Chartbo46 01

M PRA
Munich Personal RePEc Archive
A Modern History of Exchange Rate

Arrangements: Chartbook, 1946-2001
Carmen Reinhart
University of Maryland, College Park, Department of Economics
May 2002
Online at http://mpra.ub.uni-muenchen.de/13192/
MPRA Paper No. 13192, posted 6. February 2009 06:27 UTC
A Modern History of Exchange Rate Arrangements:

Chartbook, 1946-2001
Carmen M. Reinhart
University of Maryland, NBER and CEPR
-2About the Chronologies and Charts

Below we describe how to use and interpret the country chronologies and accompanying charts.
1. Using the chronologies
The individual country chronologies are also a central component of our approach to classifying
regimes. The data are constructed by culling information from annual issues of various secondary
sources, including Picks Currency Yearbook, Picks World Currency Report, Picks Black Market
Yearbook, International Financial Statistics, the IMFs Annual Report on Exchange Rate Arrangements
and Exchange Restrictions, and the United Nations Yearbook. Constructing our data set required us to
sort and interpret information for every year from every publication above. Importantly, we draw on
national sources to investigate apparent data errors or inconsistencies. More generally, we rely on the
broader economics literature to include pertinent information.
The chronologies allow us to date dual or multiple exchange rate episodes, as well as to
differentiate between pre-announced pegs, crawling pegs, and bands from their de facto counterparts. We
think it is important to distinguish between say, de facto pegs or bands from announced pegs or bands,
because their properties are potentially different. The chronologies also flag the dates for important
turning points, such as when the exchange rate first floated, or when the anchor currency was changed.
Note that we extend our chronologies as far back as possible (even though we can only classify
from 1946 onwards.) The second column gives the arrangement, according to our Natural classification
algorithm, which may or may not correspond to the official classification. In numerous cases there are
dual or multiple rates in some periods. In these circumstances, our classification algorithm relies on the
market-determined, rather than the official exchange rate. Over some periods the discrepancy between
the official and parallel rate proved to be small. In these instances, we leave the notation in the second
column that there are dual rates, but note in the third column that the premia is in single digits. For
periods where the twelve-month monthly inflation exceeded 40 percent, our algorithm automatically
categorizes these as freely falling exchange rate regimesunless there is a pre-announced peg crawling
peg or narrow band that is verified. For the freely falling cases, the second column also notes whether
-3there was a dual market and how our algorithm would categorize the regime absent knowledge of the
inflation rate.
The third column in our chronology gives further sundry information on the regime e.g., the
width of the announced and de facto bands, etc. The third column also includes information about
developments in the parallel market premia and currency reform.
2. About the charts
The top panel of each chart plots the path of the official and market-determined exchange rate for January
1946 through December 1998, depending on data availability. The bottom panel of each chart plots the
parallel market premia (in percent). For the CFA franc zone countries and other North African former
French colonies, there are two sets of chart, one showing the exchange rates versus the US dollar and
another showing the exchange rate versus the French franc. Likewise, for the European countries the first
chart plots the exchange rate versus the US dollar and the second versus the Deutschemark (DM).
Note that, because of the long period covered, especially for the many the countries that have
experienced high or hyperinflation, the top panel of the charts tend to mask the large differences between
the official and market-determined exchange rate. For example, if the period is restricted to 1946-1966 for
the case of Brazil, as illustrated in the top panel of Chart A1, the gap between the official and market
determined rate is quite evident. (We saw this scaling problem in Chart 3 of the text comparing
Argentina to Canada). Even for more moderate inflation cases , such as China and Egypt (middle and
bottom panels) plots over shorter periods tend to be more revealing. Nor is this gap between official and
market-determined rates limited to developing countries. As shown in Chart A2 for France, Japan, and
Portugal for 1946 to 1951, the picture painted by the official and market rates are quite different.
Chart A1. Official Exchange Rates Typically Validate the Changes in The Market Rates
Log (local currency per U.S. dollar)
Official
France: Log of Offical and Market-Determined Exchange Rates:

January 1946-December 1951
1.8
1.6
1.4
1.2
1.0
0.8
0.6
0.4
0.2
0.0
1946
1947
1948
1949
1950
1951
Japan: Log of Official and Market-Determined Exchange Rates:

7
6.5
6
5.5
5
4.5
4
3.5
3
2.5
2
1946
1947
1948
1949
1950
1951
Portugal: Log of Official and Market-Determined Exchange Rates:

Market-Determined
3.40
3.35
3.30
3.25
3.20
3.15
1946
1947
1948
1949
1950
1951
Sources: Pick and Sedillot (1971), International Currency Analysis, World Currency Report,
various issues.
-5-
Chart A2. Official Exchange Rates Typically Validate the Changes in The Market Rates
-27
Market-Determined
Brazil: Log of Offical and Market-Determined Exchange Rates:

-28
-29
-30
-31
-32
-33
-34
1946
1948
1950
1952
1954
1956
1958
1960
1962
1964
1966
China: Log of Official and Market-Determined Exchange Rates:

3
2.5
2
1.5
1
0.5
1984
1986
1988
1990
1992
1994
1996
1998
Egypt: Log of Official and Market-Determined Exchange Rates:

Official
1.5
1.0
0.5
0.0
-0.5
-1.0
-1.5
1974
1978
1982
1986
1990
1994
1998
Sources: Pick and Sedillot (1971), International Currency Analysis, World Currency Report,
various issues.
-6-
Algeria: Official and Market-determined Exchange Rates

and the Parallel Market Premium:
January 1946 - December 1998
Official and Market-determined Exchange Rates
Market-determined rate
2
Official rate
0
46
50
54
58
62
66
70
74
78
82
86
90
94
98
86
90
94
98
Parallel Market Premium

600
500
Percent
400
300
200
100
0
-100
46
50
54
58
62
66
70
74
78
82
Sources: International Monetary Fund, Annual Report on Exchange Arrangements and

