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
author’s 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
country’s 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.

1

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.

1

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

w

(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.

2

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 country’s 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 Germany’s share is 28.3 percent, Greece’s
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.

3

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.
Taiwan’s 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

4

(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) IMF’s 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).

5

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).

6

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, 115–143
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/

3

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.

7

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.eccb-centralbank.org/Statistics/index.asp#cpidata
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

8

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

9

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
Côte 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

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
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

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

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

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

99.7
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

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

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

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
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

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

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
São Tomé 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

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
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

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

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

Included in the Included in the
basket of 172
basket of 67
Share of 172
Share of 67
countries?
countries?
countries in total countries in total
(available from (available from
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

Included in the Share of
138
basket of 138
countries
countries?
(available since in total
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

5

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

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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

United Arab Emirates

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
This paper - 172 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

This paper - 67 partners
This paper - 172 partners

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

This paper - 67 partners
This paper - 172 partners
World Bank
OECD

400
300

200

200
This paper - 67 partners
This paper - 172 partners
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

This paper - 67 partners
This paper - 172 partners

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

This paper - 67 partners
This paper - 172 partners
World Bank
OECD

80
75
60

125

240

120

200

65

70

75

65

70

75

80

85

This paper - 67 partners
This paper - 172 partners
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

This paper - 67 partners
This paper - 172 partners
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

This paper - 67 partners
This paper - 172 partners
World Bank
OECD

Belgium

65

170

This paper - 67 partners
160
This paper - 172 partners
150
World Bank

Antigua and
Barbuda

500

Algeria

300

60

105

This paper - 67 partners
This paper - 172 partners

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

5

280

Bangladesh

240

75

80

5.0
3.0
This paper - 67 partners
This paper - 172 partners

70

80

15.0

75

170
160
150
140

65

400

100

10

15.0

70

60

500

40

This paper - 67 partners
This paper - 172 partners

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
This paper - 67 partners
This paper - 172 partners
World Bank

80

130

15

100

80

100
50
35
25

140
120

Albania

100

150

50
35
25

10

140
120

50
60
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180
160

This paper - 67 partners
This paper - 172 partners

65

70

75

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95

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05

10

60
50
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Belize

140

140

120

120

100

100

80
60
60

This paper - 67 partners
This paper - 172 partners
World Bank

65

70

75

80

85

25

90

95

00

05

10

10
5
60

500
300
200

Belarus

10

This paper - 67 partners
This paper - 172 partners

65

70

75

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250

80

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05

10

5
300
250

Benin

200

200

150

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100

100

80
This paper - 67 partners
This paper - 172 partners

60

50
60

65

70

75

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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

This paper - 67 partners
This paper - 172 partners

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

This paper - 67 partners
This paper - 172 partners
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

This paper - 67 partners
This paper - 172 partners

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
This paper - 67 partners
This paper - 172 partners

65

70

75

80

85

90

95

00

05

10

85
140

Bulgaria

100

60

This paper - 67 partners
60
This paper - 172 partners
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

This paper - 67 partners
This paper - 172 partners

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

This paper - 67 partners
This paper - 172 partners
World Bank

65

70

75

80

85

90

95

00

05

10

20

80
60

1,000 180
160

Cambodia

This paper - 67 partners
This paper - 172 partners

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 - 67 partners
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

This paper - 67 partners
This paper - 172 partners
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

This paper - 67 partners
This paper - 172 partners
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

