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

The value for Official exchange rate (LCU per US$, period average) in Kuwait was 0.302 as of 2021. As the graph below shows, over the past 61 years this indicator reached a maximum value of 0.357 in 1970 and a minimum value of 0.269 in 2008.

Definition: Official exchange rate refers to the exchange rate determined by national authorities or to the rate determined in the legally sanctioned exchange market. It is calculated as an annual average based on monthly averages (local currency units relative to the U.S. dollar).

Source: International Monetary Fund, International Financial Statistics.

See also:

Year Value
1960 0.357
1961 0.357
1962 0.357
1963 0.357
1964 0.357
1965 0.357
1966 0.357
1967 0.357
1968 0.357
1969 0.357
1970 0.357
1971 0.356
1972 0.329
1973 0.297
1974 0.293
1975 0.290
1976 0.292
1977 0.287
1978 0.275
1979 0.276
1980 0.270
1981 0.279
1982 0.288
1983 0.291
1984 0.296
1985 0.301
1986 0.291
1987 0.279
1988 0.279
1989 0.294
1990 0.288
1991 0.284
1992 0.293
1993 0.302
1994 0.297
1995 0.298
1996 0.299
1997 0.303
1998 0.305
1999 0.304
2000 0.307
2001 0.307
2002 0.304
2003 0.298
2004 0.295
2005 0.292
2006 0.290
2007 0.284
2008 0.269
2009 0.288
2010 0.287
2011 0.276
2012 0.280
2013 0.284
2014 0.285
2015 0.301
2016 0.302
2017 0.303
2018 0.302
2019 0.304
2020 0.306
2021 0.302

Development Relevance: In a market-based economy, household, producer, and government choices about resource allocation are influenced by relative prices, including the real exchange rate, real wages, real interest rates, and other prices in the economy. Relative prices also largely reflect these agents' choices. Thus relative prices convey vital information about the interaction of economic agents in an economy and with the rest of the world.

Limitations and Exceptions: Official or market exchange rates are often used to convert economic statistics in local currencies to a common currency in order to make comparisons across countries. Since market rates reflect at best the relative prices of tradable goods, the volume of goods and services that a U.S. dollar buys in the United States may not correspond to what a U.S. dollar converted to another country's currency at the official exchange rate would buy in that country, particularly when nontradable goods and services account for a significant share of a country's output. An alternative exchange rate - the purchasing power parity (PPP) conversion factor - is preferred because it reflects differences in price levels for both tradable and nontradable goods and services and therefore provides a more meaningful comparison of real output.

Statistical Concept and Methodology: The exchange rate is the price of one currency in terms of another. Official exchange rates and exchange rate arrangements are established by governments. Other exchange rates recognized by governments include market rates, which are determined largely by legal market forces, and for countries with multiple exchange arrangements, principal rates, secondary rates, and tertiary rates.

Periodicity: Annual

Classification

Topic: Financial Sector Indicators

Sub-Topic: Exchange rates & prices