Exchange Restrictions and International Financial Statistics , Pick and Sedillot (1971),
International Currency Analysis, World Currency Report , various issues.
-7-
Algeria: Official and Market-determined Exchange Rates

4
3.5
Log (local currency per F.F.)
3
2.5
2
1.5
1
0.5
0
Official rate
-0.5
-1
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

600
500
Percent
400
300
200
100
0
-100
46
50
54
58
62
66
70
74
78
Sources: International Monetary Fund, Annual Report on Exchange Arrangements and Exchange
Restrictions and International Financial Statistics , Pick and Sedillot (1971), International
Currency Analysis, World Currency Report , various issues.
-8-
Argentina: Official and Market-determined Exchange Rates

5
0
-5
-10
-15
-20
-25
Official rate
-30
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

400
350
300
Percent
250
200
150
100
50
0
-50
46
50
54
58
62
66
70
74
78
-9-
Australia: Official and Market-determined Exchange Rates

0.6
0.4
0.2
-0.2
Official rate
-0.4
-0.6
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

70
60
50
Percent
40
30
20
10
0
-10
-20
46
50
54
58
62
66
70
74
78

- 10 -
Austria: Official and Market-determined Exchange Rates

4.5
3.5
Official rate
2.5
2
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

800
700
1150
(Nov. 1947)
600
Percent
500
400
300
200
100
0
-100
46
50
54
58
62
66
70
74
78

- 11 -
Austria: Official and Market-determined Exchange Rates

Log (local currency per D.M.)
2.5
2.0
1.5
Official rate
1.0
0.5
0.0
46
50
54
58
62
66
70
74
78
82
86
90
94
82
86
90
94
98

150
100
Percent
50
-50
-100
46
50
54
58
62
66
70
74
78

98
- 12 -
Belgium: Official and Market-determined Exchange Rates

4.8
4.6
4.4
4.2
4
3.8
Official rate
3.6
3.4
3.2
3
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

120
100
Percent
80
60
40
20
0
-20
46
50
54
58
62
66
70
74
78
- 13 -
Belgium: Official and Market-determined Exchange Rates

4.0
3.5
Official rate
3.0
2.5
2.0
1.5
1.0
0.5
0.0
46
50
54
58
62
66
70
74
78
82
86
90
94
82
86
90
94
98

40
20
0
Percent
-20
-40
-60
-80
-100
-120
46
50
54
58
62
66
70
74
78

98
- 14 -
Benin: Official and Market-determined Exchange Rates

6.5
6
5.5
Official rate
5
4.5
4
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

15
10
Percent
-5
-10
46
50
54
58
62
66
70
74
78

- 15 -
Benin: Official and Market-determined Exchange Rates

4.8
4.6
4.4
4.2
4
Official rate
3.8
3.6
3.4
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

20
15
10
Percent
5
0
-5
-10
-15
-20
46
50
54
58
62
66
70
74
78

- 16 -
Bolivia: Official and Market-determined Exchange Rates

-5
-10
-15
Official rate
-20
46
50
54
58
62
66
70
74
78
82
86
90
94
98
86
90
94
98

1000
800
2023
(Aug. 1985)
6482
(Oct. 1956)
Percent
600
400
200
-200
46
50
54
58
62
66
70
74
78
82
- 17 -
Botswana: Official and Market-determined Exchange Rates

1.5
1
0.5
Official rate
-0.5
-1
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

35
30
25
Percent
20
15
10
5
0
-5
46
50
54
58
62
66
70
74
78
- 18 -
Brazil: Official and Market-determined Exchange Rates

5
0
-5
-10
-15
-20
-25
-30
Official rate
-35
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

400
350
300
Percent
250
200
150
100
50
0
-50
46
50
54
58
62
66
70
74
78
- 19 -
Burkina Faso: Official and Market-determined Exchange Rates

6.5
6
5.5
Official rate
5
4.5
4
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

15
10
Percent
-5
-10
46
50
54
58
62
66
70
74
78
- 20 -
Burkina Faso: Official and Market-determined Exchange Rates

4.8
4.6
4.4
4.2
Official rate
3.8
3.6
3.4
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

20
15
10
Percent
5
0
-5
-10
-15
-20
46
50
54
58
62
66
70
74
78
- 21 -
Burundi: Official and Market-determined Exchange Rates

7
6.5
6
5.5
5
4.5
Official rate
4
3.5
3
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

80
70
60
Percent
50
40
30
20
10
0
46
50
54
58
62
66
70
74
78
- 22 -
Canada: Official and Market-determined Exchange Rates

0.5
0.4
0.3
0.2
0.1
0
Official rate
-0.1
-0.2
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

14
12
10
8
Percent
6
4
2
0
-2
-4
-6
46
50
54
58
62
66
70
74
78
- 23 -
Central African Republic: Official and Market-determined Exchange Rates

6.5
6
5.5
Official rate
5
4.5
4
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

15
10
Percent
-5
-10
46
50
54
58
62
66
70
74
78

- 24 -
Central African Republic: Official and Market-determined Exchange Rates

4.8
4.6
4.4
4.2
4
Official rate
3.8
3.6
3.4
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

20
15
10
Percent
5
0
-5
-10
-15
-20
46
50
54
58
62
66
70
74
78

- 25 -
Chad: Official and Market-determined Exchange Rates

6.5
5.5
Official rate
5
4.5
4
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

15
10
Percent
-5
-10
46
50
54
58
62
66
70
74
78

- 26 -
Chad: Official and Market-determined Exchange Rates

4.8
4.6
4.4
4.2
4
3.8
Official rate
3.6
3.4
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

20
15
10
Percent
5
0
-5
-10
-15
-20
46
50
54
58
62
66
70
74
78

- 27 -
Chile: Official and Market-determined Exchange Rates

8
6
4
2
0
-2
-4
-6
-8
Official rate
-10
-12
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

