Publication date:
Jan 29, 2026
IMF Data Brief: Real Effective Exchange Rates
Datasets:
Diverging Movements in REERs Among Major Trading Economies in 2025
Real Effective Exchange Rates, Country Data, December 2025
Contributors: Andrew Baer, Abdulrahman Gweder and Emmanuel Manolikakis
The currencies of the world’s largest trading economies experienced notable movements during 2025, as reflected in their real effective exchange rates (REERs). REERs measure a country’s currency value against a basket of trading partners’ currencies, adjusted for relative inflation.
During 2025, the U.S. dollar, the renminbi, and the yen all recorded net real depreciations, while the euro experienced a broad-based real appreciation. While the 12 months change in the US REER was positive at the beginning of the year, it turned negative in the second half of the year, ending December about 4.7 percent lower in real effective terms. The yen strengthened during the first half of the year, but depreciated sharply from mid-2025 onward, finishing the year with a 5.1 percent weaker REER. The renminbi also depreciated gradually, ending 2025 around 2 percent lower. In contrast, the euro appreciated throughout much of the year and ended 2025 about 6.1 percent higher in real effective terms, despite some volatility earlier in the period.
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Notes: The REER statistics are based on year-over-year percentage changes of monthly indices. The IMF disseminates REERs for 93 countries monthly, approximately 1 month following the reference period. An increase in the value of the REER measures an appreciation of the currency against its trading partners. A decrease in REER indicates a depreciation.
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Consumer Price Index data for November 2025 were released on January 28, 2026. The CPI dataset provides monthly price indexes at world and country aggregate levels, based on published national CPIs all-item indexes. Normally when countries do not report their monthly indexes in time for the monthly world and country aggregates release their indexes are imputed using regional averages. |
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