This paper - 67 partners
This paper - 172 partners
World Bank
OECD

65

70

75

80

85

90

95

00

05

10

240

70
60
240

Chad

200

200

160

160

120

120
This paper - 67 partners
This paper - 172 partners

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

This paper - 67 partners
This paper - 172 partners
World Bank

80

90

90

350

75

85

100

350

70

80

90

140

65

75

100

140

50
60

70

120

500

This paper - 67 partners
This paper - 172 partners
World Bank

65

180
160

500

This paper - 67 partners
This paper - 172 partners

80
60

120
This paper - 67 partners
This paper - 172 partners
World Bank

90

95

00

05

10

80
180
160

Colombia

140

140

120

120

100

100

80
60
60

80
This paper - 67 partners
This paper - 172 partners
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

This paper - 67 partners
This paper - 172 partners

65

70

75

80

85

90

95

00

05

10

240

70
240

Costa Rica

200
160

200
160
This paper - 67 partners
This paper - 172 partners
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
This paper - 67 partners
This paper - 172 partners
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
This paper - 67 partners
This paper - 172 partners

65

70

75

80

85

90

95

00

05

10

60

10

60

This paper - 67 partners
This paper - 172 partners
World Bank

65

70

75

80

85

90

95

00

05

10

Denmark

This paper - 67 partners
This paper - 172 partners
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

This paper - 67 partners
This paper - 172 partners
World Bank

150
140
130
120

110

110

100

100

90

90

80
60

120

72

60

68

This paper - 67 partners
This paper - 172 partners

170

140

65

70

75

80

85

90

95

00

05

10

80
140

Djibouti

120

100

100

80

80

60
240
200

This paper - 67 partners
This paper - 172 partners

65

70

75

80

85

90

95

00

05

60

10
240

Ecuador

200

160

160

120

120

120

80

This paper - 67 partners
This paper - 172 partners
World Bank

65

70

75

80

80

85

90

95

00

05

10

El Salvador

60
120

140

100

100

80
60

This paper - 67 partners
This paper - 172 partners

65

70

75

80

85

90

95

00

05

200
100

70
50

70
50

30

30
20

This paper - 67 partners
This paper - 172 partners
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

This paper - 67 partners
This paper - 172 partners
World Bank

This paper - 67 partners
This paper - 172 partners
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

This paper - 67 partners
This paper - 172 partners

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
This paper - 67 partners
This paper - 172 partners
World Bank
OECD

70

160

80
50

90

120

80

60

40

80

65

160

100

This paper - 67 partners
This paper - 172 partners
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
This paper - 67 partners
This paper - 172 partners

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
This paper - 67 partners
This paper - 172 partners
World Bank
OECD

65

70

75

80

85

90

80

95

00

05

10

This paper - 67 partners
This paper - 172 partners
World Bank
OECD

France

92
88
60
1,000
600
400

70

75

80

85

90

95

00

05

10

220
200
180

This paper - 67 partners
This paper - 172 partners
World Bank

65

70

75

105
100
95

80

85

90

88

This paper - 67 partners
This paper - 172 partners
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

This paper - 67 partners
This paper - 172 partners
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

This paper - 67 partners
This paper - 172 partners
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

This paper - 67 partners
This paper - 172 partners

65

70

75

80

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90

95

00

05

10

Haiti
This paper - 67 partners
This paper - 172 partners

50

250

65

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80

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90

95

00

05

10

70

75

80

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90

95

00

05

10

5,000
3,000
2,000

10

90

Guinea Bissau

200
150

120

This paper - 67 partners
This paper - 172 partners
World Bank

65

70

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80

85

90

95

00

05

10

100
50
60
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120

1,000
500
300
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100

This paper - 67 partners
This paper - 172 partners
World Bank

65

70

75

80

85

90

95

00

05

10

60
160

100

140

100
65

70

75

80

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90

95

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05

120

100

100

80

80

60

This paper - 67 partners
This paper - 172 partners

65

70

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90

95

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05

10
1,500

Guyana

1,000

500
350
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160

Honduras

140

120

120

100

100

80

80

500
350
250

65

70

75

80

85

28

160
150
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130

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100

This paper - 67 partners
This paper - 172 partners
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

This paper - 67 partners
This paper - 172 partners

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
This paper - 67 partners
This paper - 172 partners