800
700
5312
(Aug. 1973)
600
Percent
500
400
300
200
100
0
-100
46
50
54
58
62
66
70
74
78
- 28 -
China: Official and Market-determined Exchange Rates

3.5
2.5
2
1.5
1
Official rate
0.5
0
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

900
800
700
600
Percent
500
400
300
200
100
0
-100
46
50
54
58
62
66
70
74
78
- 29 -
Colombia: Official and Market-determined Exchange Rates

8
7
6
5
4
3
2
Official rate
1
0
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

200
150
Percent
100
50
-50
46
50
54
58
62
66
70
74
78
- 30 -
Congo, Dem. Rep. Of: Official and Market-determined Exchange Rates

15
10
5
0
-5
-10
-15
-20
-25
Official rate
-30
-35
46
50
54
58
62
66
70
74
78
82
86
90
94
98
94
98

70000000
60000000
Percent
50000000
40000000
30000000
20000000
10000000
0
46
50
54
58
62
66
70
74
78
82
86
90
- 31 -
Congo (Republic of): Official and Market-determined Exchange Rates

6.5
6
5.5
Official rate
5
4.5
4
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

15
10
Percent
-5
-10
46
50
54
58
62
66
70
74
78
- 32 -
Congo (Republic of): Official and Market-determined Exchange Rates

4.8
4.6
4.4
4.2
4
3.8
Official rate
3.6
3.4
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

20
15
10
Percent
5
0
-5
-10
-15
-20
46
50
54
58
62
66
70
74
78
- 33 -
Costa Rica: Official and Market-determined Exchange Rates

2
Official rate
1
0
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

120
100
Percent
80
60
40
20
0
-20
46
50
54
58
62
66
70
74
78
- 34 -
Cote D'Ivoire: Official and Market-determined Exchange Rates

6.5
6
5.5
Official rate
5
4.5
4
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

15
10
Percent
-5
-10
46
50
54
58
62
66
70
74
78
- 35 -
Cote D'Ivoire: Official and Market-determined Exchange Rates

4.8
4.6
4.4
4.2
4
Official rate
3.8
3.6
3.4
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

20
15
10
Percent
5
0
-5
-10
-15
-20
46
50
54
58
62
66
70
74
78
- 36 -
Cyprus: Official and Market-determined Exchange Rates

0
-0.2
-0.4
-0.6
-0.8
-1
Official rate
-1.2
-1.4
-1.6
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

40
30
Percent
20
10
-10
-20
46
50
54
58
62
66
70
74
78
- 37 -
Denmark: Official and Market-determined Exchange Rates

2.6
2.4
2.2
2
1.8
Official rate
1.6
1.4
1.2
1
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

120
100
Percent
80
60
40
20
0
-20
46
50
54
58
62
66
70
74
78
- 38 -
Denmark: Official and Market-determined Exchange Rates

2.0
1.5
Official rate
1.0
0.5
0.0
-0.5
-1.0
-1.5
-2.0
46
50
54
58
62
66
70
74
78
82
86
90
94
78
82
86
90
94
98

20
0
Percent
-20
-40
-60
-80
-100
-120
46
50
54
58
62
66
70
74

98
- 39 -
Dominican Republic: Official and Market-determined Exchange Rates

3.5
3
2.5
2
1.5
1
0.5
Official rate
0
-0.5
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

250
200
Percent
150
100
50
-50
46
50
54
58
62
66
70
74
78
- 40 -
Ecuador: Official and Market-determined Exchange Rates

10
9
8
7
6
5
4
Official rate
2
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

160
140
120
Percent
100
80
60
40
20
0
-20
46
50
54
58
62
66
70
74
78
- 41 -
Egypt: Official and Market-determined Exchange Rates

1.5
0.5
0
-0.5
-1
Official rate
-1.5
-2
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

400
350
300
Percent
250
200
150
100
50
0
-50
46
50
54
58
62
66
70
74
78
- 42 -
El Salvador: Official and Market-determined Exchange Rates

2.5
1.5
1
Official rate
0.5
0
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

500
450
400
350
Percent
300
250
200
150
100
50
0
46
50
54
58
62
66
70
74
78
- 43 -
Finland: Official and Market-determined Exchange Rates

2.5
1.5
Official rate
0.5
0
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

350
300
250
Percent
200
150
100
50
0
-50
46
50
54
58
62
66
70
74
78
- 44 -
Finland: Official and Market-determined Exchange Rates

1.5
1.0
0.5
0.0
-0.5
-1.0
Official rate
-1.5
-2.0
-2.5
46
50
54
58
62
66
70
74
78
82
86
90
94
78
82
86
90
94
98

200
150
Percent
100
50
0
-50
-100
-150
46
50
54
58
62
66
70
74

98
- 45 -
France: Official and Market-determined Exchange Rates

2.5
1.5
Official rate
0.5
0
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

250
200
Percent
150
100
50
-50
46
50
54
58
62
66
70
74
78
- 46 -
France: Official and Market-determined Exchange Rates

1.5
1.0
Official rate
0.5
0.0
-0.5
-1.0
-1.5
-2.0
-2.5
-3.0
46
50
54
58
62
66
70
74
78
82
86
90
94
78
82
86
90
94
98

60
40
20
Percent
0
-20
-40
-60
-80
-100
46
50
54
58
62
66
70
74

98
- 47 -
Gabon: Official and Market-determined Exchange Rates

6.5
6
5.5
Official rate
5
4.5
4
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

15
10
Percent
-5
-10
46
50
54
58
62
66
70
74
78
- 48 -
Gabon: Official and Market-determined Exchange Rates

4.8
4.6
4.4
4.2
4
Official rate
3.8
3.6
3.4
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

20
15
10
Percent
5
0
-5
-10
-15
-20
46
50
54
58
62
66
70
74
78
- 49 -
Gambia: Official and Market-determined Exchange Rates

2.5
1.5
Official rate
0.5
0
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

