## 44. Real and Nominal Effective Exchange Rates, 2002/03–2007/08 ## Source details **Canonical URL:** [44. Real and Nominal Effective Exchange Rates, 2002/03–2007/08](https://www.imf.org/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2008/_cr0872.pdf) ## Other formats - [Markdown version](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2008/_cr0872.pdf.md) - [Structured JSON version](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2008/_cr0872.pdf.json) --- ### Document and metadata - Year: 2008. - Note: "The views expressed in this document are those of the staff team and do not necessarily reflect the views of the government of Islamic Republic of Afghanistan or the Executive Board of the IMF." - Publication policy note: "The policy of publication of staff reports and other documents by the IMF allows for the deletion of market-sensitive information." - Prepared by: Mohamad Elhage, Mitra Farahbaksh, Jaroslaw Wieczorek (all MCD), Justin Tyson (FAD), and Magnus Saxegaard (PDR). - Approved by: Middle East and Central Asia Department. - Approval date: January 30, 2008. - *Source: Data provided by Afghan authorities; and Fund staff estimates.* ### Output and prices - Real GDP (annual change, in percent): 28.6; 15.1; 9.4; 16.4; 6.1 (2002/03–2006/07). - Nominal GDP (in millions of Afghanis): 182,862; 225,108; 284,504; 338,540; 371,445 (2002/03–2006/07). - Nominal GDP (in millions of U.S. dollars): 4,083; 4,592; 5,947; 6,817; 7,442 (2002/03–2006/07). - Consumer prices (period average, Kabul): 5.12; 4.11; 3.21; 2.3; 5.1 (2002/03–2006/07). - Consumer prices (end of period, Kabul): 2.4; 10.3; 14.9; 9.4; 4.8 (2002/03–2006/07). ### Investment and saving - Gross domestic investment (percent of GDP): 28.8; 33.0; 46.1; 44.6; 46.0 (2002/03–2006/07). - Nongovernment investment (percent of GDP): 1.2; 1.3; 9.4; 9.6; 8.9. - Gross domestic savings (percent of GDP): 25.1; 22.7; 41.2; 41.8; 39.7. - Nongovernment savings (percent of GDP): 30.4; 28.3; 46.6; 45.4; 43.9. ### Public finances (core budget; percent of GDP unless indicated) - Operating revenue (including grants): 8.4; 9.0; 10.7; 11.6; 13.6 (2002/03–2006/07). - Operating expenditure: 8.5; 9.8; 10.3; 10.0; 12.4. - Operating budget balance (excluding grants): -5.3; -5.3; -5.4; -3.6; -4.2. - Operating budget balance (including grants): -0.1; -0.8; 0.4; 1.6; 1.3. - Primary operating balance (including grants): -0.1; -0.8; 0.4; 1.6; 1.3. - Core budget balance (including grants): (not shown), ...., 1.0, -3.1 (partial series in source). - Total government debt (after HIPC/MDRI relief; percent of GDP): 13.2; 14.0; 12.8; 184.2; 170.9 (2002/03–2006/07). - Note: The large increase in 2005/06 reflects recognition of Russia's claims and reconciliation of March 2006 debt stocks. ### Monetary sector and liquidity - Currency in circulation (year-to-date change, percent): ......34.6; 14.6; 11.2 (selected years reported). - One-month capital note interest rate (end-period, in percent): ......5.0; 6.5; 7.6 (selected years reported). - Reserve money (end-period stocks; millions of Afghanis): 20,676; 31,142; 41,068; 46,111; 56,277; 57,281 (end-2002/03 through mid-2007/08). - Currency in circulation (end-period stocks; millions of Afghanis): 20,676; 28,801; 38,763; 44,441; 48,884; 53,021. - Currency in circulation (year-on-year percentage change): 20.1; 39.3; 34.6; 14.6; 10.0; 13.3 (mem. items). ### External sector and reserves - Exports of goods (U.S. dollars, percent change): ...36.1; 21.6; 22.1; 1.2 (selected years). - Imports of goods (U.S. dollars, percent change): ...91.5; 36.3; 25.5; 12.5 (selected years). - Merchandise