320
280
240

Gambia

1,000

300 1,500

150

40
65

80
60

60
70

60

40

120

80

This paper - 67 partners
This paper - 172 partners
World Bank

200

120

80

60

60

70
60

2,000 300

1,000

50
60

140
130

Grenada

75
This paper - 67 partners
This paper - 172 partners 80
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

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110

65
60

75

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120

70

70

130

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90
80

65

140

140

90

75

90
60

Finland

160

140
130

80

130

150

This paper - 67 partners
This paper - 172 partners
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
This paper - 67 partners

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

This paper - 67 partners
This paper - 172 partners
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

This paper - 67 partners
This paper - 172 partners
World Bank

65

70

75

80

85

90

95

00

05

10

40
130
120

This paper - 67 partners
This paper - 172 partners
World Bank
OECD

65

70

75

80

85

90

70

95

00

05

10

800
400
280
200

40
60

80

This paper - 67 partners
This paper - 172 partners
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

This paper - 67 partners
This paper - 172 partners 200
World Bank
OECD

Ireland

This paper - 67 partners
This paper - 172 partners
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

This paper - 67 partners
This paper - 172 partners
World Bank

65

70

75

80

85

90

95

00

05

10

110

100

100

80
60
240
200

90

This paper - 67 partners
This paper - 172 partners

65

70

75

80

85

90

95

00

05

10

240

Korea

200
This paper - 67 partners
This paper - 172 partners
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

This paper - 67 partners
This paper - 172 partners

65

70

75

80

85

90

95

00

05

10

5

90

100
65

70

75

80

85

90

95

00

05

10
130
120
110

Jamaica

80

80
70

This paper - 67 partners
This paper - 172 partners

65

70

75

80

85

90

95

00

05

10

60
200

Kazakhstan

110

120

Italy

110

70
60
180
140
120

This paper - 67 partners
This paper - 172 partners
World Bank
OECD

65

70

75

100

70

70

50

50

30

30

80

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100

80

80
This paper - 67 partners
This paper - 172 partners
World Bank
OECD

60

65

70

75

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60

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110

65

70

75

80

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130

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90

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10

10
160
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Kuwait

100

90

90

80

80

70

70

50
60
600
400

120

120

110

110

200
140
100

100

100

60

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90

40

80

20
60

This paper - 67 partners
This paper - 172 partners

65

70

75

80

85

29

90

95

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05

10

40
110

Kenya

This paper - 67 partners
20 partners
60
This paper - 172

20

70

140
120

100

40
60

80

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Japan

100

100

80
60

90

90

90

10
60

85

100

100

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100

This paper - 67 partners
This paper - 172 partners
World Bank

100

90

60
60

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70

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90

130
120
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Jordan

200

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60

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150
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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
This paper - 67 partners
This paper - 172 partners

65

70

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600

Kyrgyzstan

400
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100
60
40

This paper - 67 partners
This paper - 172 partners

65

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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
This paper - 67 partners
This paper - 172 partners

65

70

75

80

85

90

95

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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

This paper - 67 partners
This paper - 172 partners

65

70

140

75

80

85

90

95

00

05

120
100
80

80
This paper - 67 partners
This paper - 172 partners

65

70

75

80

85

90

95

00

05

10

280

60

05

10

96
110

This paper - 67 partners
This paper - 172 partners
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
This paper - 67 partners
This paper - 172 partners
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

This paper - 67 partners
This paper - 172 partners
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

This paper - 67 partners
This paper - 172 partners
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

