NEER stands for Nominal Effective Exchange Rate and REER stands for Real Effective Exchange Rate.
Usually the exchange rate is determined for a domestic currency against a single foreign currency. In the effective exchange rate (EER) system, a currency is fixed against a basket of currencies. For NEER and REER the basket is SDR (Special Drawing Rights at IMF) currencies.
The way real GDP arrived from nominal GDP after correcting it for price change the REER is arrived from NEER.
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