/14/2012
Luxembourg
Turkey
Bosnia and
Herzegovina
CPI
CPI
http://www.eccb-centralbank.org/Statistics/index.asp#cpidata
http://www.gbos.gm/prices
http://www.spc.int/prism/Country/KI/Stats/Economic/CPI/cpi-summary.htm
http://planning.gov.mv/en/content/view/400/1/
http://dne.mof.gov.tl/cpi/index.htm
http://www.inseed-tchad.org/
http://www.bps.go.id/
http://www.statistiques.public.lu/stat/ReportFolders/ReportFolder.aspx?IF_Language=eng&MainTheme=5&Fld
2/14/2012 rName=5
2/14/2012 http://www.turkstat.gov.tr/PreHaberBultenleri.do?id=10764
CPI
2/14/2012 http://www.bhas.ba/index.php?lang=en
Kosovo
Serbia
Anguilla
Belize
Bhutan
CPI
CPI
CPI
CPI
CPI
2/14/2012
2/14/2012
2/14/2012
2/14/2012
2/14/2012
Brunei Darussalam
CPI
2/14/2012 http://www.depd.gov.bn/cpi/CPI.html
http://esk.rks-gov.net/ENG/tables/173-statistikat-e-mireqenies-sociale
http://www.nbs.rs/internet/english/80/index.html
http://www.gov.ai/statistics/consumer.htm
http://www.statisticsbelize.org.bz/dms20uc/dm_browse.asp?pid=7
http://www.nsb.gov.bt/downloads/cpiPRdetails4thQtr2011.php
Table 1.b Data sources
Source
Country
Dijbouti Ministry of Economics and Finance, in charge of industry

and planification
Iraq Central Organization for Statistics
Curacao Central Bureau of Statistics
Dijbouti
CPI
Iraq
CPI
Netherlands Antilles CPI
Statistics Authority Qatar

National Bureau of Statistics Tanzania
Statistics Lithuania
Czech Statistical Office
Czech Republic National Statistics
Slovakia National Statistics
Chile National Institute of Statistics, Operations sub-directorate,
Department of statistics and prices
Triami Media BV
Ameco Price and Cost Competitiveness Data, DG ECFIN
IMF World Economic Outlook September 2011
IMF World Economic Outlook April 2002
Penn World Tables 7.0
Oanda
Bank of Guyana
The following publications contain data from the Czechoslovak
State Bank and the National Bank of Slovakia, they were provided
to Bruegel by Slovakia National Statistics
Statistical Yearbook of the Czech and Slovak Federal Republic
1991
Statistical Yearbook of the Czech and Slovak Federal Republic
1992
Series
Date
Accessed Link
2/14/2012 http://www.ministere-finances.dj/IPC.html
2/14/2012 http://cosit.gov.iq/english/indices.php
2/14/2012 http://www.cbs.cw/index.php?option=com_jumi&fileid=31&t=15&Itemid=76
http://www.qix.gov.qa/discoverer/app/open?event=switchWorksheet&worksheetName=ECONOMY%2F2077
&stateStr=eNrtUsFu3CAQ/RnsC9qV7Vir9uBDlU1zSpOm6qGnFQZs47XBAQRmv75j41WjHtJIufbCDI9h3vAeyJ9NZ1
FSlMydmIGYFIdmTG6O8zhA$jKY05gUeQbI/fEJ1wFzqqQaBcWEWuGEDfhWSWOJtHjSgnJcE8Nx4ETjIsvK/XLt$zP$
8fNh6zdDvzz22z/zhmsu4ZYVI98Kwh/C/ZcrSVJ8upNtUnyGIqI8HDdkMPxVzw/MeCSW4CclpAUas5Hol1ckjBnHNQ
D5qhUs83mXjwMG1AglLz7fZx6fw8wcdL942GgDaAYJ3ZIwTxQ7yH0f5p45eGjpGSwbS9n$d$H9Lgx0FQrcsPWbftg6
zLUwg10C7dRiwerABvZrSZS/i$pDakDxMovoFXubqf03VS3add2VgtkO211$8SX8jH4BOy7azv4F3mvCBAfJaHf9OLF
J317H9m4ZOs$zPH7O9Q2ISpQ6aivjWErluaLNiUAJIhNalGxARYhDDCYGSWNkC4z4PA0oNVOVSsV4lXIHc1QpOGh
2/14/2012 hp5WCja9tVSCwk6G728dvjw$/kuLr4XCDqA0TcoJ7rn8DxR1ykg==&stateID=
2/14/2012 http://www.nbs.go.tz/index.php?option=com_content&view=category&id=50&Itemid=118
3/12/2012 http://db1.stat.gov.lt/statbank/SelectVarVal/Define.asp?Maintable=M2020101&PLanguage=1
2/4/2012 http://vdb.czso.cz/vdbvo/en/maklist.jsp?kapitola_id=30&expand=1&
1/20/2012 http://www.czso.cz/eng/redakce.nsf/i/inflation_consumer_prices_ekon
2/4/2012 http://portal.statistics.sk/showdoc.do?docid=6066
Qatar
Tanzania
Lithuania
Czech Republic
Czech Republic
Slovakia
CPI
CPI
CPI
CPI
CPI
CPI
Chile
Various
Germany, UK
Various
Various
Various
Various
Guyana
CPI
CPI
CPI
CPI
CPI
USD
USD
USD
1/25/2012
2/14/2012
12/14/2011
10/1/2011
2/21/2012
8/1/2011
3/6/2012
3/7/2012
USD
na
USD
na
http://www.ine.cl/canales/chile_estadistico/estadisticas_precios/estadisticas_precios_eng.php?lang=eng
http://www.inflation.eu/
http://ec.europa.eu/economy_finance/db_indicators/competitiveness/data_section_en.htm
http://www.imf.org/external/pubs/ft/weo/2011/02/weodata/index.aspx
http://www.imf.org/external/pubs/ft/weo/2002/01/data/index.htm
http://pwt.econ.upenn.edu/
http://www.oanda.com/currency/historical-rates/
http://www.bankofguyana.org.gy/bog/index.php?option=com_content&view=article&id=134&Itemid=137
Statistical Yearbook of the Slovak Republic 1993

Eurostat
Czech Republic and

Slovakia
Czech Republic and
Slovakia
Czech Republic and
Slovakia
Various
National Statistics, Republic of China (Taiwan)
Taiwan
USD (older data)
na
1/20/2012 http://epp.eurostat.ec.europa.eu/portal/page/portal/eurostat/home/
http://61.60.106.82/pxweb/Dialog/varval.asp?ma=FM3601A1M&ti=Exchange+Rates+against+the+U.S.+Dollars2/14/2012 Monthly&path=../PXfileE/FinancialStatistics/&search=USD&lang=1
Central Bank of the Republlic of China (Taiwan)

Central Bank of Turkmenistan
Central Bank of Armenia
Taiwan
Turkmenistan
Armenia
USD (recent data)

USD
USD
2/14/2012 http://www.cbc.gov.tw/content.asp?CuItem=1878
2/14/2012 http://www.cbt.tm/
2/14/2012 http://www.cba.am/en/SitePages/statexternalsector.aspx
USD
SDR
Table 2.a Composition of baskets and the share of trading partners in the baskets in total trade
Annual database
First year
Country
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
Afghanistan
Albania
Algeria
Angola
Antigua and Barbuda
Argentina
Armenia
Australia
Austria
Azerbaijan
Bahamas, The
Bahrain
Bangladesh
Barbados
Belarus
Belgium
Belize
Benin
Bhutan
Bolivia
Bosnia and Herzegovina
Botswana
Brazil
Brunei
Bulgaria
Burkina Faso
Burundi
Cambodia
Cameroon
Canada
Cape Verde
Central African Republic
Chad
code
AF
AL
DZ
AO
AG
AR
AM
AU
AT
AZ
BS
BH
BD
BB
BY
BE
BZ
BJ
BT
BO
BA
BW
BR
BN
BG
BF
BI
KH
CM
CA
CV
CF
TD
2002
1989
1969
1969
1969
1960
1990
1960
1960
1989
1966
1966
1971
1966
1990
1960
1969
1969
1969
1960
1998
1969
1969
1977
1980
1960
1965
1986
1968
1960
1969
1980
1969
Monthly database
Included in the Included in the