This paper - 67 partners
This paper - 172 partners

65

70

75

80

85

90

95

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05

10

80

120

110
100

10

65

140

120

05

50
60

160

120

00

100
This paper - 67 partners
This paper - 172 partners

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

This paper - 67 partners
This paper - 172 partners

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

This paper - 67 partners
This paper - 172 partners

105

5

65

This paper - 67 partners
This paper - 172 partners

65

20
60

116 1,000

Liberia

104

80

60
60

70

104

10

60

65

10

108

15

80

This paper - 67 partners
This paper - 172 partners

108

10
5
60

100
80

15
This paper - 67 partners
This paper - 172 partners

140

Lebanon

60

150

50
35
25

100

50

80
This paper - 67 partners
This paper - 172 partners
World Bank

140

80

120

100

60

1

200

Latvia

90
60

Mauritius

This paper - 67 partners
This paper - 172 partners

65

70

75

80

85

30

90

95

00

05

10

180

Malta

160

160
This paper - 67 partners
This paper - 172 partners
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

This paper - 67 partners
This paper - 172 partners
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
This paper - 67 partners
This paper - 172 partners
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

This paper - 67 partners
This paper - 172 partners

65

70

75

80

110

85

90

95

00

05

10

Netherlands

100
90

10,000,000
1,000,000

This paper - 67 partners
This paper - 172 partners
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

This paper - 67 partners
This paper - 172 partners
W orld Bank

65

70

75

80

85

90

95

00

05

10

10
105

Norway

100
95

90

90

85

85

80

This paper - 67 partners
This paper - 172 partners
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

This paper - 67 partners
This paper - 172 partners

65

70

75

80

85

90

95

00

05

10

100
80
60
220
200
180

This paper - 67 partners
This paper - 172 partners

65

65

70

75

80

85

90

95

00

05

10

80

80

70

75

80

85

90

95

00

05

10

110
100
This paper - 67 partners
This paper - 172 partners
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

This paper - 67 partners
This paper - 172 partners

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

This paper - 67 partners
This paper - 172 partners
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
This paper - 67 partners
This paper - 172 partners
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

This paper - 67 partners
This paper - 172 partners

65

70

75

80

85

170

90

95

00

05

10

Papua New Guinea

150
140
130
120
100
90

This paper - 67 partners
This paper - 172 partners

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

This paper - 67 partners
This paper - 172 partners

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

This paper - 67 partners
This paper - 172 partners

1,000 150
140

Mozambique

180

110

70

75

80

85

31

90

80
60
280
240

400

Pakistan

320

120

This paper - 67 partners
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W orld Bank

65

70

75

80

85

90

95

00

05

10

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Paraguay

200

200

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160

120

120

100

This paper - 67 partners
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W orld Bank

65

320

90
95

00

05

10

80

80
60

65

70

75

This paper - 67 partners
This paper - 172 partners
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

This paper - 67 partners
This paper - 172 partners
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

This paper - 67 partners
This paper - 172 partners
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
This paper - 67 partners
This paper - 172 partners

20
60

300 2,000
250 1,200
800
200
400

This paper - 67 partners
This paper - 172 partners
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
This paper - 67 partners
This paper - 172 partners

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
This paper - 67 partners
This paper - 172 partners
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

This paper - 67 partners
This paper - 172 partners

200
120
80

170

110

80
60

400

200
120
80

20
60

10

2,000

This paper - 67 partners
This paper - 172 partners
1,200
World Bank
800
OECD

Poland

80

140

40

20
60

40
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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

This paper - 67 partners
This paper - 172 partners
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
This paper - 67 partners
This paper - 172 partners
World Bank

65

70

75

80

85

100
90

95

00

05

10

110
100
90

This paper - 67 partners
This paper - 172 partners

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

This paper - 67 partners
This paper - 172 partners

240
200

Senegal

This paper - 67 partners
This paper - 172 partners

80
60

160 1,000
150
140
500
130
350
120
250
110
150
100
100
90

Seychelles

120

80
60

80

100
This paper - 67 partners
This paper - 172 partners
World Bank

500

Sao Tome and Principe

50
60

65

70

75

80

85

This paper - 67 partners
This paper - 172 partners

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

This paper - 67 partners
This paper - 172 partners
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

This paper - 67 partners
This paper - 172 partners
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

This paper - 67 partners
This paper - 172 partners
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
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90

