This glossary offers definitions of technical terms commonly used in the BIS Quarterly review.
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real effective exchange rate (REER)

NEER adjusted by some measure of relative prices or costs; changes in the REER thus take into account both nominal exchange rate developments and the inflation differential vis-à-vis trade partners. BIS-calculated REERs are adjusted by relative consumer prices. An increase in the index indicates an appreciation. See also "effective exchange rate (EER)" and "nominal effective exchange rate (NEER)"