Share of 67
basket of 172
basket of 67
Share of 172
countries?
countries?
countries in total countries in total
tarde
(available from (available from
tarde
1992)
1960)
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
99.8
99.8
99.6
99.9
99.9
99.9
99.8
99.9
99.7
99.9
99.9
99.8
99.9
99.9
99.7
99.8
99.9
99.8
99.9
99.6
93.9
98.5
99.9
100.0
99.0
99.8
99.7
99.9
99.8
100.0
99.9
99.8
99.9
yes
yes
yes
yes
yes
yes
yes
10
84.3
91.4
87.9
91.8
82.8
70.7
77.3
87.3
86.5
68.4
95.3
81.6
86.0
85.1
37.8
90.7
89.8
68.2
94.9
80.5
53.1
95.1
93.0
96.3
82.0
83.6
77.5
89.4
87.2
94.1
89.9
90.1
90.1
First month
#N/A
1995m01
1995m01
1995m01
2001m01
1995m01
1995m01
1995m01
1995m01
1995m01
1995m01
1995m01
1995m01
1995m01
1995m01
1995m01
1995m01
1995m01
2004m01
1995m01
2005m01
1995m01
1995m01
#N/A
1995m01
1995m01
1995m01
1995m01
1995m01
1995m01
1995m01
1995m01
1995m01
Included in the Share of

basket of 138
138
countries?
countries
(available since in total
1995m01)
tarde
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
97.9
99.1
98.6
99.0
99.5
99.3
93.7
98.9
99.4
92.4
99.8
96.0
99.0
95.7
98.7
99.3
98.5
98.8
99.5
99.1
93.4
98.0
99.4
99.7
98.4
97.7
91.4
99.6
98.1
99.7
99.5
98.6
99.1
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
Table 2.b Composition of baskets and the share of trading partners in the baskets in total trade
Annual database
First year
Country
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
Chile
China, Mainland
Colombia
Comoros
Congo, Dem. Rep.
Congo, Rep.
Costa Rica
Cte d'Ivoire
Croatia
Cyprus
Czech Republic
Denmark
Djibouti
Dominica
Dominican Republic
Ecuador
Egypt, Arab Rep.
El Salvador
Equatorial Guinea
Eritrea
Estonia
Ethiopia
Fiji
Finland
France
Gabon
Gambia, The
Georgia
Germany
Ghana
Greece
Grenada
Guatemala
code
CL
CN
CO
KM
CD
CG
CR
CI
HR
CY
CZ
DK
DJ
DM
DO
EC
EG
SV
GQ
ER
EE
ET
FJ
FI
FR
GA
GM
GE
DE
GH
GR
GD
GT
1960
1969
1960
1969
1963
1969
1960
1960
1990
1960
1980
1960
1969
1964
1960
1960
1960
1960
1969
1992
1990
1965
1969
1960
1960
1962
1961
1990
1960
1964
1960
1976
1960
Monthly database

Share of 67
basket of 172
basket of 67
Share of 172
countries?
countries?
tarde
tarde
1992)
1960)
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
99.9
99.9
99.9
99.8
99.7
99.8
99.9
99.7
94.4
99.5
99.7
99.9
99.8
99.9
99.9
99.9
99.8
99.9
99.9
99.9
99.9
99.8
99.8
99.9
99.8
99.7
99.8
99.8
99.8
99.7
99.5
99.9
99.9
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
11
83.6
91.7
90.3
90.4
90.0
88.1
92.6
81.5
76.5
85.2
84.6
89.5
66.7
80.9
92.8
89.1
81.4
91.7
94.5
87.7
82.1
78.8
90.9
84.2
89.3
92.0
73.9
71.0
84.9
86.1
84.8
76.2
90.4
First month
1995m01
1995m01
1995m01
#N/A
1995m01
1995m01
1995m01
1995m01
1995m01
1995m01
1995m01
1995m01
2005m01
1995m01
1995m01
1995m01
1995m01
1995m01
#N/A
#N/A
1995m01
1995m01
1995m01
1995m01
1995m01
1995m01
#N/A
1995m01
1995m01
1995m01
1995m01
2001m01
1995m01

basket of 138
138
countries?
countries
1995m01)
tarde
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
99.3
99.4
99.4
98.2
98.4
98.0
98.6
98.4
93.7
97.8
99.3
99.4
98.3
95.5
99.2
99.3
97.2
98.3
99.6
98.6
99.5
94.3
98.3
99.5
99.2
98.8
97.9
93.5
99.3
98.6
98.3
98.7
98.2
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
Table 2.c Composition of baskets and the share of trading partners in the baskets in total trade
Annual database
First year
Country
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
Guinea
Guinea-Bissau
Guyana
Haiti
Honduras
Hong Kong, China
Hungary
Iceland
India
Indonesia
Iran, Islamic Rep.
Iraq
Ireland
Israel
Italy
Jamaica
Japan
Jordan
Kazakhstan
Kenya
Korea, Rep.
Kuwait
Kyrgyz Republic
Lao PDR
Latvia
Lebanon
Lesotho
Liberia
Libya
Lithuania
Luxembourg
Macedonia, FYR
Madagascar
code
GN
GW
GY
HT
HN
HK
HU
IS
IN
ID
IR
IQ
IE
IL
IT
JM
JP
JO
KZ
KE
KR
KW
KG
LA
LV
LB
LS
LR
LY
LT
LU
MK
MG
1969
1969
1969
1960
1960
1969
1968
1960
1960
1960
1960
1990
1960
1960
1960
1960
1960
1969
1990
1960
1960
1972
1990
1969
1988
1969
1973
1999
1964
1988
1960
1990
1964
Monthly database

Share of 67
basket of 172
basket of 67
Share of 172
countries?
countries?
tarde
tarde
1992)
1960)
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
99.7
99.9
99.8
99.9
99.9
100.0
99.6
99.9
99.8
99.8
99.5
99.9
99.9
99.9
99.7
99.9
99.9
98.7
99.9
99.5
99.7
99.9
99.7
99.9
99.9
99.5
100.0
100.0
99.9
99.9
99.9
91.3
99.9
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
12
79.2
80.9
86.6
92.1
93.3
76.1
88.2
90.0
84.3
87.0
73.1
69.7
94.2
92.3
86.3
85.4
83.3
76.4
58.6
77.6
82.4
82.5
55.5
89.2
70.6
81.4
93.7
89.5
88.2
72.9
92.2
73.1
85.1
First month
#N/A
1995m01
#N/A
1995m01
1995m01
1995m01
1995m01
1995m01
1995m01
1995m01
1995m01
#N/A
1995m01
1995m01
1995m01
1995m01
1995m01
1995m01
1995m01
1995m01
1995m01
1995m01
1995m01
1995m01
1995m01
#N/A
#N/A
#N/A
#N/A
1995m01
1995m01
1995m01
1995m01

basket of 138
138
countries?
countries
1995m01)
tarde
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
97.8
98.0
98.0
99.4
99.1
99.6
99.4
99.3
97.5
98.7
91.5
97.8
99.7
99.7
98.9
98.1
99.3
93.8
98.4
94.2
98.9
96.2
93.3
99.5
99.4
97.7
99.3
99.8
98.9
99.3
99.6
90.7
98.8
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
Table 2.d Composition of baskets and the share of trading partners in the baskets in total trade
Annual database
First year
Country
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
Malawi
Malaysia
Maldives
Mali
Malta
Mauritania
Mauritius
Mexico
Moldova
Mongolia
Morocco
Mozambique
Namibia
Nepal
Netherlands
Netherlands Antilles
New Zealand
Nicaragua
Niger
Nigeria
Norway
Oman
Pakistan
Panama
Papua New Guinea
Paraguay
Peru
Philippines
Poland
Portugal
Qatar
Romania
Russian Federation
code
MW
MY
MV
ML
MT
MR
MU
MX
MD
MN
MA
MZ
NA
NP
NL
AN
NZ
NI
NE
NG
NO
OM
PK
PA
PG
PY
PE
PH
PL
PT
QA
RO
RU
1969
1960
1969
1969
1960
1969
1963
1960
1990
1990
1960
1980
1969
1964
1960
1960
1960
1969
1963
1960
1960
1980
1960
1960
1971
1960
1960
1960
1970
1960
1979
1969
1990
Monthly database

Share of 67
basket of 172
basket of 67
Share of 172
countries?
countries?
tarde
tarde
1992)
1960)
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
95.5
99.9
99.9
99.9
99.9
99.9
99.7
100.0
99.8
99.9
99.9
98.9
99.8
99.9
99.9
97.6
99.9
99.9
99.8
99.9
99.6
99.7
99.7
99.9
99.8
99.8
99.9
100.0
99.7
99.9
99.9
99.5
99.6
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
13
82.0
90.1
89.8
88.6
91.9
84.2
88.9
95.6
67.8
79.9
90.3
88.1
92.6
85.2
90.1
88.6
89.9
91.8
84.9
83.6
90.6
70.4
82.5
89.7
85.9
65.6
87.4
92.0
86.2
93.6
81.9
88.0
68.8
First month
1995m01
1995m01
#N/A
1995m01
1995m01
1995m01
1995m01
1995m01
1995m01
1995m01
1995m01
1995m01
2001m12
1995m01
1995m01
1995m01
1995m01
#N/A
1995m01
1995m01
1995m01
2001m01
1995m01
1995m01
2004m11
1995m01
1995m01
1995m01
1995m01
1995m01
2008m12
1995m01
1995m01

basket of 138
138
countries?
countries
1995m01)
tarde
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
91.7
99.3
98.3
98.9
98.7
98.6
98.6
99.8
98.3
98.9
98.9
97.0
99.3
98.7
99.3
93.6
99.2
99.2
98.1
98.9
99.2
81.8
96.8
98.4
98.8
99.2
99.4
99.6
99.4
99.6
93.5
99.0
98.2
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
Table 2.e Composition of baskets and the share of trading partners in the baskets in total trade
Annual database
First year
Country
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
151
152
153
154
155
156
157
158
159
160
161
162
163
164
165
Rwanda
Samoa
So Tom and Principe
Saudi Arabia
Senegal
Serbia
Seychelles
Sierra Leone
Singapore
Slovak Republic
Slovenia
Solomon Islands
South Africa
Spain
Sri Lanka
St. Kitts and Nevis
St. Lucia
St. Vincent and the Grenadines
Sudan
Suriname
Swaziland
Sweden
Switzerland
Syrian Arab Republic
Taiwan
Tajikistan
Tanzania
Thailand
Togo
Tonga
Trinidad and Tobago
Tunisia
Turkey
code
RW
WS
ST
SA
SN
SQ
SC
SL
SG
SK
SI
SB
ZA
ES
LK
KN
LC
VC
SD
SR
SZ
SE
CH
SY
TW
TJ
TZ
TH
TG
TO
TT
TN
TR
1966
1961
1980
1963
1967
1994
1970
1969
1960
1980
1990
1971
1960
1960
1960
1979
1965
1974
1960
1960
1965
1960
1960
1960
1960
1990
1965
1960
1966
1975
1960
1969
1960
Monthly database