50
40
30
Percent
20
10
0
-10
-20
-30
46
50
54
58
62
66
70
74
78
- 50 -
Germany: Official and Market-determined Exchange Rates

4
3.5
3
2.5
2
1.5
1
Official rate
0.5
0
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

3500
3000
2500
Percent
2000
1500
1000
500
0
-500
46
50
54
58
62
66
70
74
78
- 51 -
Ghana: Official and Market-determined Exchange Rates

10
Official rate
-2
46
50
54
58
62
66
70
74
78
82
86
90
94
98
94
98

1000
800
4264
(Nov. 1982)
Percent
600
400
200
-200
46
50
54
58
62
66
70
74
78
82
86
90
- 52 -
Greece: Official and Market-determined Exchange Rates

7
6
5
4
Official rate
2
1
0
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

300
250
Percent
200
150
100
50
0
-50
46
50
54
58
62
66
70
74
78
- 53 -
Greece: Official and Market-determined Exchange Rates

6.0
5.0
4.0
3.0
2.0
1.0
0.0
Official rate
-1.0
-2.0
-3.0
46
50
54
58
62
66
70
74
78
82
86
90
94
78
82
86
90
94
98

250
200
150
Percent
100
50
0
-50
-100
-150
46
50
54
58
62
66
70
74

98
- 54 -
Guatemala: Official and Market-determined Exchange Rates

2.5
1.5
0.5
Official rate
-0.5
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

450
400
350
300
Percent
250
200
150
100
50
0
-50
46
50
54
58
62
66
70
74
78
- 55 -
Guinea: Official and Market-determined Exchange Rates

8
7
6
5
4
3
Official rate
2
1
46
50
54
58
62
66
70
74
78
82
86
90
94
98
90
94
98

1600
1400
1200
Percent
1000
800
600
400
200
0
-200
46
50
54
58
62
66
70
74
78
82
86
- 56 -
Guinea Bissau: Official and Market-determined Exchange Rates

6.5
6.45
6.4
6.35
Official rate
6.3
6.25
6.2
46
50
54
58
62
66
70
74
78
82
86
90
94
98
90
94
98

5
4
Percent
3
2
1
0
-1
-2
46
50
54
58
62
66
70
74
78
82
86
- 57 -
Guinea Bissau: Official and Market-determined Exchange Rates

4.625
4.62
4.615
4.61
4.605
4.6
Official rate
4.595
4.59
4.585
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

2
1.5
Percent
0.5
-0.5
-1
46
50
54
58
62
66
70
74
78
- 58 -
Guyana: Official and Market-determined Exchange Rates

4
Official rate
0
46
50
54
58
62
66
70
74
78
82
86
90
94
98
90
94
98

1200
1000
Percent
800
600
400
200
0
46
50
54
58
62
66
70
74
78
82
86
- 59 -
Haiti: Official and Market-determined Exchange Rates

3.5
3
2.5
1.5
Official rate
1
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

350
300
Percent
250
200
150
100
50
0
46
50
54
58
62
66
70
74
78
- 60 -
Honduras: Official and Market-determined Exchange Rates

2.5
1.5
Official rate
0.5
0
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

160
140
120
Percent
100
80
60
40
20
0
-20
46
50
54
58
62
66
70
74
78
- 61 -
Hong Kong, SAR: Official and Market-determined Exchange Rates

2.2
1.8
1.6
1.4
Official rate
1.2
1
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

90
80
70
60
Percent
50
40
30
20
10
0
-10
-20
46
50
54
58
62
66
70
74
78
- 62 -
Iceland: Official and Market-determined Exchange Rates

5
4
3
2
1
0
-1
-2
Official rate
-3
-4
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

350
300
250
200
Percent
150
100
50
0
-50
-100
-150
46
50
54
58
62
66
70
74
78
- 63 -
Iceland: Official and Market-determined Exchange Rates

5.0
4.0
3.0
2.0
1.0
0.0
-1.0
-2.0
-3.0
Official rate
-4.0
-5.0
46
50
54
58
62
66
70
74
78
82
86
90
94
78
82
86
90
94
98

200
150
Percent
100
50
0
-50
-100
-150
46
50
54
58
62
66
70
74

98
- 64 -
India: Official and Market-determined Exchange Rates

4
3.5
3
2.5
2
1.5
Official rate
1
0.5
0
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

160
140
120
Percent
100
80
60
40
20
0
-20
46
50
54
58
62
66
70
74
78
- 65 -
Indonesia: Official and Market-determined Exchange Rates

12
10
8
6
4
2
0
-2
-4
Official rate
-6
-8
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

2000
1500
11100
(Nov. 1965)
Percent
1000
500
-500
46
50
54
58
62
66
70
74
78
- 66 -
Iran: Official and Market-determined Exchange Rates

10
9
8
7
6
5
4
Official rate
3
2
46
50
54
58
62
66
70
74
78
82
86
90
94
98
90
94
98

2000
3689
(Jun. 1991)
1500
Percent
1000
500
-500
46
50
54
58
62
66
70
74
78
82
86
- 67 -
Iraq: Official and Market-determined Exchange Rates

10
Official rate
-2
46
50
54
58
62
66
70
74
78
82
86
90
94
98
94
98

1000000
800000
Percent
600000
400000
200000
-200000
46
50
54
58
62
66
70
74
78
82
86
90
- 68 -
Ireland: Official and Market-determined Exchange Rates

0.2
0
-0.2
-0.4
-0.6
-0.8
-1
Official rate
-1.2
-1.4
-1.6
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

120
100
80
Percent
60
40
20
0
-20
-40
-60
46
50
54
58
62
66
70
74
78
- 69 -
Ireland: Official and Market-determined Exchange Rates

0.0
-0.5
-1.0
Official rate
-1.5
-2.0
-2.5
-3.0
-3.5
-4.0
-4.5
-5.0
46
50
54
58
62
66
70
74
78
82
86
90
94
78
82
86
90
94
98

