Cyprus Real Effective Exchange Rate
Real effective exchange rate index PX.REX.REER
Cyprus's real effective exchange rate was 98.33 in 2026 (projected), ranked 15th globally. This represents a 1.2% decrease from 2025. Data from BIS, covering 1980–2026.
Overview
Cyprus's real effective exchange rate stood at 98.33 in 2026, a decline of +1.23 from 2025. Based on recent trends, this figure is projected to reach 102.60 by 2027. Cyprus ranked 15th globally.
Cyprus’ real effective exchange rate (REER) stood at 98.33 in 2026, placing the island nation 15th in the global ranking and marginally above New Zealand’s 98.19 and Portugal’s 98.48. The REER has trended downward from its all‑time peak of 111.60 in 1980, reflecting a gradual loss of external price competitiveness over the 47‑year series. The lowest point of the series was recorded in 2022 at 86.59, a trough that coincided with a period of weakened domestic demand and a modest depreciation of the euro against its trading partners. Since that trough, the index has risen steadily, suggesting a partial restoration of relative price strength, likely driven by modest wage growth and a rebound in tourism revenues. Continued improvement in productivity and diversification of export markets could sustain the upward trajectory, whereas external shocks to the euro area or a sharp slowdown in tourism would risk reversing the gains.
Data & projection
| Year | Real Effective Exchange Rate | YoY change | Rank |
|---|---|---|---|
| 2029* trend | 109.58 | - | - |
| 2028* trend | 106.09 | - | - |
| 2027* trend | 102.60 | - | - |
| 2026 | 98.33 | −1.23 | #15 |
| 2025 | 99.56 | −1.12 | #18 |
| 2024 | 88.06 | −13.04 | #19 |
| 2023 | 88.17 | −11.46 | #15 |
| 2022 | 86.59 | −13.92 | #17 |
| 2021 | 87.68 | −12.32 | #19 |
| 2020 | 87.59 | −11.88 | #18 |
| 2019 | 87.44 | −13.90 | #16 |
| 2018 | 89.20 | −9.98 | #18 |
| 2017 | 87.53 | −11.79 | #14 |
| 2016 | 87.45 | −12.37 | #15 |
| 2015 | 88.19 | −17.60 | #14 |
| 2014 | 96.59 | −10.84 | #32 |
| 2013 | 97.38 | −10.49 | #30 |
| 2012 | 97.37 | −12.64 | #38 |
Detected Pattern
Analysis
Cyprus matched the Export Boom Cycle pattern in 1994. Historically, 71% of countries showing this pattern (546 out of 768) saw real effective exchange rate improve within 24 months. View full analysis →
Frequently Asked Questions
Cyprus's real effective exchange rate was 98.33 in 2026. Ranked 15th globally. This represents a 1.2% decrease from the previous year.
Cyprus's real effective exchange rate peaked at 111.60 in 1980.
The lowest real effective exchange rate in Cyprus was 86.59 in 2022.
Cyprus ranks 15th globally in real effective exchange rate as of 2026.
The World Bank indicator code is PX.REX.REER. Data sourced from BIS.
Cyprus's real effective exchange rate is projected to reach 102.60 by 2027 based on trend extrapolation.
The real effective exchange rate of Cyprus in 2026 was 98.33. This ranks 15th in the world.
Cite this page
@misc{historysaid_cyprus_reer,
title = {Cyprus Real Effective Exchange Rate},
url = {https://historysaid.com/cyprus/reer/},
publisher = {HistorySaid},
year = {2026}
}