trade balance (in percent of GDP): -29.8; -54.2; -57.7; -66.9; -70.1 (2002/03–2006/07). - Current account balance, excluding official transfers (percent of GDP): -33.6; -64.0; -65.2; -75.3; -77.1. - Current account balance, including official transfers (percent of GDP): -3.7; -10.0; -4.4; -2.8; -6.3. - Foreign direct investment (in percent of GDP): 1.2; 1.3; 3.1; 4.2; 3.4. - Gross reserves (in millions of U.S. dollars): 425; 820; 1,283; 1,662; 2,064. - Reserves in months of next year imports of goods and services: 1.5; 4.9; 6.7; 7.7; 9.3. - Reserves relative to external debt service due (percent): 28.1; 37.6; 44.2; 44.3; 43.3. ### Key GDP and sectoral figures (selected) - GDP at market prices (annual change; in percent): 33.8; 23.1; 26.4; 24.1; 9.7 (2002/03–2006/07). - GDP at factor cost (in millions of Afghanis): 180,292; 220,392; 278,496; 327,526; 359,866 (2002/03–2006/07). - Sector shares of GDP at market prices (percent): - Agriculture: 49; 47; 36; 38; 32. - Industry: 20; 21; 24; 25; 27. - Services: 30; 30; 38; 34; 38. - (2002/03–2006/07; table reports indices). ### Consumer Price Index (Kabul; March 2004 = 100; selected monthly indices and trends) - Overall Index: Jan-06 126.6; Jun-06 126.6; Dec-06 129.5; Jan-07 129.6; Dec-07 151.6. - Food (weight 60.6): Jan-06 118.6; Dec-06 120.3; Dec-07 151.9. - Breads and cereals (weight 25.2): Jan-06 122.9; Dec-06 118.3; Dec-07 168.5. - Vegetables (including tubers, weight 6.6): Jan-06 123.0; Dec-06 148.2; Dec-07 161.2. - Electricity and fuels (weight 6.6): Jan-06 130.3; Oct-06 185.8; Dec-07 215.4. - Nonfood (weight 39.4): Jan-06 139.3; Dec-06 143.9; Dec-07 151.1. ### Balance of payments (selected aggregates, in millions of U.S. dollars) - Current account (including grants): -149.8; -456.2; -265.0; -182.5; -444.0 (2002/03–2006/07). - Current account (excluding grants): -1371.6; -2932.1; -3894.0; -4880.3; -5435.5. - Exports, f.o.b. (millions USD): 100; 144; 305; 384; 416 (2002/03–2006/07). - Imports, c.i.f. (millions USD): 2,452; 2,101; 2,177; 2,471; 2,744 (2002/03–2006/07). - Overall balance (millions USD): 155.3; 380.4; 442.4; 350.3; 346.0. - Gross international reserves (millions USD): 424.9; 819.6; 1,283.3; 1,661.8; 2,064.2. ### External debt (2006/07) - Total external debt (in millions of U.S. dollars): 12,044.1. - Multilateral debt: 731.4 (World Bank 349.8; Asian Development Bank 316.9; Saudi Fund for Development 42.9; Islamic Development Bank 0.1; OPEC Fund 1.9). - Fund credit outstanding: 19.9. - Bilateral debt: 11,312.7 (United States 116.5; Former GDR 15.2; Russia 11,082.4; Kuwait Development Fund 19.3; Bulgaria 47.6; Saudi Arabia 22.2; Iraq 9.1; Croatia 0.4). - Memorandum items: - Total external debt (percent of GDP): 170.9. - Total multilateral debt (percent of GDP): 10.4. - Total verified bilateral debt (percent of GDP): 160.6. ### Real and Nominal Effective Exchange Rates (quarterly average index; 2003/04 = 100) - Note: "An increase in the exchange rate indices corresponds to an appreciation." - Nominal Effective Exchange Rate (quarterly averages): - 2002/03: Q1 83.8; Q2 487.4; Q3 894.1; Q4 100.0; (year series appears with mixed formatting in source). - 2003/04: Q1 98.8; Q2 99.5; Q3 101.8; Q4 99.7. - 2004/05: Q1 102.6; Q2 113.7; Q3 111.4; Q4 105.6. - 2005/06: Q1 107.2; Q2 109.3; Q3 112.4; Q4 110.5. - 2006/07: Q1 108.2; Q2 106.9; Q3 108.6; Q4 108.6. - 2007/08: Q1 107.5; Q2......... - Real Effective Exchange Rate (quarterly averages): - 2002/03: Q1 128.6; Q2 120.8; Q3 95.3; Q4 103.5. - 2003/04: Q1 101.2; Q2 100.9; Q3 100.2; Q4 97.5. - 2004/05: Q1 98.2; Q2 107.4; Q3 104.1; Q4 97.2. - 2005/06: Q1 97.0; Q2 98.8; Q3 99.7; Q4 97.5. - 2006/07: Q1 97.9; Q2 97.6; Q3 97.5; Q4 96.0. - 2007/08: Q1 94.5; Q2......... - (Quarterly series contains gaps and mixed formatting in source.) *Prepared by IMF staff; approved January 30, 2008.