Share of 67
basket of 172
basket of 67
Share of 172
countries?
countries?
tarde
tarde
1992)
1960)
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
99.9
100.0
99.9
99.8
99.8
96.3
99.7
99.8
99.9
99.7
98.0
99.9
98.4
99.9
99.9
99.9
99.9
99.9
99.8
99.9
98.3
99.9
99.9
99.9
100.0
99.8
99.7
99.9
99.6
99.9
99.9
99.8
99.8
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
14
74.7
93.1
90.8
85.9
86.0
70.6
88.4
90.0
89.0
79.8
79.3
90.2
82.2
91.5
90.0
83.7
81.9
86.3
71.8
87.6
86.9
89.1
91.4
73.9
84.7
52.1
80.9
88.4
74.7
85.5
90.6
92.1
85.8
First month
1995m01
1995m01
#N/A
1995m01
1995m01
1999m01
1995m01
2006m01
1995m01
1995m01
1995m01
#N/A
1995m01
1995m01
1995m01
#N/A
2006m01
1995m01
1995m01
#N/A
1995m01
1995m01
1995m01
1995m01
1995m01
#N/A
#N/A
1995m01
1995m01
1995m01
1995m01
1995m01
1995m01

basket of 138
138
countries?
countries
1995m01)
tarde
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
89.8
99.2
99.1
96.3
98.4
95.7
98.7
98.4
99.3
99.4
97.7
98.1
95.7
99.5
98.7
98.5
98.0
97.6
94.4
98.6
96.4
99.5
99.4
97.0
99.6
95.0
93.9
99.3
98.6
99.3
97.4
98.1
98.4
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
151
152
153
154
155
156
157
158
159
160
161
162
163
164
165
Table 2.f Composition of baskets and the share of trading partners in the baskets in total trade
Annual database
First year
Country
166
167
168
169
170
171
172
173
174
175
176
177
178
Turkmenistan
Uganda
Ukraine
United Arab Emirates
United Kingdom
United States
Uruguay
Uzbekistan
Vanuatu
Venezuela, RB
Vietnam
Yemen, Rep.
Zambia
Euro area 12 (external)
code
TM
UG
UA
AE
GB
US
UY
UZ
VU
VE
VN
YE
ZM
EA
1990
1980
1988
1980
1960
1960
1960
1990
1969
1960
1980
1990
1969
1991
Monthly database

basket of 172
basket of 67
Share of 172
Share of 67
countries?
countries?
tarde
tarde
1992)
1960)
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
n.a.
yes
yes
yes
yes
n.a.
Average
Maximum
Minimum
15
99.7
99.7
99.6
99.8
99.9
99.9
99.9
99.8
99.9
99.9
99.9
99.9
96.6
99.6
57.9
79.7
60.3
82.3
90.5
87.7
75.4
69.0
93.8
89.5
88.9
73.3
84.1
77.9
99.6
100.0
91.3
83.8
96.3
37.8
First month
#N/A
1995m01
1995m01
2007m12
1995m01
1995m01
1995m01
#N/A
#N/A
1995m01
1995m01
#N/A
#N/A
1995m01

