REER inches up by 0.9% to 97.91 in February

MG News | March 24, 2022 at 03:53 PM GMT+05:00

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March 24, 2022 (MLN): The Real Effective Exchange Rate (REER) of Pakistan was recorded at 97.91 in February 2022, showing a marginal increase of 0.90% compared to 97.04 recorded in January 2022, the latest monthly data published by the State Bank of Pakistan (SBP) showed today.

The index surged by 0.71% in February 2022 against the value of 97.22 in February 2021.

Cumulatively, REER has declined by 1.87% since June 2021 and 4.90% from its recent peak in April 2021, implying that Pakistan's goods become more competitive in the international markets.

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) increased by 0.37% in February 2022 to a provisional value of 54.97 from the revised value of 54.77 in January 2022. On a yearly basis, the NEER index witnessed a drop of 6.34% from the value of 58.69 in February 2021.

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