* ### 2008. The views expressed in this document are those of the staff team and do not necessarily reflect ### Statistical Appendix — Islamic Republic of Afghanistan ### Document details - Year: 2008. - Note: "The views expressed in this document are those of the staff team and do not necessarily reflect the views of the government of Islamic Republic of Afghanistan or the Executive Board of the IMF." - Publication policy note: "The policy of publication of staff reports and other documents by the IMF allows for the deletion of market-sensitive information." - Reader comments: may be sent by e-mail to publicationpolicy@imf.org - Copies available from: - International Monetary Fund ● Publication Services - Address: 700 19th Street, N.W. ● Washington, D.C. 20431 - Telephone: (202) 623 7430 ● Telefax: (202) 623 7201 - E-mail: publications@imf.org - Internet: http://www.imf.org - Price: $18.00 a copy - Institution: International Monetary Fund, Washington, D.C. ### Contributors and approval - Prepared by: Mohamad Elhage, Mitra Farahbaksh, Jaroslaw Wieczorek (all MCD), Justin Tyson (FAD), and Magnus Saxegaard (PDR) - Approved by: Middle East and Central Asia Department - Approval date: January 30, 2008 ### Major thematic data tables and pages (contents) - 1. Basic Data, 2002/03–2006/07 — Page 3 - 2. Gross Domestic Product at Current Prices, 2002/03–2006/07 — Page 4 - 3. Gross Domestic Product at Constant Prices, 2002/03–2006/07 (in millions of Afghanis) — Page 5 - 4. Gross Domestic Product at Constant Prices, 2002/03–2006/07 (annual percentage change) — Page 6 - 5. Sectoral Shares of Gross Domestic Product, 2002/03–2006/07 — Page 7 - 6. Savings-Investment Balances at Current Prices, 2002/03–2006/07 — Page 8 - 7. Opium Production and Prices, 1994–2007 — Page 9 - 8. Agricultural Crop Production, 2002/03–2006/07 — Page 10 - 9. Land Use, 2002/03–2006/07 — Page 11 - 10. Cultivated Land Area for Fruits and Vegetables, 2002/03–2006/07 — Page 12 - 11. Cultivated Land Area for Cereals and Others, 2002/03–2006/07 — Page 13 - 12. Crop Yields, 2002/03–2006/07 — Page 14 - 13. Cereal Balance Sheet, 2002/03–2006/07 — Page 15 - 14. Livestock, 2002/03–2006/07 — Page 16 - 15. Agricultural Cooperatives, 2002/03–2006/07 — Page 16 - 16. Production and Consumption of Electricity, 2002/03–2006/07 — Page 17 - 17. Production and Imports of Cement, 2002/03–2006/07 — Page 18 - 18. Private Industrial Production, 2002/03–2006/07 — Page 19 - 19. Main Industrial Organizations, 2002/03–2006/07 — Page 20 - 20. Land Transportation, 2002/03–2006/07 — Page 21 - 21. Air Transportation, 2002/03–2006/07 — Page 22 - 22. Number of Post Offices, 2002/03–2006/07 — Page 23 - 23. Telephone Services, 2002/03–2006/07 — Page 24 - 24. Sectoral Distribution of Active Population, 2002/03–2006/07 — Page 25 - 25. Consumer Price Index for Kabul, January 2004–December 2007 — Page 26 - 26. National Consumer Price Index, 2006–07 — Page 27 - 27. List of Public Enterprises (as of November 2006) — Page 28 - 28. Central Government Employment, 2002/03–2007/08 — Page 29 - 29. Core Budget, 2003/04–2007/08 (in millions of Afghanis) — Page 30 - 30. Core Budget, 2003/04–2007/08 (in percent of GDP) — Page 31 - 31. Revenue by Provinces and Central Ministries, 2003/04–2007/08 — Page 32 - 32. Development Budget Expenditure by Functional Classifictation, 2005/06–2007/08 — Page 33 - 33. Accounts of Da