138
basket of 138
countries
countries?
tarde
1995m01)
yes
yes
yes
yes
yes
yes
yes
n.a.
89.6
92.1
97.3
95.6
99.1
99.5
99.5
97.1
99.5
99.6
99.4
94.7
94.6
98.7
97.8
99.8
81.8
166
167
168
169
170
171
172
173
174
175
176
177
178
Figure 1.a: Monthly CPI-based real effective exchange rates, January 1995 January 2012 (December 2007
= 100)
110
100
90
110
100
90
Albania
150
80
80
130
70
70
120
60
60
110
50
50
100
40
90
40
96
98
00
02
04
06
08
10
150
Antigua and Barbuda 150
280
140
140
240
130
130
200
120
120
110
110
100
100
90
130
120
This paper
World Bank
96
98
00
02
04
06
08
10
Australia
Algeria
140
150
300
140
200
130
120
110
This paper
World Bank
BIS
96
98
00
02
04
06
08
10
Argentina
30
20
90
10
280
120
240
160
160
120
120
90
80
130
120
112
96
98
00
02
04
06
08
10
Austria
108
112
140
108
120
100
100
80
96
70
92
60
88
130
150
125
140
120
130
130
120
110
04
06
08
10
130
Bahamas
125
120
115
115
110
110
105
105
100
95
100
This paper
World Bank
100
95
90
125
240
120
200
115
115
160
110
110
105
105
100
100
125
120
96
98
00
02
04
06
08
10
Barbados
95
90
95
96
98
00
02
04
06
08
10
125
04
06
08
10
10
120
Armenia
100
80
60
40
90
02
02
80
80
90
00
00
60
This paper
World Bank
104
98
98
This paper
World Bank
BIS
104
96
100
96
200
100
60
100
70
50
20
110
This paper
World Bank
Eurostat
BIS
OECD
100
70
50
30
100
70
200
100
110
80
300
Angola
96
This paper
World Bank
Eurostat
BIS
OECD
96
98
00
02
04
06
08
96
98
00
02
04
06
08
10
40
140
Azerbaijan
120
100
100
80
80
92
10
Bahrain
88
60
150
128
124
140
98
00
02
04
06
08
10
60
128
124
Bangladesh
120
120
116
116
120
112
112
110
108
108
104
104
100
100
100
This paper
World Bank
96
90
96
240
108
200
104
160
100
100
120
120
96
96
80
80
96
98
00
02
04
06
08
10
Belarus
96
98
00
02
04
06
96
125
110
120
105
115
115
110
98
00
02
04
06
08
96
108
104
This paper
World Bank
Eurostat
BIS
OECD
88
84
10
10
Belgium
92
90
08
96
98
00
02
04
06
08
10
92
88
84
110
104
105
102
100
100
100
100
110
95
95
98
98
105
105
90
90
96
96
100
100
85
85
94
94
95
80
80
92
92
90
75
75
90
Belize
120
This paper
World Bank
95
90
96
98
00
02
04
06
08
10
Benin
96
98
00
02
04
16
06
08
10
104
Bhutan
96
98
102
00
02
04
06
08
10
90
Figure 1.b: Monthly CPI-based real effective exchange rates, January 1995 January 2012 (December 2007
= 100)
135
130
125
120
115
110
105
105
103
102
101
100
99
98
97
100
100
96
96
95
95
95
90
94
140
120
120
100
100
80
80
60
60
This paper
World Bank
95
90
135
130
125
120
115
110
Bolivia
96
98
140
00
02
04
06
08
10
Brazil
120
100
80
80
60
40
This paper
World Bank
Eurostat
BIS
96
98
00
280
02
04
06
08
10
103
102
101
100
99
98
97
Bosnia/Herzegovina
96
98
00
02
04
06
This paper
World Bank
Eurostat
BIS
40
96
280
120
240
115
200
200
160
160
10
Bulgaria
60
40
08
98
00
02
04
06
08
120
115
110
105
105
100
100
95
95
90
90
85
120
115
100
110
96
98
00
02
04
06
08
10
85
115
Burkina Faso
110
105
105
100
100
95
95
90
90
85
85
80
10
115
110
94
40
120
Botswana
96
98
00
02
04
06
08
10
80
120
108
115
104
110
110
100
100
105
105
96
96
100
100
92
92
95
95
88
90
90
84
80
85
85
80
105
100
95
108
108
115
106
110
104
104
90
90
105
105
102
102
85
85
100
100
100
100
98
98
95
95
96
96
Burundi
240
120
120
This paper
World Bank
80
105
100
95
96
98
00
02
04
06
08
10
Canada
80
80
This paper
World Bank
Eurostat
BIS
OECD
75
70
65
120
110
96
98
00
02
04
06
08
10
Chad
75
130
120
08
10
08
10
Cape Verde
106
80
120
115
115
120
70
96
98
00
02
04
06
08
10
Chile
110
110
105
105
100
100
95
95
90
80
90
This paper
World Bank
BIS
OECD
85
96
98
00
02
04
06
08
10
80
90
80
80
500
300
500
300
70
150
150
60
50
110
100
This paper
World Bank
BIS
70
60
96
98
00
02
04
06
08
10
This paper
World Bank
98
00
This paper
World Bank
96
98
00
02
04
06
02
04
17
06
08
10
10
84
80
115
Central African Republic
110
90
This paper
World Bank
96
98
00
02
04
06
08
10
85
80
120
China (Mainland)
110
100
100
90
This paper
World Bank
Eurostat
BIS
80
96
5,000 110
3,000
100
1,500
50
08
88
110
15,000120
Congo, Dem. Rep.
96
104
85
13015,000
120
110 5,000
3,000
100
1,500
90
Colombia
108
Cameroon
90
92
80
06
06
94
80
04
04
92
90
02
02
94
90
00
00
65
110
98
98
85
100
96
96
70
100
70
Cambodia
98
00
02
04
06
08
90
80
10
120
Congo, Rep.
110
100
90
90
80
80
70
96
98
00
02
04
06
08
10
70
Figure 1.c: Monthly CPI-based real effective exchange rates, January 1995 January 2012 (December 2007
= 100)
125
125
108
120
104
115
115
100
100
110
110
96
96
105
105
92
92
100
100
88
95
95
84
90
80
120
110
100
108
90
90
100
100
80
80
96
96
70
92
60
88
50
84
130
120
125
110
120
120
115
115
110
110
120
90
120
110
100
Costa Rica
This paper
World Bank
96
98
00
02
04
06
This paper
World Bank
Eurostat
BIS
OECD
60
130
125
10
Czech Republic
70
50
08
96
98
00
02
04
06
08
10
Dominica
105
100
95
180
160
100
96
98
00
02
04
06
08
10
This paper
World Bank
BIS
96
98
00
02
04
06
Egypt
00
02
04
06
08
10
Ethiopia
110
110
100
100
90
This paper
World Bank
Eurostat
BIS
80
96
98
00
02
04
06
08
90
80
10
116
104
112
112
108
108
104
104
88
100
100
84
96
120
140
110
120
120
100
100
100
100
90
90
80
80
80
80
70
This paper
World Bank 70
Denmark
This paper
World Bank
Eurostat
BIS
OECD
96
98
00
02
04
06
08
10
Dominican
Republic
92
110
105
105
100
95
100
120
Cyprus
108
104
160
100
98
80
180
120
96
10
120
84
60
140
This paper
World Bank
08
88
95
120
150
140
130
120
104
105
This paper
World Bank
140
80
108
Croatia
96
98
00
02
04
06
08
10
El Salvador
90
80
85
150
140
130
120
110
105
100
96
98
00
02
04
06
08
10
Euro Area
116
Djibouti
96
98
00
02
04
06
40
110
110
100
10
Ecuador
This paper
World Bank
96
98
00
96
140
60
60
08
02
04
06
08
10
60
40
110
Estonia
100
90
90
100
80
80
95
70
90
60
85
50
110
105
100
115
70
This paper
Eurostat
BIS
OECD
96
98
00
02
04
06
08
10
60
50
115
Fiji
110
110
105
105
100
100
95
95
80
90
90
75
85
70
80
108
112
104
108
95
95
90
90
85
85
110
110
100
100
90
90
80
80
75
70
70
115
108
110
104
105
105
100
100
104
104
100
100
96
96
100
100
95
95
92
92
96
96
90
88
88
92
85
84
84
88
70
96
115
98
00
02
04
08
10
Finland
110
This paper
World Bank
Eurostat
BIS
OECD
90
85
06
96
98
00
02
04
06
08
10
This paper
World Bank
Eurostat
BIS
OECD
80
96
98
00
02
04
06
08
10
France
This paper
World Bank
Eurostat
BIS
OECD
96
98
00
02
04
18
06
08
10
85
This paper
World Bank
96
98
00
02
04
06
08
10
112
Gabon
108
This paper
World Bank
96
98
00
80
02
04
06
08
10
92
88
Figure 1.d: Monthly CPI-based real effective exchange rates, January 1995 January 2012 (December 2007
= 100)
140
120
140
Georgia
120
120
115
This paper
World Bank
Eurostat
BIS
OECD
Germany
110
100
100
80
80
This paper
World Bank
60
60
96
105
100
98
00
02
04
06
08
105
95
90
This paper
World Bank
Eurostat
BIS
OECD
85
80
160
115
140
110
100
95
95
90
90
116
96
98
00
02
04
06
08
10
Grenada
140
120
120
100
100
80
85
60
116
120
110
100
112
112
95
108
108
90
104
104
85
100
This paper
World Bank
160
Ghana
105
100
85
10
Greece
105
120
80
This paper
World Bank
96
98
00
02
04
06
08
10
60
120
Guatemala
110
100
100
90
90
100
80
80
96
70
120
120
100
110
80
96
110
120
100
100
90
90
80
80
100
100
80
80
60
60
90
90
70
70
80
80
40
40
110
100
60
96
98
00
02
04
06
08
10
Guinea Bissau
96
98
00
02
160
150
140
130
04
06
08
10
60
96
98
00
02
04
06
08
10
Haiti
96
98
00
02
04
06
08
70
10
160
150
140
130
120
100
100
120
120
90
90
110
110
80
80
70
This paper
World Bank
70
Eurostat
BIS
OECD
100
90
80
120
110
Hong Kong (China)
98
00
120
Hungary
110
100
This paper
World Bank
Eurostat
BIS
96
110
90
02
04
06
08
10
India
80
60
120
140
110
100
100
90
96
98
00
02
04
06
Indonesia
100
100
This paper
World Bank
BIS
96
98
00
02
04
06
08
10
Ireland
70
20
105
135
130
125
120
115
110
100
95
95
90
90
85
85
80
This paper 80
World Bank
Eurostat
75
BIS
OECD
75
70
96
98
00
02
04
06
08
10
70
96
98
00
02
04
06
08
10
Israel
105
100
95
90
96
98
00
04
19
06
08
10
08
10
120
Honduras
96
98
70
110
00
02
04
06
08
10
70
120
110
100
Iceland
80
70
This paper
World Bank
BIS
OECD
60
96
98
00
60
02
04
06
08
10
50
400
Iran
200
140
140
60
100
100
40
60
60
40
This paper
World Bank 40
20
20
135
130
125
120
115
110
104
100
02
06
200
105
This paper
World Bank
BIS
OECD
04
70
400
60
This paper
World Bank
BIS
02
90
140
80
80
00
80
50
100
98
90
60
80
40
105
10
90
80
70
08
120
110
100
96
100
96
98
00
02
04
06
08
10
20
104
Italy
100
96
96
92
92
88
88
This paper
World Bank
Eurostat
BIS
OECD
84
95
80
90
76
96
98
00
02
04
06
08
10
84
80
76
Figure 1.e: Monthly CPI-based real effective exchange rates, January 1995 January 2012 (December 2007
= 100)
108
104
Ivory Coast
108
120
104
110
100
100
96
96
92
92
88
This paper
World Bank
84
80
88
120
Jamaica
110
100
100
90
90
80
115
115
300
300
110
110
105
105
200
200
100
100
150
150
95
95
100
100
90
90
85
04
06
08
10
Jordan
96
120
110
100
98
00
02
04
06
08
10
85
120
110
100
Korea
90
90
80
80
70
60
50
130
120
70
This paper
World Bank
Eurostat
BIS
OECD
96
98
00
02
04
06
60
08
10
Lao
100
90
80
80
98
00
02
04
06
08
10
105.0
100.0
97.5
95.0
This paper
World Bank
Eurostat
BIS
OECD
92.5