95

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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

This paper - 67 partners
This paper - 172 partners

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

This paper - 67 partners
This paper - 172 partners

65

70

75

80

85

90

95

00

05

10

120

90
This paper - 67 partners
This paper - 172 partners

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

This paper - 67 partners
This paper - 172 partners
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

This paper - 67 partners
This paper - 172 partners

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

This paper - 67 partners
This paper - 172 partners

65

70

75

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85

90

95

00

05

10

0.2
160

Togo

140

140

120

120

100

100

100

00

95

05

150

This paper - 67 partners
This paper - 172 partners

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
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80
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400

100

100

This paper - 67 partners
This paper - 172 partners

80

110

65

110

60
60

110

75

This paper - 67 partners
This paper - 172 partners
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

This paper - 67 partners
This paper - 172 partners
World Bank

120

150 200.0

Taiwan

95

50
60

120

This paper - 67 partners
This paper - 172 partners
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

This paper - 67 partners
This paper - 172 partners

This paper - 67 partners
This paper - 172 partners
World Bank

80

80

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Sudan

200

Solomon Islands

180

95

100

100

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95

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120

60
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90

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This paper - 67 partners
This paper - 172 partners
World Bank
OECD

105

Slovenia

90

140

80

100

80
60

10

South Africa

105

80
60

This paper - 67 partners
This paper - 172 partners
World Bank

65

70

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85

33

80
90

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140

100

This paper - 67 partners
This paper - 172 partners

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50
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Tonga

140

120

120

100

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60
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80
This paper - 67 partners
This paper - 172 partners
World Bank

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70

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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
This paper - 67 partners
This paper - 172 partners
World Bank

65

70

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85

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95

00

05

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60

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70

70

50

50

30

30

20
10
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100

20
This paper - 67 partners
This paper - 172 partners

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75

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10

160

This paper - 67 partners
This paper - 172 partners 140
World Bank
120

Turkey

100

100

80

80

60

60

This paper - 67 partners
This paper - 172 partners
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200 1,500

Turkmenistan

120

160
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120

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80

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95

00

05

10

1,000
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This paper - 67 partners
This paper - 172 partners
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70

40
60

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Uganda

500
350
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100

80

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80

85

90

95

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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

This paper - 67 partners
This paper - 172 partners
World Bank

65

70

75

80

85

90

95

00

05

10

United States

120

90

90

100

100

130

This paper - 67 partners
This paper - 172 partners
140
World Bank
OECD
130

80

80

120

70

90

120

70

90

110

110

60

60

100

100

50
60
160
140

This paper - 67 partners
This paper - 172 partners

65

70

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05

10

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80
This paper - 67 partners
This paper - 172 partners
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

This paper - 67 partners
This paper - 172 partners
75 World
80 Bank
85 90 95 00
OECD

05

10

70

75

80

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95

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05

10

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60
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400

65

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80

85

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200

200

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150

Yemen

100

100

65

70

75

80

85

90

95

00

05

10

50

80

85

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05

10

90
120

Vanuatu

110

90

50

200
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100

90
80
70
60

80
This paper - 67 partners
This paper - 172 partners

65

70

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Western Samoa

70
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60
40
This paper - 67 partners
This paper - 172 partners

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This paper - 67 partners
This paper - 172 partners
World Bank

Zambia

20
400
200

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140

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100

60

60

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75

100

This paper - 67 partners
This paper - 172 partners

50
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Vietnam

60
This paper - 67 partners
This paper - 172 partners
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This paper - 67 partners
This paper - 172 partners

65

70

140

5,000 120
3,000
2,000 110

Uzbekistan

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95

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Uruguay

120

60
60

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United Kingdom

110

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10

120
110
100

United Arab Emirates

120

65

65

70

75

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85

34

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95

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This paper - 67 partners
This paper - 172 partners
World Bank

65

70

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00

05

10

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