60
40
20
Percent
0
-20
-40
-60
-80
-100
-120
46
50
54
58
62
66
70
74

98
- 70 -
Israel: Official and Market-determined Exchange Rates

4
2
0
-2
-4
-6
-8
-10
Official rate
-12
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

800
700
600
Percent
500
400
300
200
100
0
-100
46
50
54
58
62
66
70
74
78
- 71 -
Italy: Official and Market-determined Exchange Rates

7.5
6.5
Official rate
6
5.5
5
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

50
40
30
20
Percent
10
0
-10
-20
-30
-40
-50
-60
46
50
54
58
62
66
70
74
78
- 72 -
Italy: Official and Market-determined Exchange Rates

8.0
7.0
Official rate
6.0
5.0
4.0
3.0
2.0
46
50
54
58
62
66
70
74
78
82
86
90
94
82
86
90
94
98

40
20
0
Percent
-20
-40
-60
-80
-100
-120
46
50
54
58
62
66
70
74
78

98
- 73 -
Jamaica: Official and Market-determined Exchange Rates

4
3.5
3
2.5
2
1.5
1
0.5
0
-0.5
Official rate
-1
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

160
140
120
Percent
100
80
60
40
20
0
-20
46
50
54
58
62
66
70
74
78
- 74 -
Japan: Official and Market-determined Exchange Rates

7
6.5
6
5.5
5
4.5
4
Official rate
3.5
3
2.5
2
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

500
1300
(Aug. 1946)
400
Percent
300
200
100
-100
46
50
54
58
62
66
70
74
78
- 75 -
Jordan: Official and Market-determined Exchange Rates

0
-0.2
-0.4
-0.6
-0.8
-1
Official rate
-1.2
-1.4
-1.6
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

60
50
Percent
40
30
20
10
0
-10
46
50
54
58
62
66
70
74
78
- 76 -
Kenya: Official and Market-determined Exchange Rates

5
4.5
4
3.5
3
2.5
2
Official rate
1.5
1
0.5
0
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

120
100
Percent
80
60
40
20
0
-20
46
50
54
58
62
66
70
74
78
- 77 -
Korea: Official and Market-determined Exchange Rates

10
6
4
2
0
-2
Official rate
-4
-6
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

1000
800
2400
(Jan. 1947)
Percent
600
400
200
-200
46
50
54
58
62
66
70
74
78
- 78 -
Kuwait: Official and Market-determined Exchange Rates

-0.8
-0.9
Official rate
-1
-1.1
-1.2
-1.3
-1.4
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

30
25
20
Percent
15
10
5
0
-5
-10
46
50
54
58
62
66
70
74
78
- 79 -
Lao Peo. Dem. Of: Official and Market-determined Exchange Rates

10
8
6
Official rate
4
2
0
-2
-4
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

1200
1000
Percent
800
600
400
200
0
-200
46
50
54
58
62
66
70
74
78
- 80 -
Lebanon: Official and Market-determined Exchange Rates

9
7
6
5
4
3
2
1
Official rate
0
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

140
120
100
Percent
80
60
40
20
0
-20
-40
46
50
54
58
62
66
70
74
78
Restrictions and International Financial Statistics , Pick and Sedillot (1971), International Currency
Analysis, World Currency Report , various issues.
- 81 -
Liberia: Official and Market-determined Exchange Rates

4.5
4
3.5
Market-determined
3
2.5
2
1.5
1
0.5
Official
0
46
50
54
58
62
66
70
74
78
82
86
90
94
98

1000
900
4750
(Dec. 1996)
800
700
Percent
600
500
400
300
200
100
0
46
50
54
58
62
66
70
74
78
82
86
90
94
98
- 82 -
Libya: Official and Market-determined Exchange Rates

1.5
1
Market-determined
0.5
0
-0.5
-1
Official
-1.5
-2
46
50
54
58
62
66
70
74
78
82
86
90
94
98
78
82
86
90
94
98

1000
900
800
700
Percent
600
500
400
300
200
100
0
46
50
54
58
62
66
70
74
- 83 -
Madagascar: Official and Market-determined Exchange Rates

10
9
Market-determined
8
7
6
5
Official
4
3
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

80
60
Percent
40
20
-20
-40
46
50
54
58
62
66
70
74
78
- 84 -
Malawi: Official and Market-determined Exchange Rates

4.5
4
3.5
3
2.5
2
1.5
Market-determined
1
0.5
0
-0.5
Official
-1
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

140
120
100
80
Percent
60
40
20
0
-20
-40
-60
46
50
54
58
62
66
70
74
78

- 85 -
Malaysia: Official and Market-determined Exchange Rates

1.8
1.6
1.4
Market-determined
1.2
Official
0.8
0.6
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

120
100
Percent
80
60
40
20
0
-20
46
50
54
58
62
66
70
74
78

- 86 -
Mali: Official and Market-determined Exchange Rates

6.5
6.45
6.4
6.35
6.3
6.25
Official rate
6.2
6.15
6.1
6.05
6
46
50
54
58
62
66
70
74
78
82
86
90
94
98
86
90
94
98

12
10
8
Percent
6
4
2
0
-2
-4
46
50
54
58
62
66
70
74
78
82
- 87 -
Mali: Official and Market-determined Exchange Rates

4.72
4.7
4.68
4.66
4.64
4.62
Official rate
4.6
4.58
4.56
4.54
46
50
54
58
62
66
70
74
78
82
86
90
94
98
86
90
94
98

10
Percent
-2
46
50
54
58
62
66
70
74
78
82
- 88 -
Malta: Official and Market-determined Exchange Rates

-0.4
-0.6
Market-determined
-0.8
-1
Official
-1.2
-1.4
-1.6
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

