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

The value for Official exchange rate (LCU per US$, period average) in Oman was 0.385 as of 2021. As the graph below shows, over the past 61 years this indicator reached a maximum value of 0.417 in 1970 and a minimum value of 0.345 in 1985.

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 0.362
1968 0.417
1969 0.417
1970 0.417
1971 0.415
1972 0.384
1973 0.351
1974 0.345
1975 0.345
1976 0.345
1977 0.345
1978 0.345
1979 0.345
1980 0.345
1981 0.345
1982 0.345
1983 0.345
1984 0.345
1985 0.345
1986 0.382
1987 0.385
1988 0.385
1989 0.385
1990 0.385
1991 0.385
1992 0.385
1993 0.385
1994 0.385
1995 0.385
1996 0.385
1997 0.385
1998 0.385
1999 0.385
2000 0.385
2001 0.385
2002 0.385
2003 0.385
2004 0.385
2005 0.385
2006 0.385
2007 0.385
2008 0.385
2009 0.385
2010 0.385
2011 0.385
2012 0.385
2013 0.385
2014 0.385
2015 0.385
2016 0.385
2017 0.385
2018 0.385
2019 0.385
2020 0.385
2021 0.385

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