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Real effective exchange rates for 178 countries

Using alternative data sources for exchange rates and consumer prices, we calculate REER for 177 countries monthly and 178 countries annually

Publishing date
14 January 2025
Authors
Zsolt Darvas
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Real effective exchange rates for 178 countries: a new database

First published: 15 March 2012

Latest update: 14 January 2025

This database includes real and nominal effective exchange rates from:

The earlier methodological description of the dataset was published in:

The real effective exchange rate (REER), which measures the development of the real value of a country’s currency against its trading partners' basket is a frequently used variable in both theoretical and applied economic research and policy analysis. It is used to assess the equilibrium value of a currency, the change in price or cost competitiveness, trade flow drivers, or incentives for reallocation production between the tradable and the non-tradable sectors.

Due to the importance of the REER in economic research and policy analysis, several institutions, such as the World Bank, the Eurostat, the BIS and the OECD publish various REER indicators which are freely downloadable. Altogether, these institutions publish data for 113 countries. There is data available for all advanced and several emerging and developing countries, however many countries are not included in these databases and the release of some data can be delayed. 

Our database includes the following data:

Annual consumer price index (CPI) based REERs for 178 countries plus the euro area.

It has two versions:

  • The broad index includes 172 trading partners and is available from 1995.
  • The narrow index includes 67 trading partners and is available from 1960.

Monthly consumer price index (CPI) based REERs for 177 countries plus the euro area.

It also has two versions:

  • The broad index includes 120 trading partners and is available from 1993.
  • The narrow index includes 51 trading partners and is available from 1960.

For each REER time series, our dataset also includes the corresponding nominal effective exchange rate (NEER) series.

The database is regularly updated.

Data Policy: This page provides a number of Bruegel datasets for public use. Users can freely use our data in its unchanged form or after any transformation for any purpose and can freely distribute it, provided that proper attribution is made to the source, but not in any way that suggests that Bruegel endorses the user or their use of the data.

About the authors

  • Zsolt Darvas

    Zsolt Darvas is a Senior Fellow at Bruegel and a part-time Senior Research Fellow at the Corvinus University of Budapest. He joined Bruegel in 2008 as a Visiting Fellow, and became a Research Fellow in 2009 and a Senior Fellow in 2013.

    From 2005 to 2008, he was the Research Advisor of the Argenta Financial Research Group in Budapest. Before that, he worked at the research unit of the Central Bank of Hungary (1994-2005) where he served as Deputy Head.

    Zsolt holds a Ph.D. in Economics from Corvinus University of Budapest where he teaches courses in Econometrics but also at other institutions since 1994. His research interests include macroeconomics, international economics, central banking and time series analysis.

Language
English

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