[Economic Report of the President (1998)]
[Administration of William J. Clinton]
[Online through the Government Printing Office, www.gpo.gov]



Table B-110.--Foreign exchange rates, 1972-97
[Currency units per U.S. dollar, except as noted]
--------------------------------------------------------------------------------------------------------------------------------------------------------
Period                    Belgium  (franc)  Canada  (dollar)   France  (franc)   Germany  (mark)    Italy  (lira)      Japan  (yen)
--------------------------------------------------------------------------------------------------------------------------------------------------------
March 1973.................................            39.408            0.9967            4.5156            2.8132            568.17             261.90
------------------------------------------------------------------------------------------------------------
1972.......................................            44.020            0.9907            5.0444            3.1886            583.70             303.13
1973.......................................            38.955            1.0002            4.4535            2.6715            582.41             271.31
1974.......................................            38.959             .9780            4.8107            2.5868            650.81             291.84
1975.......................................            36.800            1.0175            4.2877            2.4614            653.10             296.78
1976.......................................            38.609             .9863            4.7825            2.5185            833.58             296.45
1977.......................................            35.849            1.0633            4.9161            2.3236            882.78             268.62
1978.......................................            31.495            1.1405            4.5091            2.0097            849.13             210.39
1979.......................................            29.342            1.1713            4.2567            1.8343            831.11             219.02

1980.......................................            29.238            1.1693            4.2251            1.8175            856.21             226.63
1981.......................................            37.195            1.1990            5.4397            2.2632           1138.58             220.63
1982.......................................            45.781            1.2344            6.5794            2.4281           1354.00             249.06
1983.......................................            51.123            1.2325            7.6204            2.5539           1519.32             237.55
1984.......................................            57.752            1.2952            8.7356            2.8455           1756.11             237.46
1985.......................................            59.337            1.3659            8.9800            2.9420           1908.88             238.47
1986.......................................            44.664            1.3896            6.9257            2.1705           1491.16             168.35
1987.......................................            37.358            1.3259            6.0122            1.7981           1297.03             144.60
1988.......................................            36.785            1.2306            5.9595            1.7570           1302.39             128.17
1989.......................................            39.409            1.1842            6.3802            1.8808           1372.28             138.07

1990.......................................            33.424            1.1668            5.4467            1.6166           1198.27             145.00
1991.......................................            34.195            1.1460            5.6468            1.6610           1241.28             134.59
1992.......................................            32.148            1.2085            5.2935            1.5618           1232.17             126.78
1993.......................................            34.581            1.2902            5.6669            1.6545           1573.41             111.08
1994.......................................            33.426            1.3664            5.5459            1.6216           1611.49             102.18
1995.......................................            29.472            1.3725            4.9864            1.4321           1629.45              93.96
1996.......................................            30.970            1.3638            5.1158            1.5049           1542.76             108.78
1997.......................................            35.807            1.3849            5.8393            1.7348           1703.81             121.06

1996: I....................................            30.206            1.3691            5.0379            1.4694           1572.47             105.83
II...................................            31.274            1.3647            5.1557            1.5215           1555.26             107.46
III..................................            30.846            1.3705            5.0930            1.4973           1521.33             108.97
IV...................................            31.550            1.3508            5.1763            1.5312           1522.27             112.91

1997: I....................................            34.190            1.3593            5.5926            1.6575           1637.48             121.16
II...................................            35.388            1.3864            5.7813            1.7148           1691.18             119.80
III..................................            37.305            1.3850            6.0845            1.8065           1761.83             118.02
IV...................................            36.283            1.4087            5.8886            1.7577           1722.20             125.39

------------------------------------------------------------------------------------------------------------

(1)Multilateral trade-weighted value of
Netherlands         Sweden          Switzerland     United Kingdom
(1)the U.S. dollar (March 1973=100)
------------------------------------
(guilder)          (krona)           (franc)         (pound)\1\
Nominal           Real\2\
------------------------------------------------------------------------------------------------------------
March 1973.................................            2.8714            4.4294            3.2171            2.4724             100.0              100.0
------------------------------------------------------------------------------------------------------------
1972.......................................            3.2098            4.7571            3.8186            2.5034             109.1  .................
1973.......................................            2.7946            4.3619            3.1688            2.4525              99.1               98.9
1974.......................................            2.6879            4.4387            2.9805            2.3403             101.4               99.4
1975.......................................            2.5293            4.1531            2.5839            2.2217              98.5               94.0
1976.......................................            2.6449            4.3580            2.5002            1.8048             105.7               97.6
1977.......................................            2.4548            4.4802            2.4065            1.7449             103.4               93.3
1978.......................................            2.1643            4.5207            1.7907            1.9184              92.4               84.4
1979.......................................            2.0073            4.2893            1.6644            2.1224              88.1               83.2

1980.......................................            1.9875            4.2310            1.6772            2.3246              87.4               84.9
1981.......................................            2.4999            5.0660            1.9675            2.0243             103.4              101.0
1982.......................................            2.6719            6.2839            2.0327            1.7480             116.6              111.8
1983.......................................            2.8544            7.6718            2.1007            1.5159             125.3              117.4
1984.......................................            3.2085            8.2708            2.3500            1.3368             138.2              128.9
1985.......................................            3.3185            8.6032            2.4552            1.2974             143.0              132.4
1986.......................................            2.4485            7.1273            1.7979            1.4677             112.2              103.7
1987.......................................            2.0264            6.3469            1.4918            1.6398              96.9               90.9
1988.......................................            1.9778            6.1370            1.4643            1.7813              92.7               88.2
1989.......................................            2.1219            6.4559            1.6369            1.6382              98.6               94.4

1990.......................................            1.8215            5.9231            1.3901            1.7841              89.1               86.0
1991.......................................            1.8720            6.0521            1.4356            1.7674              89.8               86.4
1992.......................................            1.7587            5.8258            1.4064            1.7663              86.6               83.2
1993.......................................            1.8585            7.7956            1.4781            1.5016              93.2               89.6
1994.......................................            1.8190            7.7161            1.3667            1.5319              91.3               88.3
1995.......................................            1.6044            7.1406            1.1812            1.5785              84.2               82.1
1996.......................................            1.6863            6.7082            1.2361            1.5607              87.3               86.1
1997.......................................            1.9525            7.6446            1.4514            1.6376              96.4               95.6

1996: I....................................            1.6451            6.7817            1.1914            1.5305              86.4               84.7
II...................................            1.7022            6.7327            1.2428            1.5237              88.0               86.5
III..................................            1.6797            6.6341            1.2227            1.5539              87.1               86.0
IV...................................            1.7179            6.6858            1.2875            1.6359              87.9               87.1

1997: I....................................            1.8630            7.3744            1.4357            1.6314              93.7               93.1
II...................................            1.9289            7.7099            1.4460            1.6354              95.7               94.8
III..................................            2.0340            7.8318            1.4883            1.6254              98.6               97.6
IV...................................            1.9809            7.6499            1.4343            1.6587              97.5               96.6
--------------------------------------------------------------------------------------------------------------------------------------------------------
\1\Value is U.S. dollars per pound.
\2\Adjusted by changes in consumer prices.

Note.--Certified noon buying rates in New York.

Source: Board of Governors of the Federal Reserve System.