Afghanistan Bank, end-2002/03–mid-2007/08 — Page 34 - 34. Monetary Survey, end-2005/06–end-Q1-2007/08 — Page 35 - 35. Number of Banks (as of October 2007) — Page 36 - 36. Balance Sheets of Commercial Banks, December 2006 — Page 37 - 37. Short-Term Capital Note Auctions, 2004–07 — Page 38 - 38. Da Afghanistan Bank Foreing Currency Auctions, 2005–07 — Page 39 - 39. Balance of Payments, 2002/03–2006/07 — Page 40 - 40. Direction of Trade, 2002/03–2006/07 (in millions of U.S. dollars) — Page 41 - 41. Direction of Trade, 2002/03–2006/07 (in percent of total) — Page 42 - 42. Composition of Trade, 2002/03–2006/07 — Page 43 - 43. External Debt, 2006/07 — Page 44 *Prepared by IMF staff; approved January 30, 2008.* ### 44. Real and Nominal Effective Exchange Rates, 2002/03–2007/08 ......................................45 ### 44. Real and Nominal Effective Exchange Rates, 2002/03–2007/08 ### Output and prices - Real GDP (annual change, in percent): 28.6, 15.1, 9.4, 16.4, 6.1 (2002/03–2006/07). - Nominal GDP (in millions of Afghanis): 182,862; 225,108; 284,504; 338,540; 371,445 (2002/03–2006/07). - Nominal GDP (in millions of U.S. dollars): 4,083; 4,592; 5,947; 6,817; 7,442 (2002/03–2006/07). - Consumer prices (period average, Kabul): 5.12; 4.11; 3.21; 2.3; 5.1 (2002/03–2006/07). - Consumer prices (end of period, Kabul): 2.4; 10.3; 14.9; 9.4; 4.8 (2002/03–2006/07). ### Investment and saving - Gross domestic investment (percent of GDP): 28.8; 33.0; 46.1; 44.6; 46.0 (2002/03–2006/07). - Nongovernment investment (percent of GDP): 1.2; 1.3; 9.4; 9.6; 8.9. - Gross domestic savings (percent of GDP): 25.1; 22.7; 41.2; 41.8; 39.7. - Nongovernment savings (percent of GDP): 30.4; 28.3; 46.6; 45.4; 43.9. ### Public finances (core budget; percent of GDP unless indicated) - Operating revenue (including grants): 8.4; 9.0; 10.7; 11.6; 13.6 (2002/03–2006/07). - Operating expenditure: 8.5; 9.8; 10.3; 10.0; 12.4. - Operating budget balance (excluding grants): -5.3; -5.3; -5.4; -3.6; -4.2. - Operating budget balance (including grants): -0.1; -0.8; 0.4; 1.6; 1.3. - Primary operating balance (including grants): -0.1; -0.8; 0.4; 1.6; 1.3. - Core budget balance (including grants): (not shown), ...., 1.0, -3.1 (partial series in source). - Total government debt (after HIPC/MDRI relief; percent of GDP): 13.2; 14.0; 12.8; 184.2; 170.9 (2002/03–2006/07). - Note: The large increase in 2005/06 reflects recognition of Russia's claims and reconciliation of March 2006 debt stocks. ### Monetary sector and liquidity - Currency in circulation (year-to-date change, percent): ......34.6; 14.6; 11.2 (selected years reported). - One-month capital note interest rate (end-period, in percent): ......5.0; 6.5; 7.6 (selected years reported). - Reserve money (end-period stocks; millions of Afghanis): 20,676; 31,142; 41,068; 46,111; 56,277; 57,281 (end-2002/03 through mid-2007/08). - Currency in circulation (end-period stocks; millions of Afghanis): 20,676; 28,801; 38,763; 44,441; 48,884; 53,021. - Currency in circulation (year-on-year percentage change): 20.1; 39.3; 34.6; 14.6; 10.0; 13.3 (mem. items). ### External sector and reserves - Exports of goods (U.S. dollars, percent change): ...36.1; 21.6; 22.1; 1.2 (selected years). - Imports of goods (U.S. dollars, percent change): ...91.5; 36.3; 25.5; 12.5 (selected years). - Merchandise trade balance (in percent of GDP): -29.8; -54.2; -57.7; -66.9; -70.1 (2002/03–2006/07). - Current account balance, excluding official transfers (percent of GDP): -33.6; -64.0; -65.2; -75.3; -77.1. - Current account balance, including official transfers (percent of