Nominal Effective Exchange Rate as Based on Consumer Price Index for Benin
BENENEERIX • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
112.53
Year-over-Year Change
16.98%
Date Range
1/1/2000 - 1/1/2024
Summary
The Nominal Effective Exchange Rate as Based on Consumer Price Index for Benin measures the strength of Benin's currency relative to a basket of trading partners' currencies, adjusted for inflation differences.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
This index tracks changes in the value of the Beninese franc against a weighted average of foreign currencies. It is an important indicator of Benin's international competitiveness and can inform macroeconomic and trade policy decisions.
Methodology
The data is calculated by the International Monetary Fund using official exchange rates and consumer price indexes.
Historical Context
Policymakers and analysts use this index to assess Benin's trade dynamics and the potential impacts of exchange rate movements.
Key Facts
- Base year is 2010 = 100.
- Benin is a member of the West African Economic and Monetary Union (WAEMU).
- The Beninese franc is pegged to the Euro.
FAQs
Q: What does this economic trend measure?
A: This index measures the nominal effective exchange rate of the Beninese franc based on a basket of trading partners' currencies, adjusted for inflation differences.
Q: Why is this trend relevant for users or analysts?
A: This index is an important indicator of Benin's international competitiveness and can inform macroeconomic and trade policy decisions.
Q: How is this data collected or calculated?
A: The data is calculated by the International Monetary Fund using official exchange rates and consumer price indexes.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this index to assess Benin's trade dynamics and the potential impacts of exchange rate movements.
Q: Are there update delays or limitations?
A: The data is published monthly with a lag of approximately one month.
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Citation
U.S. Federal Reserve, Nominal Effective Exchange Rate as Based on Consumer Price Index for Benin (BENENEERIX), retrieved from FRED.