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Effective exchange rates such as CEER incorporate, into a single index, movements a country’s bilateral exchange rates with its important trading partners. Such indexes help capture how an economy’s exchange rate affects its competitiveness in global trade markets.
As highlighted in the January 2017 Monetary Policy Report (Box 3), the CEER index provides a more accurate measure of Canada’s international competitiveness than its predecessor, the Canadian-dollar effective exchange rate index (CERI). It includes a broader set of countries and uses annually updated competition-based weights.
As such, the CEER addresses several drawbacks of the CERI, which has been published since 2006.
For more information about CEER, see the Bank of Canada Staff Discussion Paper “A New Measure of the Canadian Effective Exchange Rate.”