90.0
87.5
96
98
00
02
220
200
180
04
06
08
10
Malawi
80
98
00
04
06
02
04
06
08
10
80
08
10
50
115
95
This paper
World Bank
96
98
00
02
04
06
08
10
90
85
120
Latvia
120
100
120
This paper
World Bank
Eurostat
BIS
OECD
96
98
00
02
04
100
06
08
10
80
120
Kenya
100
80
80
60
60
40
96
98
00
02
04
06
08
10
40
REER_138_KG/@ELEM(REER_138_KG,2007M12)*100
120
Kuwait
110
120
120
Kyrgyzstan
110
110
100
100
90
90
80
80
70
120
100
96
98
00
02
04
06
08
10
70
120
Lithuania
100
100
90
80
This paper
Eurostat
BIS
96
98
00
02
04
06
08
10
80
80
60
60
This paper
Eurostat
BIS
70
60
40
96
98
00
02
04
06
08
10
40
140
130
130
130
120
120
120
120
110
110
110
110
100
100
100
90
90
90
80
80
80
70
Macedonia
100
This paper
World Bank
96
98
00
02
04
06
08
10
Malaysia
120
100
80
This paper
World Bank
BIS
100
This paper
World Bank
96
02
140
120
150
140
140
120
00
80
220
200
180
120
98
90
80
140
96
100
90
140
100
110
87.5
160
500
400
Kazakhstan
90
90.0
160
10
95
60
92.5
08
100
60
95.0
06
105
70
97.5
04
100
70
100.0
02
105
105.0 150
102.5 140
Luxembourg
102.5
00
110
120
90
98
110
130
120
100
96
115
85
110
60
120
50
110
70
50
96
160
80
500
400
02
180
140
70
125
120
125
120
00
200
Japan
160
100
70
98
180
80
84
80
96
200
60
96
98
00
02
20
04
06
08
10
140
130
Madagascar
96
98
00
02
04
06
08
10
70
140
110
110
120
105
100
100
100
95
95
90
90
Mali
105
80
60
85
96
98
00
02
04
06
08
10
85
Figure 1.f: Monthly CPI-based real effective exchange rates, January 1995 January 2012 (December 2007
= 100)
110
110
140
105
130
100
100
120
95
95
110
110
90
100
85
90
80
80
140
140
120
120
105
Malta
90
This paper
World Bank
Eurostat
BIS
85
80
140
120
96
98
00
02
04
06
08
10
Mexico
100
80
This paper
World Bank
Eurostat
BIS
OECD
60
96
116
112
98
00
02
04
08
130
120
120
110
This paper
World Bank
06
08
10
Namibia
90
08
10
Netherlands
Antilles
100
100
96
98
160
140
120
00
02
04
06
08
10
Nigeria
60
This paper 60
World Bank
02
04
06
08
10
08
60
10
Mozambique
130
150
120
100
96
98
00
02
04
40
06
08
10
Nepal
160
Mongolia
140
104
110
112
100
108
New Zealand
100
90
90
80
80
This paper
World Bank
Eurostat
BIS
OECD
70
96
98
00
02
04
06
08
70
10
Norway
100
85
96
98
00
02
04
21
06
08
10
96
98
00
02
04
06
08
10
5
108
Netherlands
104
This paper
World Bank
Eurostat
BIS
OECD
96
98
00
02
04
06
08
10
92
88
84
112
Niger
108
104
100
96
96
92
92
88
88
110
130
105
125
96
98
00
02
04
06
08
10
84
130
Oman
125
120
120
115
115
110
110
105
105
85
100
100
80
95
90
This paper
World Bank
Eurostat
BIS
OECD
100
100
84
95
90
150
104
60
100
95
60
96
84
10
10
Myanmar
92
88
08
08
100
80
06
06
96
85
04
04
100
80
02
02
10
85
00
00
15
90
98
98
10
90
96
96
15
108
95
80
90
50
35
25
110
95
105
10
50
35
25
115
100
110
80
00
06
100
160
140
120
80
98
04
105
60
100
96
02
105
80
100
40
00
90
This paper
World Bank
08
60
98
115
110
06
80
120
110
04
80
120
02
100
70
120
00
100
70
110
06
98
120
92
110
96
120
80
160
150
140
130
80
140
80
70
90
160
120
96
70
160
150
140
130
140
90
80
04
90
90
80
02
80
100
90
00
10
95
100
100
98
08
95
110
110
100
96
06
90
110
100
04
04
60
112
100
02
02
Moldova
96
104
00
00
100
80
108
98
98
100
80
104
96
96
100
80
116
110
105
100
10
110
115
Mauritius
105
100
60
06
115
120
100
108
92
130
This paper
World Bank
Morocco
96
140
Mauritania
96
98
00
02
04
06
08
10
95
Figure 1.g: Monthly CPI-based real effective exchange rates, January 1995 January 2012 (December 2007
= 100)
125
Pakistan
120
115
125
124
120
120
115
116
124
Panama
120
150
140
116
130
130
120
120
110
110
100
100
110
110
105
105
108
108
100
100
104
104
95
95
100
100
90
90
96
96
80
130
120
120
116
110
112
100
90
130
120
This paper
World Bank
96
98
00
02
04
06
08
10
Paraguay
110
100
90
90
80
70
120
110
This paper
World Bank
96
98
00
02
04
06
08
10
80
70
120
Poland
110
112
112
96
98
00
02
04
06
08
10
90
104
104
80
100
100
96
96
92
104
100
96
98
00
02
04
06
08
10
Portugal
60
104
125
100
120
120
120
100
100
80
80
80
60
60
120
100
Romania
80
60
60
This paper
World Bank
Eurostat
BIS
40
96
125
120
98
00
02
04
06
08
This paper
World Bank
Eurostat
BIS
OECD
96
98
00
02
04
06
40
125
120
135
130
08
10
Russia
96
98
00
02
04
06
08
10
Saint Vincent and the Grenadines
104
02
04
06
08
10
Senegal
100
120
220
200
180
84
96
98
00
02
04
06
08
10
04
06
08
10
95
220
200
180
Rwanda
160
160
140
140
120
120
100
100
40
80
135
130
150
96
98
00
02
04
06
08
10
80
150
Saudi Arabia
140
140
120
110
110
105
105
100
250
84
02
110
350
88
00
110
100
88
98
130
104
92
96
120
95
92
120
115
95
96
125
Qatar
130
100
This paper
World Bank
96
98
00
02
04
06
08
10
Serbia
350
200
150
100
50
90
200
150
100
95
250
200
96
60
95
120
00
10
84
115
98
08
100
120
96
06
105
110
95
04
100
110
100
02
88
125
This paper
World Bank
00
110
125
100
98
105
92
115
105
96
70
115
115
105
80
This paper
World Bank
BIS
110
100
This paper
World Bank
Eurostat
BIS
110
115
96
40
10
Saint Lucia
96
120
Philippines
70
92
84
10
80
100
60
08
10
90
88
06
08
108
70
04
06
108
92
02
04
100
80
00
02
112
This paper
World Bank
BIS
80
98
00
110
90
96
98
120
90
60
96
90
116
100
This paper
World Bank
Eurostat
BIS
OECD
This paper
World Bank
120
Peru
100
70
150
140
Papua New Guinea
180
100
This paper
World Bank
BIS
96
98
00
02
04
06
08
10
90
200
Seychelles
180
160
160
140
140
120
120
100
100
100
96
98
00
02
04
22
06
08
10
50
80
96
98
00
02
04
06
08
10
80
Figure 1.h: Monthly CPI-based real effective exchange rates, January 1995 January 2012 (December 2007
= 100)
240
Sierra Leone
200
160
240
120
200
115
160
120
120
80
96
98
00
02
04
06
08
10
120
Slovenia
115
105
100
100
95
95
90
130
96
98
00
90
80
80
100
100
70
95
60
90
50
140
104
120
100
140
105
85
90
105
120
110
02
04
06
This paper
World Bank
90
Eurostat
BIS
OECD
85
08
10
This paper
World Bank
BIS
96
98
00
02
04
06
08
10
South Africa
120
100
100
80
60
80
This paper
World Bank
BIS
96
98
00
02
04
06
08
10
98
00
02
04
06
10
100
92
88
60
80
140
112
108
104
100
96
92
88
84
80
120
110
110
100
100
100
100
80
80
90
90
60
60
80
80
70
70
40
40
This paper
World Bank
Eurostat
BIS
OECD
72
125
120
115
110
105
100
140
140
130
125
120
96
98
00
02
04
06
08
10
98
125
120
115
110
105
100
02
04
06
08
10
Sweden
95
95
This paper
World Bank
Eurostat
BIS
OECD
90
85
80
00
96
98
00
90
02
04
06
08
10
Taiwan
100
This paper
World Bank
BIS
140
130
98
00
04
06
08
10
This paper
World Bank
Eurostat
BIS
OECD
Switzerland
130
120
110
100
100
140
130
120
02
04
06
08
10
Tonga
10
72
130
125
120
Syrian Arab Republic
100
95
130
120
110
110
110
100
100
100
100
95
95
90
90
100
90
90
80
80
90
70
This paper
World Bank 70
BIS
80
60
140
140
130
96
98
00
02
04
06
08
10
Thailand
96
98
00
02
04
06
08
10
105
60
75
140
130
120
120
110
110
100
100
90
104
This paper
World Bank 80
100
80
70
92
80
70
96
98
00
02
04
23
06
08
10
98
00
02
04
06
96
08
10
105
This paper
World Bank
96
90
110
Togo
80
128
124
120
116
112
108
Trinidad and Tobago
96
85
90
10
08
95
90
08
06
105
90
06
04
100
100
04
02
110
100
02
00
105
110
00
98
115
110
98
96
110
120
96
76
115
120
80
80
90
130
This paper
World Bank
84
90
110
96
02
110
90
120
110
80
00
120
80
130
120
90
98
85
140
130
130
96
88
112
108
104
100
96
92
88
84
80
Swaziland
76
96
50
104
Spain
84
120
08
60
96
140
Sudan
96
70
92
120
Sri Lanka
This paper
World Bank
Eurostat
BIS
OECD
96
130
120
120
110
100
Slovakia
110
90
110
120
110
100
105
80
115
115
110
95
This paper
World Bank
120
Singapore
98
00
02
04
06
08
10
85
80
75
128
124
120
116
112
108
Tunisia
104
100
96
This paper
World Bank
96
98
00
02
04
06
08
10
92
Figure 1.i: Monthly CPI-based real effective exchange rates, January 1995 January 2012 (December 2007
= 100)
110
100
110
Turkey
100
160
150
140
130
160
150
140
130
Uganda
90
90
80
80
120
120
70
110
110
100
100
70
This paper
World Bank
Eurostat
BIS
OECD
60
50
120
110
96
98
00
02
04
06
08
10
80
120
112
108
104
100
96
92
88
84
80
100
90
90
This paper
BIS
80
96
98
00
02
140
130
04
06
08
10
Uruguay
80
70
72
140
130
200
120
110
110
100
100
130
120
98
00
160
02
04
06
08
10
United Kingdom
96
98
00
02
04
08
10
Venezuela
96
98
00
02
04
06
08
10
70
120
80
110
100
This paper
World Bank
90
00
02
02
04
120
100
98
00
04
06
08
10
90
80
24
60
96
98
00
06
08
10
02
04
06
08
10
140
140
United States
130
120
130
120
110
110
This paper
World Bank
Eurostat
BIS
OECD
100
125
120
115
40
130
Western Samoa
96
This paper
World Bank
BIS
98
60
200
80
96
80
This paper
World Bank
90
120
40
100
80
72
160
120
100
76
06
140
Ukraine
120
80
112
108
104
100
96
92
88
84
80
This paper
World Bank
Eurostat
BIS
OECD
80
110
80
96
90
This paper
World Bank
80
70
90
This paper
World Bank
76
120
90
90
50
110
100
70
60
140
96
98
00
02
100
04
06
08
10
90
125
120
115
Vietnam
110
110
105
105
100
100
95
95
90
90
85
96
98
00
02
04
06
08
10
85
Figure 2.a: Annual CPI-based real effective exchange rates, 1960-2011 (2007=100)
130
120
130
Afghanistan
120
110
110
100
100
90
90
80
70
60
300
200
80
This paper - 67 partners
65
70
75
80
85
90
95
00
05
10
70
300
Angola
200
100
70
50
100
70
50
30
30
20
10
60
150
100
20