GDP): -3.7; -10.0; -4.4; -2.8; -6.3. - Foreign direct investment (in percent of GDP): 1.2; 1.3; 3.1; 4.2; 3.4. - Gross reserves (in millions of U.S. dollars): 425; 820; 1,283; 1,662; 2,064. - Reserves in months of next year imports of goods and services: 1.5; 4.9; 6.7; 7.7; 9.3. - Reserves relative to external debt service due (percent): 28.1; 37.6; 44.2; 44.3; 43.3. ### Key GDP and sectoral figures (selected) - GDP at market prices (annual change; in percent): 33.8; 23.1; 26.4; 24.1; 9.7 (2002/03–2006/07). - GDP at factor cost (in millions of Afghanis): 180,292; 220,392; 278,496; 327,526; 359,866 (2002/03–2006/07). - Sector shares of GDP at market prices (percent): Agriculture 49, 47, 36, 38, 32; Industry 20, 21, 24, 25, 27; Services 30, 30, 38, 34, 38 (2002/03–2006/07; table reports indices). ### Consumer Price Index (Kabul; March 2004 = 100; selected monthly indices and trends) - Overall Index: Jan-06 126.6; Jun-06 126.6; Dec-06 129.5; Jan-07 129.6; Dec-07 151.6. - Food (weight 60.6): Jan-06 118.6; Dec-06 120.3; Dec-07 151.9. - Breads and cereals (weight 25.2): Jan-06 122.9; Dec-06 118.3; Dec-07 168.5. - Vegetables (including tubers, weight 6.6): Jan-06 123.0; Dec-06 148.2; Dec-07 161.2. - Electricity and fuels (weight 6.6): Jan-06 130.3; Oct-06 185.8; Dec-07 215.4. - Nonfood (weight 39.4): Jan-06 139.3; Dec-06 143.9; Dec-07 151.1. ### Balance of payments (selected aggregates, in millions of U.S. dollars) - Current account (including grants): -149.8; -456.2; -265.0; -182.5; -444.0 (2002/03–2006/07). - Current account (excluding grants): -1371.6; -2932.1; -3894.0; -4880.3; -5435.5. - Exports, f.o.b. (millions USD): 100; 144; 305; 384; 416 (2002/03–2006/07). - Imports, c.i.f. (millions USD): 2,452; 2,101; 2,177; 2,471; 2,744 (2002/03–2006/07). - Overall balance (millions USD): 155.3; 380.4; 442.4; 350.3; 346.0. - Gross international reserves (millions USD): 424.9; 819.6; 1,283.3; 1,661.8; 2,064.2. ### External debt (2006/07) - Total external debt (in millions of U.S. dollars): 12,044.1. - Multilateral debt: 731.4 (World Bank 349.8; Asian Development Bank 316.9; Saudi Fund for Development 42.9; Islamic Development Bank 0.1; OPEC Fund 1.9). - Fund credit outstanding: 19.9. - Bilateral debt: 11,312.7 (United States 116.5; Former GDR 15.2; Russia 11,082.4; Kuwait Development Fund 19.3; Bulgaria 47.6; Saudi Arabia 22.2; Iraq 9.1; Croatia 0.4). - Memorandum items: - Total external debt (percent of GDP): 170.9. - Total multilateral debt (percent of GDP): 10.4. - Total verified bilateral debt (percent of GDP): 160.6. ### Real and Nominal Effective Exchange Rates (quarterly average index; 2003/04 = 100) - Nominal Effective Exchange Rate (quarterly averages): - 2002/03: Q1 83.8; Q2 487.4; Q3 894.1; Q4 100.0; (year series appears with mixed formatting in source). - 2003/04: Q1 98.8; Q2 99.5; Q3 101.8; Q4 99.7. - 2004/05: Q1 102.6; Q2 113.7; Q3 111.4; Q4 105.6. - 2005/06: Q1 107.2; Q2 109.3; Q3 112.4; Q4 110.5. - 2006/07: Q1 108.2; Q2 106.9; Q3 108.6; Q4 108.6. - 2007/08: Q1 107.5; Q2......... - Real Effective Exchange Rate (quarterly averages): - 2002/03: Q1 128.6; Q2 120.8; Q3 95.3; Q4 103.5. - 2003/04: Q1 101.2; Q2 100.9; Q3 100.2; Q4 97.5. - 2004/05: Q1 98.2; Q2 107.4; Q3 104.1; Q4 97.2. - 2005/06: Q1 97.0; Q2 98.8; Q3 99.7; Q4 97.5. - 2006/07: Q1 97.9; Q2 97.6; Q3 97.5; Q4 96.0. - 2007/08: Q1 94.5; Q2......... - Note: In the source, "An increase in the exchange rate indices corresponds to an appreciation." *Source: Data provided by Afghan authorities; and Fund staff estimates.* --- _Source: https://www.imf.org/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2008/_cr0872.pdf_