12
10
8
6
Percent
4
2
0
-2
-4
-6
-8
-10
46
50
54
58
62
66
70
74
78

- 89 -
Mauritania: Official and Market-determined Exchange Rates

6
Market-determined
5.5
5
4.5
4
3.5
Official
3
2.5
2
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

300
250
Percent
200
150
100
50
0
-50
46
50
54
58
62
66
70
74
78

- 90 -
Mauritius: Official and Market-determined Exchange Rates

3.5
Market-determined
3
2.5
1.5
Official
1
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

20
15
10
Percent
5
0
-5
-10
-15
-20
46
50
54
58
62
66
70
74
78

- 91 -
Mexico: Official and Market-determined Exchange Rates

3
Market-determined
1
0
-1
-2
Official
-3
-4
-5
-6
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

120
100
80
Percent
60
40
20
0
-20
-40
46
50
54
58
62
66
70
74
78
Restrictions and International Financial Statistics , Pick and Sedillot (1971), International Currency
Analysis, World Currency Report , various issues.
- 92 -
Morocco: Official and Market-determined Exchange Rates

2.5
Market-determined
1.5
Official
0.5
0
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

40
35
30
25
Percent
20
15
10
5
0
-5
-10
46
50
54
58
62
66
70
74
78
- 93 -
Morocco: Official and Market-determined Exchange Rates

0.7
0.6
0.5
0.4
0.3
0.2
0.1
0
-0.1
Official rate
-0.2
-0.3
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

50
40
Percent
30
20
10
0
-10
-20
46
50
54
58
62
66
70
74
78
- 94 -
Myanmar: Official and Market-determined Exchange Rates

Market-determined
4
Official
0
46
50
54
58
62
66
70
74
78
82
86
90
94
98

3000
4716
(Jul. 1997)
2500
Percent
2000
1500
1000
500
0
46
50
54
58
62
66
70
74
78
82
86
90
94
98
- 95 -
Nepal: Official and Market-determined Exchange Rates

5
4.5
4
3.5
Market-determined
3
2.5
2
Official
1.5
1
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

100
80
Percent
60
40
20
0
-20
-40
46
50
54
58
62
66
70
74
78

- 96 -
Netherlands: Official and Market-determined Exchange Rates

2.5
Market-determined
1.5
Official
0.5
0
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

200
150
Percent
100
50
-50
46
50
54
58
62
66
70
74
78
- 97 -
Netherlands: Official and Market-determined Exchange Rates

1.5
1.0
Official rate
0.5
0.0
-0.5
-1.0
-1.5
-2.0
-2.5
46
50
54
58
62
66
70
74
78
82
86
90
94
78
82
86
90
94
98

20
0
Percent
-20
-40
-60
-80
-100
-120
46
50
54
58
62
66
70
74

98
- 98 -
New Zealand: Official and Market-determined Exchange Rates

1
0.8
0.6
Market-determined
0.4
0.2
0
-0.2
-0.4
Official
-0.6
-0.8
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

80
60
40
Percent
20
0
-20
-40
-60
-80
46
50
54
58
62
66
70
74
78

- 99 -
Nicaragua: Official and Market-determined Exchange Rates

-5
-10
-15
Market-determined
-20
Official
-25
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

1000
800
71329
(Jan. 1988)
Percent
600
400
200
-200
46
50
54
58
62
66
70
74
78
- 100 -
Niger: Official and Market-determined Exchange Rates

6.5
6
5.5
Official rate
5
4.5
4
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

15
10
Percent
-5
-10
46
50
54
58
62
66
70
74
78
- 101 -
Niger: Official and Market-determined Exchange Rates

4.8
4.6
4.4
4.2
4
3.8
Official rate
3.6
3.4
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

20
15
10
Percent
5
0
-5
-10
-15
-20
46
50
54
58
62
66
70
74
78
- 102 -
Nigeria: Official and Market-determined Exchange Rates

Market-determined
Official
-1
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

500
450
400
350
Percent
300
250
200
150
100
50
0
46
50
54
58
62
66
70
74
78
- 103 -
Norway: Official and Market-determined Exchange Rates

2.4
Market-determined
2.2
2
1.8
Official
1.6
1.4
1.2
1
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

100
80
Percent
60
40
20
-20
46
50
54
58
62
66
70
74
78
- 104 -
Norway: Official and Market-determined Exchange Rates

2.0
Official rate
1.5
1.0
0.5
0.0
-0.5
-1.0
-1.5
-2.0
46
50
54
58
62
66
70
74
78
82
86
90
94
78
82
86
90
94
98

20
0
Percent
-20
-40
-60
-80
-100
-120
46
50
54
58
62
66
70
74

98
- 105 -
Pakistan: Official and Market-determined Exchange Rates

4.5
4
3.5
3
2.5
Market-determined
2
1.5
Official
1
0.5
0
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

250
200
Percent
150
100
50
-50
46
50
54
58
62
66
70
74
78
- 106 -
Paraguay: Official and Market-determined Exchange Rates

9
8
7
6
Market-determined
Official
4
3
2
1
0
46
50
54
58
62
66
70
74
78
82
86
90
94
98
86
90
94
98

600
500
Percent
400
300
200
100
0
-100
46
50
54
58
62
66
70
74
78
82
- 107 -
Peru: Official and Market-determined Exchange Rates

-5
-10
Market-determined
-15
Official
-20
46
50
54
58
62
66
70
74
78
82
86
90
94
98
86
90
94
98

400
350
1067
(Aug. 1988)
300
Percent
250
200
150
100
50
0
-50
46
50
54
58
62
66
70
74
78
82
- 108 -
Philippines: Official and Market-determined Exchange Rates

4.5
4
3.5
3
2.5
2
Market-determined
1.5
1
Official
0.5
0
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

140
120
100
Percent
80
60
40
20
0
-20
46
50
54
58
62
66
70
74
78
- 109 -
Portugal: Official and Market-determined Exchange Rates

5.5
5
4.5
Market-determined
4
3.5
Official
3
2.5
2
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