65
70
75
80
85
90
95
00
05
10
Armenia
10
5
60
150.0
65
70
75
80
85
90
95
00
05
10
80
85
90
95
00
05
10
280
120
116
112
108
104
100
95
120
120
110
110
100
100
90
60
0.5
00
05
10
80
120
116
112
108
104
100
92
88
88
84
60
84
85
90
95
70
75
80
85
00
05
10
90
95
00
05
10

World Bank
OECD
400
300
200
200
World Bank
65
70
75
80
300
250
85
90
100
95
00
05
10
300
250
Argentina
200
200
150
150
100
100
50
60

65
70
75
80
85
90
95
00
05
10
50
130
110
120
105
110
110
100
100
100
100
95
95
90
90
Australia
120
65
70
75
80
85
90
95
00
05
10
Bahamas
70
95
60
120
110
100
110
Austria
105
85

World Bank
OECD
80
75
60
125
240
120
200
65
70
75
65
70
75
80
85

World Bank
90
95
00
05
10
95
80
85
90
95
00
05
10
85
80
75
240
Bahrain
200
160
160
120
120
100
80
60

World Bank
65
70
75
80
85
90
95
00
05
10
80
120
110
100
500
300
200
90
90
100
100
80
80
50
50
70
70
30
20
30
20
Barbados
60
96
80
65
90
100
92
75
130
1.5
96
70
140
130
105
240

World Bank
OECD
Belgium
65
170

160
150
World Bank
Antigua and
Barbuda
500
Algeria
300
60
105

90
10
5.0
3.0
120
85
05
110
120
80
00
110
160
75
95
115
160
70
90
115
200
65
85
70
60
200
80
60
80
280
Bangladesh
240
75
80
5.0
3.0
70
80
15.0
75
170
160
150
140
65
400
100
10
15.0
70
60
500
40

150.0 125
Azerbaijan
65
40
90
50.0
30.0
0.5
60
60
90
50.0
30.0
1.5
60
120
15
World Bank
80
130
15
100
80
100
50
35
25
140
120
Albania
100
150
50
35
25
10
140
120
50
60
200
180
160

65
70
75
80
85
90
95
00
05
10
60
50
200
180
160
Belize
140
140
120
120
100
100
80
60
60

World Bank
65
70
75
80
85
25
90
95
00
05
10
10
5
60
500
300
200
Belarus
10

65
70
75
300
250
80
85
90
95
00
05
10
5
300
250
Benin
200
200
150
150
100
100
80
60
50
60
65
70
75
80
85
90
95
00
05
10
50
Figure 2.b: Annual CPI-based real effective exchange rates, 1960-2011 (2007=100)
220
200
180
160
220 1,000
200
180 500
160 350
140
140
250
250
120
120
150
150
100
100
Bhutan
100
80
60

65
70
75
80
85
115
90
95
00
05
10
Botswana
110
80
140
110
120
105
105
100
100
95
95
500
350
50
60
115
1,000 108
Bolivia
100

World Bank
65
70
75
80
85
90
95
00
05
10
50
140
Brazil
120
100
100
80
80
104
108
Bosnia/Herzegovina
104
100
100
96
96
92
88
60
124
120
92

65
70
75
80
85
90
95
00
05
10
124
120
Brunei Darussalam
116
116
112
112
108
108
104
104
100
90
85
60
140
100
90
65
70
75
80
85
90
95
00
05
10
85
140
Bulgaria
100
60

60
World Bank
60
65
280
70
75
80
85
90
95
00
05
10
Burkina Faso
240
88
100
96
92
60
280
280
240
240

65
70
75
80
85
90
95
00
05
10
96
92
280
Burundi
240
80
80
200
200
200
200
60
60
160
160
160
160
40
120
120
120
40
20
60
1,000

World Bank
65
70
75
80
85
90
95
00
05
10
20
80
60
1,000 180
160
Cambodia

65
70
75
80
85
90
95
00
05
10
Cameroon
80
120
120
250
250
100
100
150
150
100
100
80
50
60
60
80
85
90
95
00
05
10
140
140
Cape Verde
130
130
200
180
65
70
75
80
85
80
90
95
00
05
10
160
60
200
180
Central
African
Republic
160
120
120
140
110

This paper - 172 partners 110
120
120
100
100
100
90
60
1,000
100
65
70
75
80
85
90
95
00
05
10
90

World Bank
OECD
350
65
70
75
80
85
90
95
00
05
10
500
350
250
150
150
100
100
70
75
80
85
90
95
00
05
10
50
500
350
250
150
100
500
350
250
150

World Bank
OECD
50
60
65
70
75
80
85
26
100
90
95
00
05
10
95
00
05
10
80
50
120
Canada
110
110
80
80
70
60
60

World Bank
OECD
65
70
75
80
85
90
95
00
05
10
240
70
60
240
Chad
200
200
160
160
120
120
80
60
65
70
75
80
85
1,500 180
1,000 160
China (Mainland)
1,000
250
65
60
80
1,0001,500
Chile
500
50
60
140

World Bank
80
90
90
350
75
85
100
350
70
80
90
140
65
75
100
140
50
60
70
120
500

World Bank
65
180
160
500

80
60
120
World Bank
90
95
00
05
10
80
180
160
Colombia
140
140
120
120
100
100
80
60
60
80
World Bank
65
70
75
80
85
90
95
00
05
10
60
Figure 2.c: Annual CPI-based real effective exchange rates, 1960-2011 (2007=100)
140
130
140 1,000
130
Comoros
120
120
110
1,000 240
Congo, Dem. Rep.
500
350
350
100
100
250
250
90
90
150
150
70
60
80

65
70
75
80
85
90
95
00
05
10
240
70
240
Costa Rica
200
160
200
160
World Bank
120
120
100
50
60
120
110
100
80
60
120
100
65
70
75
80
85
90
95
00
05
10
Czech Republic
80
60
150
140
65
70
75
80
85
90
95
00
05
150
140
Dominica
130
130
120
120
110
110
100
100
World Bank
90
80
60
65
70
75
80
85
90
95
00
05
90
10
300
250
Egypt
200
80
200
180
160
140
70
75
80
85
90
95
00
05
120
120
100
100
80
60
60
80
65
70
75
80
85
90
95
00
05
10
60
10
60

World Bank
65
70
75
80
85
90
95
00
05
10
Denmark

World Bank
OECD
65
70
75
80
85
90
95
00
05
10
80
60
60
65
70
75
80
85
80
90
95
00
05
10
170
Cyprus
150
140
130
120

World Bank
150
140
130
120
110
110
100
100
90
90
80
60
120
72
60
68

170
140
65
70
75
80
85
90
95
00
05
10
80
140
Djibouti
120
100
100
80
80
60
240
200

65
70
75
80
85
90
95
00
05
60
10
240
Ecuador
200
160
160
120
120
120
80

World Bank
65
70
75
80
80
85
90
95
00
05
10
El Salvador
60
120
140
100
100
80
60

65
70
75
80
85
90
95
00
05
200
100
70
50
70
50
30
30
20

World Bank
65
70
75
80
85
27
90
65
70
75
80
85
80
90
95
00
05
10
140
Equatorial
Guinea
100
80
60
60
40
40
20
60
10
Estonia
80

World Bank

World Bank
40
100
10
60
120
100
96
92
88
84
80
76
160
40
20
120
108
Dominican Republic
60
200
50
200
120
60
200
180
160
140
Eritrea
05
160
80
10
00
Croatia
200
200

65
68
60
100
100
95
120
110
100
72
250
100
60
50
60
120
150
90
70
300
150
85
80
100
96
92
88
84
80
76
10
80
70
108
40
75
80
100
60
World Bank
OECD
70
160
80
50
90
120
80
60
40
80
65
160
100

World Bank
90
60
200
500
110
80
240
Congo, Rep.
200
320
280
240
65
70
75
80
85
90
95
00
05
10
20
320
280
240
Ethiopia
200
200
160
160
120
120
95
00
05
10
10
80
60
65
70
75
80
85
90
95
00
05
10
80
Figure 2.d: Annual CPI-based real effective exchange rates, 1960-2011 (2007=100)
130
130
110
110
160
150
140
130
100
100
120
120
110
110
100
100
Euro Area
120
120
90
80
70
60
128
124
120
116
112
108
104
100
96
90
World Bank
OECD
65
70
75
80
85
90
80
95
00
05
10

World Bank
OECD
France
92
88
60
1,000
600
400
70
75
80
85
90
95
00
05
10
220
200
180

World Bank
65
70
75
105
100
95
80
85
90
88

World Bank
65
70
75
80
95
00
05
10
10
85
160
150
140
130
150
120
120
110
110
100
100
90
90
95
00
05
10
80
100
80
60
80
60
100

World Bank
65
70
75
80
85
90
95
00
05
10
Germany
80
116
112
108
104
100
96
92
88
65
70
75
80
85
90

84
World Bank
OECD
80
95
00
05
10
100
90
90
85
90
95
00
05
10
Guinea
1,000
500
350
250
500
350
250
150
100
150
100
120
100
80

65
70
75
80
85
90
95
00
05
10
Haiti
50
250
65
70
75
80
85
90
95
00
05
10
70
75
80
85
90
95
00
05
10
5,000
3,000
2,000
10
90
Guinea Bissau
200
150
120

World Bank
65
70
75
80
85
90
95
00
05
10
100
50
60
140
120
1,000
500
300
200
100

World Bank
65
70
75
80
85
90
95
00
05
10
60
160
100
140
100
65
70
75
80
85
90
95
00
05
120
100
100
80
80
60

65
70
75
80
85
60
90
95
00
05
10
1,500
Guyana
1,000
500
350
250
160
Honduras
140
120
120
100
100
80
80
500
350
250
65
70
75
80
85
28
160
150
140
130
150
100

World Bank
65
70
75
80
85
90
95
00
05
10
50
160
150
140
130
Hong Kong (China)
120
120
110
110
100
100
90

