REER drops to 90.9 in September 2022

MG News | October 31, 2022 at 01:25 PM GMT+05:00

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October 31, 2022, 2022 (MLN): The Real Effective Exchange Rate (REER) index was recorded at 90.9 in September 2022, showing a drop of 3.71% MoM compared to 94.4 in August 2022, the latest monthly data published by the State Bank of Pakistan (SBP) showed on Monday.

On a year-on-year basis, the index fell by 6.01% YoY against the value of 96.71 in September 2021.

It is pertinent to mention that the REER moved down by 11.68% from its peak of 102.95 in April 2021.

REER is a measure of the value of a currency against a weighted average of several foreign currencies. A decrease in REER implies that exports have become cheaper while imports become more expensive therefore, this fall indicates an increase in trade competitiveness.

Meanwhile, the Nominal Effective Exchange rate Index (NEER) decreased by 2.04% MoM in September 2022 to a provisional value of 45.85 from 46.81 in August 2022. On a yearly basis, the NEER index witnessed a drop of 18.6% YoY from the value of 56.32 in September 2021.

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