80
70
60
50
Percent
40
30
20
10
0
-10
-20
46
50
54
58
62
66
70
74
78
- 110 -
Portugal: Official and Market-determined Exchange Rates

5.0
4.0
Official rate
3.0
2.0
1.0
0.0
-1.0
46
50
54
58
62
66
70
74
78
82
86
90
94
78
82
86
90
94
98

80
60
40
20
Percent
0
-20
-40
-60
-80
-100
-120
46
50
54
58
62
66
70
74

98
- 111 -
Saudi Arabia: Official and Market-determined Exchange Rates

1.7
Market-determined
1.6
1.5
1.4
1.3
Official
1.2
1.1
1
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

35
30
25
Percent
20
15
10
5
0
-5
-10
46
50
54
58
62
66
70
74
78
- 112 -
Senegal: Official and Market-determined Exchange Rates

6.5
6
5.5
Official rate
5
4.5
4
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

15
10
Percent
-5
-10
46
50
54
58
62
66
70
74
78
- 113 -
Senegal: Official and Market-determined Exchange Rates

4.8
4.6
4.4
4.2
4
Official rate
3.8
3.6
3.4
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

20
15
10
Percent
5
0
-5
-10
-15
-20
46
50
54
58
62
66
70
74
78
- 114 -
Singapore: Official and Market-determined Exchange Rates

1.2
Official
Market-determined
0.8
0.6
0.4
0.2
0
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

8
6
4
Percent
2
0
-2
-4
-6
-8
46
50
54
58
62
66
70
74
78
- 115 -
South Africa: Official and Market-determined Exchange Rates

2.5
2
1.5
Market-determined
1
0.5
0
-0.5
Official
-1
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

70
60
50
Percent
40
30
20
10
0
-10
-20
46
50
54
58
62
66
70
74
78
- 116 -
Spain: Official and Market-determined Exchange Rates

5.5
5
4.5
Market-determined
4
3.5
Official
3
2.5
2
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

160
140
120
Percent
100
80
60
40
20
0
-20
46
50
54
58
62
66
70
74
78
- 117 -
Spain: Official and Market-determined Exchange Rates

5.0
4.0
Official rate
3.0
2.0
1.0
0.0
-1.0
46
50
54
58
62
66
70
74
78
82
86
90
94
78
82
86
90
94
98

60
40
20
Percent
0
-20
-40
-60
-80
-100
-120
46
50
54
58
62
66
70
74

98
- 118 -
Sri Lanka: Official and Market-determined Exchange Rates

4.5
4
3.5
Market-determined
3
2.5
2
1.5
Official
1
0.5
0
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

250
200
Percent
150
100
50
-50
46
50
54
58
62
66
70
74
78
- 119 -
Suriname Official and Market-determined Exchange Rates

7
6
5
4
Market-determined
3
2
Official
1
0
46
50
54
58
62
66
70
74
78
82
86
90
94
98
94
98

1500
8583
(Apr. 1994)
1300
1100
Percent
900
700
500
300
100
-100
46
50
54
58
62
66
70
74
78
82
86
90
- 120 -
Swaziland: Official and Market-determined Exchange Rates

1.5
Market-determined
0.5
Official
0
-0.5
-1
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

50
40
Percent
30
20
10
0
-10
-20
46
50
54
58
62
66
70
74
78
- 121 -
Sweden : Official and Market-determined Exchange Rates

2.4
2.2
2
Market-determined
1.8
1.6
1.4
Official
1.2
1
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

70
60
50
Percent
40
30
20
10
0
-10
-20
46
50
54
58
62
66
70
74
78
- 122 -
Sweden: Official and Market-determined Exchange Rates

2.0
1.5
Official rate
1.0
0.5
0.0
-0.5
-1.0
-1.5
-2.0
46
50
54
58
62
66
70
74
78
82
86
90
94
78
82
86
90
94
98

40
20
0
Percent
-20
-40
-60
-80
-100
-120
46
50
54
58
62
66
70
74

98
- 123 -
Switzerland: Official and Market-determined Exchange Rates

1.6
Official
1.4
Market-determined
1.2
1
0.8
0.6
0.4
0.2
0
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

40
30
Percent
20
10
0
-10
-20
-30
46
50
54
58
62
66
70
74
78
- 124 -
Switzerland: Official and Market-determined Exchange Rates

2.0
1.5
1.0
Official rate
0.5
0.0
-0.5
-1.0
-1.5
-2.0
-2.5
46
50
54
58
62
66
70
74
78
82
86
90
94
78
82
86
90
94
98

40
20
0
Percent
-20
-40
-60
-80
-100
-120
46
50
54
58
62
66
70
74

98
- 125 -
Syrian Arab Republic: Official and Market-determined Exchange Rates

4.5
Market-determined
3.5
3
2.5
2
1.5
Official
1
0.5
0
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

1200
1000
Percent
800
600
400
200
0
-200
46
50
54
58
62
66
70
74
78
- 126 -
Tanzania: Official and Market-determined Exchange Rates

7
6
5
4
Market-determined
3
2
Official
1
0
46
50
54
58
62
66
70
74
78
82
86
90
94
98
86
90
94
98

800
700
600
Percent
500
400
300
200
100
0
-100
46
50
54
58
62
66
70
74
78
82
- 127 -
Thailand: Official and Market-determined Exchange Rates

4.5
3.5
Market-determined
3
Official
2.5
2
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

140
120
100
Percent
80
60
40
20
0
-20
-40
46
50
54
58
62
66
70
74
78
- 128 -
Togo: Official and Market-determined Exchange Rates

6.5
6
5.5
Official rate
5
4.5
4
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

15
10
Percent
-5
-10
46
50
54
58
62
66
70
74
78
- 129 -
Togo: Official and Market-determined Exchange Rates

4.8
4.6
4.4
4.2
4
Official rate
3.8
3.6
3.4
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