60
60
100
50
60
10
50
140
Guatemala
150
100
80
5,000
3,000
2,000
Ghana
500
300
200
250 1,000
320
280
240
Gambia
1,000
300 1,500
150
40
65
80
60
60
70
60
40
120
80

World Bank
200
120
80
60
60
70
60
2,000 300
1,000
50
60
140
130
Grenada
75
70
World Bank
OECD
80
05
160
100
75
00
120
85
70
95
120
85
65
90
200
110
2,000
85
160
120
65
80
200
110
65
60
75
140
120
70
70
130
160
90
80
65
140
140
90
75
90
60
Finland
160
140
130
80
130
150

World Bank
OECD
320
280
240
105
100
95
Greece
140
220
200
180
Gabon
1,000 116
600 112
400 108
104
200
100
100
96
60
92
40
88
20
84
Georgia
100
60
40
10
60
128
124
120
116
112
108
104
100
96
80
60
92
65
200
20
70
90
Fiji
90
90
95
00
05
10
60
80 This paper - 172 partners

60 65 70 75 80 85
90
95
00
05
10
80
Figure 2.e: Annual CPI-based real effective exchange rates, 1960-2011 (2007=100)
110
100
90
110
100
90
Hungary
130
120
130
120
Iceland
110
110
80
100
100
70
90
90
60
60
80
80
50
50
70
40
60
60
80
70
40
60

World Bank
OECD
65
70
75
80
800
85
90
95
00
05
10
800 1,600
Indonesia
400
400
280
200
280
200
120
80
40
60
130
120
120
80

World Bank
65
70
75
80
85
90
95
00
05
10
40
130
120

World Bank
OECD
65
70
75
80
85
90
70
95
00
05
10
800
400
280
200
40
60
80

World Bank
65
70
75
80
85
90
95
00
05
10
40
110
110
400
350
300
100
100
250
250
90
90
200
80
80
150

World Bank
OECD
Ireland

World Bank
OECD
70
60
60
150
140
130
120
65
70
75
80
85
90
95
00
05
10
60
110
110
100
100
90
90
80
70
60
160
150
140
130

World Bank
65
70
75
80
85
90
95
00
05
10
110
100
100
80
60
240
200
90

65
70
75
80
85
90
95
00
05
10
240
Korea
200
World Bank
160
120
160
120
80
60
80
80
65
70
75
80
85
90
95
00
05
10
100
60
10
5
60
65
70
75
80
95
00
05
10
150
Iraq
100
50
35
25
15
10

65
70
75
80
85
90
95
00
05
10
90
100
65
70
75
80
85
90
95
00
05
10
130
120
110
Jamaica
80
80
70

65
70
75
80
85
90
95
00
05
10
60
200
Kazakhstan
110
120
Italy
110
70
60
180
140
120

World Bank
OECD
65
70
75
100
70
70
50
50
30
30
80
85
90
95
00
05
10
100
80
80
World Bank
OECD
60
65
70
75
80
85
90
95
00
05
60
10
110
65
70
75
80
160
150
140
130
85
90
95
00
05
10
10
160
150
140
130
Kuwait
100
90
90
80
80
70
70
50
60
600
400
120
120
110
110
200
140
100
100
100
60
90
90
40
80
20
60

65
70
75
80
85
29
90
95
00
05
10
40
110
Kenya

20 partners
60
This paper - 172
20
70
140
120
100
40
60
80
180
Japan
100
100
80
60
90
90
90
10
60
85
100
100
200
100

World Bank
100
90
60
60
110
150
120
100
70
120
90
130
120
110
70
120
150
150
100
80
160
150
140
130
Jordan
200
80
60
250
200
400
350
300
70
150
140
130
120
Ivory Coast
Israel
300
India
250
1,600 150
100
800
50
400
35
280
25
200
15
120
Iran
120
80
60
300
60
65
70
75
80
85
90
95
00
05
10
50
600
Kyrgyzstan
400
200
140
100
60
40

65
70
75
80
85
90
95
00
05
10
20
Figure 2.f: Annual CPI-based real effective exchange rates, 1960-2011 (2007=100)
1,000
1,000 200
Lao
100
100
10
1
60
160
140
10
65
70
75
80
85
90
95
00
05
10
160
Lesotho
140
120
100
80
60
150
100
100
100
70
70
50
65
70
75
80
85
60
90
95
00
05
10
Lithuania
50
35
25
60
30
30
40
40
20
20
10
60
116
112
75
80
85
90
95
00
05
10
112
100
100
96
60
110
100
105
75
80
85
90
240
95
00
05
10
Madagascar
200
160
120

65
70
140
75
80
85
90
95
00
05
120
100
80
80
65
70
75
80
85
90
95
00
05
10
280
60
05
10
96
110

80
World Bank
OECD
65
70
75
80
85
90
95
00
05
10
240
Malawi
200
160
120
80
60
220
200
180
75
120
World Bank
65
70
75
80
85
90
95
00
05
10
80
70
75
80
85
90
95
00
05
10
50
90
80
60
150
140
Macedonia
100
90

World Bank
65
70
75
80
85
90
220
200
180
95
00
05
10
80
220
200
180
Malaysia
160
160
140
140
120
120
80
60
100

World Bank
65
70
75
80
85
90
95
00
05
10
80
140
140
120
120
120
120
100
100
100
100
80
60

65
70
75
80
85
90
95
00
05
10
80
120
110
100
10
65
140
120
05
50
60
160
120
00
100
160
120
95
150
100
180
160
90
150
220
200
180
Mali
160
85
350
250
100
130
80
500
350
250
85
85
130
75
500
110
200
70
1,000
Libya
100
200
65
20
90
90
140
80
10
120
150

05
110
240
80
60
00
130
Luxembourg
280
Mauritania
240
95
120
160
100
00
90
130
200
120
95
85
95
160
140
Maldives
90
80
100
240
10
85
75
95
200
80
80
70
100
240
120
75
65
150
140
75
60
70
70

105
65

65
20
60
116 1,000
Liberia
104
80
60
60
70
104
10
60
65
10
108
15
80

108
10
5
60
100
80
15
140
Lebanon
60
150
50
35
25
100
50
80
World Bank
140
80
120
100
60
200
Latvia
90
60
Mauritius

65
70
75
80
85
30
90
95
00
05
10
180
Malta
160
160
World Bank
80
60
150
140
140
120
140
80
65
70
75
80
85
90
95
00
05
10
140
Mexico
120
100
100
110
80
80
100

World Bank
60OECD
90
60
65
70
75
80
60
85
90
95
00
05
10
Figure 2.g: Annual CPI-based real effective exchange rates, 1960-2011 (2007=100)
300
200
300
Moldova
200
100
70
50
100
70
50
30
20
10
60
1,000
30
W orld Bank
65
70
75
80
85
90
20
95
00
05
10
10
180
140
120
Mongolia
100
170
140
120
150
140
130
120
100
80
80
60
60
40
60
65
70
75
80
85
90
95
00
05
10
40
150
140
Namibia
500
500
130
130
350
350
120
120
250
250
110
110
150
150
100
100
100
100
50
60

65
70
75
80
110
85
90
95
00
05
10
Netherlands
100
90
10,000,000
1,000,000

W orld Bank
OEC D
65
70
75
80
85
90
95
00
05
10
100
65
70
75
80
85
90
95
00
05
10
100

W orld Bank
65
70
75
80
85
90
95
00
05
10
10
105
Norway
100
95
90
90
85
85
80

W orld Bank
OEC D
75
65
70
280
75
80
85
90
95
00
05
10
75
70
280
Panama
240
80
240
200
200
160
160
120
120
130
120
110
110
100
100
90
80
60
90

65
70
75
80
85
90
95
00
05
10
100
80
60
220
200
180

65
65
70
75
80
85
90
95
00
05
10
80
80
70
75
80
85
90
95
00
05
10
110
100
W orld Bank
65
70
75
80
85
90
90
95
00
05
10
240
80
240
Nepal
200
200
160
160
120
120
80
60

65
70
75
105
100
95
90
85
80
80
85
90
95
00
05
10
105
100
95
90
85
80
New Zealand
75
75
70
70
65
60
60
80
65
70
75
80

W orld Bank
OECD
85
90
95
00
05
65
10
60
1,000
Nigeria
500
350
140
250
250
120
150
150
100
100
80
50
60
100
W orld Bank
65
70
75
80
85
90
95
00
05
10
50
220
200
180
400
160
160
240
240
140
140
200
200
120
120
160
160
100
120
Oman
100
80
60

65
70
75
80
85
170
90
95
00
05
10
Papua New Guinea
150
140
130
120
100
90

80
60
220 1,000
200
180 500
160 350
Niger
80
60
80
170
150
140
130
120
110
80
60
80
140
Netherlands
Antilles
140
10,000
120
1,000
95
70
60

150
140
130
120
100
90
160
100,000
1,000
105
60
120
10,000,000
220
200
1,000,000
180
Nicaragua
10,000
10
60
130
70
100,000
100
140
100
80
70
80
60
110
90
80
60
60
50
90
170
Morocco
110
90

1,000 150
140
Mozambique
180
110
70
75
80
85
31
90
80
60
280
240
400
Pakistan
320
120

W orld Bank
65
70
75
80
85
90
95
00
05
10
80
280
240
Paraguay
200
200
160
160
120
120
100

W orld Bank
65
320
90
95
00
05
10
80
80
60
65
70
75

W orld Bank
80
85
90
95
00
80
05
10
Figure 2.h: Annual CPI-based real effective exchange rates, 1960-2011 (2007=100)
120
100
120
100
Peru
80
80
60
60
300
250
Philippines
200

World Bank
150
40
105
100
95
65
70
75
80
85
90
95
00
05
10
20
105
100
95
Portugal
90
90
85
85
80
80
75
75

70
World Bank
OECD
70
65
60
200
65
70
75
80
85
90
95
00
05
10
65
200
Russia
100
100
70
70
50
50
30
30
20
10
60
150
40
20
60
300 2,000
250 1,200
800
200
400

World Bank
OECD
65
70
75
140
80
85
20
90
95
00
05
10
10
100
60
110
100
100
65
70
75
80
85
90
95
00
05
110
Qatar
100
90
90
80
80
70
70
60
60
170
150
140
130
120
65
70
75
80
85
90
95
00
05
10
Rwanda
60
85
90
95
00
05
10
Saint Vincent and the Grenadines
75
80
85
90
400
95
00
05
10
20
400
Romania
200
200
140
140
100
100
60
60
40
20
60
40
World Bank
65
70
75
80
85
90
95
00
05
10
Saint Kitts and Nevis
20
100
80
60
60
90
80
70
80
100
75
65
100
90
70
40
140
100
65
40
150
140
130
120
110

200
120
80
170
110
80
60
400
200
120
80
20
60
10
2,000

1,200
World Bank
800
OECD
Poland
80
140
40
20
60
40
World Bank
65
70
75
80
85
90
95
00
05
10
20
140
150
150
500
130
140
140
400
400
120
120
130
130
300
300
110
110
120
120
200
200
100
100
110
110
90
100
Saint Lucia
130

World Bank
90
80
60
65
70
75
80
85
90
95
00
05
10
300
300
Saudi Arabia
250
250
200
200
150
100
60
160
150
140
130
150
World Bank
65
70
75
80
85
100
90
95
00
05
10
110
100
90

65
70
75
80
85
90
95
00
05
90
60
200
10
80
65
70
75
80
85
90
95
00
05
100
10
90
60
65
70
75
80
85
90
100
95
00
05
10
180
160
160
160
160
140
140
120
120
120
120
80
80
100
100
180
200

240
200
Senegal

80
60
160 1,000
150
140
500
130
350
120
250
110
150
100
100
90
Seychelles
120
80
60
80
100
World Bank
500
Sao Tome and Principe
50
60
65
70
75
80
85

90
95
00
05
10
80
70
75
80
85
80
85
32
90
95
00
05
10
90
95
00
05
10
40
125
120
Singapore
115
115
350
110
110
250
105
105
100
100
100

World Bank
75
65
500
150
70
40
60
1,000 125
120
Sierra Leone
65
240
200
Serbia
50
95
90
85
60
95
90

World Bank
65
70
75
80
85
90
95
00
05
10
85
Figure 2.i: Annual CPI-based real effective exchange rates, 1960-2011 (2007=100)
120
100
120
Slovakia
100
80
80
60
60
40
60

World Bank
OECD
65
70
75
80
85
200
180
160
40
90
95
00
05
200
180
160
400
320
65
70
75
80
85
90
95
00
05
10
140
90
120
120
85
100
85
110
100
75
80
85
160
150
140
130
90
95
00
05
10
40
110
110
100
100
80
60
150
140
65
70
75
80
85
90
95
00
05
10
85
200
90
95
00
05
10
Thailand
180
05
00
05
10
10
80
400
Sri Lanka
300
250
200
150
150
100
100
60
10
50
50
60
1,600 130
Suriname

65
70
75
80
85
90
95
00
05
10
50
130
Swaziland
100
100
120
80
120
80
90
40
80
60
40
60
130
120

65
70
75
80
85
90
95
00
05
10
120
90
65
70
75
80
85
90
95
00
05
10
80
130
120
140
120
110
110
100
100
100
80
80
90
90
60
60
Switzerland
80

World Bank
OECD
65
70
75
80
85
90
95
00
05
10
80
70
60
Tajikistan
140
120
Syrian Arab
Republic
100
40
60
200.01,000

65
70
75
80
85
90
95
00
05
40
10
1,000
Tanzania
250
150
20.0
20.0
2.0
2.0
100
90
0.2
60
200
160
80

65
70
75
80
85
90
95
00
05
10
0.2
160
Togo
140
140
120
120
100
100
100
00
95
05
150

95
90
00
110
180
100
90
85
95
350
120
85
80
90
250
120
80
75
85
120
140
75
70
80
500
140
70
65
75
350
160
65
300
250
200
70
500
160
80
60
400
100
100

80
110
65
110
60
60
110
75

World Bank
OECD
80
60
110
80
120
70
Spain
80
400
280
200
70
130
65
10
400
280
200
90
130
90
60
05
800
140
100
00
100

World Bank
120
150 200.0
Taiwan
95
50
60
120

World Bank
OECD
90
60
120
90
85
60
160
150
140
130
Sweden
80
80
120
70
75
70
160
65
70
80
120
40
60
65
70
160


World Bank
80
80
160
90
240
80
180
160
140
400 1,600
320
240 800
Sudan
200
Solomon Islands
180
95
100
100
200
95
120
120
60
60
100
90
140

World Bank
OECD
105
Slovenia
90
140
80
100
80
60
10
South Africa
105
80
60

World Bank
65
70
75
80
85
33
80
90
95
00
05
10
50
60
160
140
100

65
70
75
80
85
90
95
00
05
10
50
160
Tonga
140
120
120
100
100
80
60
60
80
World Bank
65
70
75
80
85
90
95
00
05
10
60
Figure 2.j: Annual CPI-based real effective exchange rates, 1960-2011 (2007=100)
180
160
140
180
160
Trinidad and
Tobago
140
120
120
100
240
240
Tunisia
200
200
160
160
100
120
80
60
60
200
80
World Bank
65
70
75
80
85
90
95
00
05
10
60
100
70
70
50
50
30
30
20
10
60
120
110
100
20
65
70
75
80
80
60
1,000
100
85
90
95
00
05
10
10
160

World Bank
120
Turkey
100
100
80
80
60
60

World Bank
200 1,500
Turkmenistan
120
160
140
120
65
70
75
80
85
90
95
00
05
10
1,000
500
350
250
150
50
60
150
100

World Bank
65
70
40
60
1,500 400
Uganda
500
350
250
100
80
75
80
85
90
95
00
05
10
50
70
75
80
85
90
95
00
05
10
40
400
Ukraine
200
200
100
70
50
100
70
50
30
20
10
60
30
20

World Bank
65
70
75
80
85
90
95
00
05
10
United States
120
90
90
100
100
130

140
World Bank
OECD
130
80
80
120
70
90
120
70
90
110
110
60
60
100
100
50
60
160
140

65
70
75
80
85
90
95
00
05
10
100
100
80
80
World Bank
65
200
70
75
80
85
90
70
60
00
05
10
60
50
60
200
600
160
400
120
120
80
80
200
140
100
Venezuela
160
80
65
70

75 World
80 Bank
85 90 95 00
OECD
05
10
70
75
80
85
90
95
00
05
10
40
60
500
400
65
70
75
80
85
95
00
05
10
40
20
60
500
400
400
300
300
200
200
200
150
150
Yemen
100
100
65
70
75
80
85
90
95
00
05
10
50
80
85
90
95
00
05
10
90
120
Vanuatu
110
90
50
200
140
100
90
80
70
60
80
65
70
75
80
85
250
90
95
00
05
10
Western Samoa
70
250
200
200
150
150
60
40
65
70
75
80
85
90
95
00
05
10

World Bank
Zambia
20
400
200
140
140
100
100
60
60
40
40
20
60
75
100

50
60
70
500
300
200
400
40
90
65
160
150
1,000 100
600
Vietnam
60
World Bank
90
60
100

65
70
140
5,000 120
3,000
2,000 110
Uzbekistan
500
300
200
100
95
110
80
160 5,000
140 3,000
2,000
120
1,000
Uruguay
120
60
60
50
United Kingdom
110
160
150
10
120
110
100
120
65
65
70
75
80
85
34
90
95
00
05
10
20
100
60
100
World Bank
65
70
75
80
85
90
95
00
05
10

Real Effective Exchange Rates For 178 Countries: A New Database

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Real Effective Exchange Rates For 178 Countries: A New Database

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BRUEGEL WORKING PAPER 2012/06

Zsolt Darvas (zsolt.darvas@bruegel.org) is a Research Fellow at

The REER is calculated as:

domestic currency), CPI t( foreign) = CPI (i )t

is the geometrically weighted average of CPI indices

method in the literature.

(2012m01), Cape Verde (2012m01), Laos (2011m03-2012m01), Liberia (2011m06-2012m01),

Access and updating

Table 1.a Data sources

World Bank, Global Economic Monitor

National Bureau of Statistics of the National Republic of Moldova

United Arab Emirates National Bureau of Statistics

Table 1.b Data sources

Dijbouti Ministry of Economics and Finance, in charge of industry

Statistics Authority Qatar

Statistical Yearbook of the Slovak Republic 1993

Czech Republic and

National Statistics, Republic of China (Taiwan)

USD (older data)

Central Bank of the Republlic of China (Taiwan)

USD (recent data)

Included in the Included in the

Included in the Share of

Included in the Included in the

Included in the Share of

Included in the Included in the

Included in the Share of

Included in the Included in the

Included in the Share of

Included in the Included in the

Included in the Share of

Included in the Included in the

Included in the Share of

Antigua and Barbuda 150

Central African Republic

Congo, Dem. Rep.

Hong Kong (China)

Saint Vincent and the Grenadines

Papua New Guinea

Syrian Arab Republic

Trinidad and Tobago

United Arab Emirates

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This paper - 67 partners

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