20
15
10
Percent
5
0
-5
-10
-15
-20
46
50
54
58
62
66
70
74
78
- 130 -
Tunisia: Official and Market-determined Exchange Rates

Market-determined
0.5
0
-0.5
-1
Official
-1.5
-2
-2.5
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

300
250
Percent
200
150
100
50
0
-50
46
50
54
58
62
66
70
74
78
- 131 -
Tunisia: Official and Market-determined Exchange Rates

0
-0.5
-1
-1.5
-2
-2.5
Official rate
-3
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

300
250
Percent
200
150
100
50
0
-50
46
50
54
58
62
66
70
74
78
- 132 -
Turkey: Official and Market-determined Exchange Rates

14
12
10
8
6
4
Market-determined
Official
0
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

600
500
Percent
400
300
200
100
0
-100
46
50
54
58
62
66
70
74
78
- 133 -
Uganda: Official and Market-determined Exchange Rates

Market-determined
-2
Official
-4
46
50
54
58
62
66
70
74
78
82
86
90
94
98
86
90
94
98

1400
2110
(May 1981)
1200
Percent
1000
800
600
400
200
0
46
50
54
58
62
66
70
74
78
82
- 134 -
United Kingdom: Official and Market-determined Exchange Rates

0
-0.2
-0.4
-0.6
Market-determined
-0.8
-1
Official
-1.2
-1.4
-1.6
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

120
100
80
Percent
60
40
20
0
-20
-40
46
50
54
58
62
66
70
74
78
- 135 -
United Kingdom: Official and Market-determined Exchange Rates

0.0
-0.5
-1.0
Official rate
-1.5
-2.0
-2.5
-3.0
-3.5
-4.0
-4.5
46
50
54
58
62
66
70
74
78
82
86
90
94
78
82
86
90
94
98

20
Percent
-20
-40
-60
-80
-100
46
50
54
58
62
66
70
74

98
- 136 -
Uruguay: Official and Market-determined Exchange Rates

4
2
0
-2
-4
-6
Market-determined
-8
Official
-10
-12
-14
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

250
200
Percent
150
100
50
0
-50
-100
46
50
54
58
62
66
70
74
78
- 137 -
Venezuela: Official and Market-determined Exchange Rates

7
6
5
4
Market-determined
3
2
Official
1
0
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

350
300
250
Percent
200
150
100
50
0
-50
46
50
54
58
62
66
70
74
78
- 138 -
Zambia: Official and Market-determined Exchange Rates

9
8
7
6
Market-determined
5
4
3
2
Official
1
0
-1
-2
46
50
54
58
62
66
70
74
78
82
86
90
94
98
86
90
94
98

500
400
1221
(Jun. 1989)
Percent
300
200
100
-100
46
50
54
58
62
66
70
74
78
82
- 139 -
Zimbabwe: Official and Market-determined Exchange Rates

4
3.5
3
2.5
2
Market-determined
1.5
1
0.5
0
-0.5
Official
-1
46
50
54
58
62
66
70
74
78
82
86
90
94
98
82
86
90
94
98

500
400
Percent
300
200
100
-100
46
50
54
58
62
66
70
74
78

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M PRA

Munich Personal RePEc Archive

A Modern History of Exchange Rate

A Modern History of Exchange Rate Arrangements:

-2About the Chronologies and Charts

Log (local currency per U.S. dollar)

France: Log of Offical and Market-Determined Exchange Rates:

Japan: Log of Official and Market-Determined Exchange Rates:

Portugal: Log of Official and Market-Determined Exchange Rates:

Log (local currency per U.S. dollar)

Brazil: Log of Offical and Market-Determined Exchange Rates:

China: Log of Official and Market-Determined Exchange Rates:

Egypt: Log of Official and Market-Determined Exchange Rates:

Log (local currency per U.S. dollar)

Log (local currency per U.S. dollar)

Algeria: Official and Market-determined Exchange Rates

Log (local currency per U.S. dollar)

Parallel Market Premium

Sources: International Monetary Fund, Annual Report on Exchange Arrangements and

Algeria: Official and Market-determined Exchange Rates

Parallel Market Premium

Argentina: Official and Market-determined Exchange Rates

Log (local currency per U.S. dollar)

Parallel Market Premium

Australia: Official and Market-determined Exchange Rates

Log (local currency per U.S. dollar)

Parallel Market Premium

Sources: International Monetary Fund, Annual Report on Exchange Arrangements and

Austria: Official and Market-determined Exchange Rates

Log (local currency per U.S. dollar)

Parallel Market Premium

Sources: International Monetary Fund, Annual Report on Exchange Arrangements and

Austria: Official and Market-determined Exchange Rates

Log (local currency per D.M.)

Parallel Market Premium

Sources: International Monetary Fund, Annual Report on Exchange Arrangements and

Belgium: Official and Market-determined Exchange Rates

Log (local currency per U.S. dollar)

Parallel Market Premium

Belgium: Official and Market-determined Exchange Rates

Log (local currency per D.M.)

Parallel Market Premium

Sources: International Monetary Fund, Annual Report on Exchange Arrangements and

Benin: Official and Market-determined Exchange Rates

Log (local currency per U.S. dollar)

Parallel Market Premium

Sources: International Monetary Fund, Annual Report on Exchange Arrangements and

Benin: Official and Market-determined Exchange Rates

Log (local currency per F.F.)

Parallel Market Premium

Sources: International Monetary Fund, Annual Report on Exchange Arrangements and

Bolivia: Official and Market-determined Exchange Rates

Log (local currency per U.S. dollar)

Parallel Market Premium

Botswana: Official and Market-determined Exchange Rates

Log (local currency per U.S. dollar)

Parallel Market Premium

Brazil: Official and Market-determined Exchange Rates

Log (local currency per U.S. dollar)

Parallel Market Premium

Burkina Faso: Official and Market-determined Exchange Rates

Log (local currency per U.S. dollar)

Parallel Market Premium