Identification
Survey ID number
KEN_2023_RTFX_v01_M
Title
Monthly currency exchange rate estimates by market
Subtitle
Kenya, 62 markets, 2007/01/01-2024/05/01, version 2024-05-20
Abbreviation or Acronym
Real Time FX Rates
Country/Economy
| Name | Country code |
|---|---|
| Kenya | KEN |
Study type
Monthly currency exchange rate estimates in fragile countries
Series Information
Real Time Prices (RTP) is a live dataset compiled and updated weekly by the World Bank Development Economics Data Group (DECDG) using a combination of direct price measurement and Machine Learning estimation of missing price data. The historical and current estimates are based on price information gathered from the World Food Program (WFP), UN-Food and Agricultural Organization (FAO), select National Statistical Offices, and are continually updated and revised as more price information becomes available. Real-time exchange rate data used in this process are from official and public sources. RTP consists of three sub-series, Real Time Food Prices (RTFP) includes prices on a variety of food items that primarily include country-specific staple foods, Real Time Energy Prices (RTEP) includes fuel prices, and Real Time Exchange Rates (RTFX) and includes unofficial exchange rate estimates as well as possible other unofficial deflators. To produce smooth price series, outliers in the data are often adjusted using non-parametric density estimation and other techniques. Generalized Auto-Regressive Conditional Heteroskedasticity models are used to estimate intra-month price ranges. These models allow for excess kurtosis using a Generalized Error Distribution (GED). Open, High, Low, and Close price estimates are provided based on the modeled time-varying price distributions. Data are produced from 2007 to the present and estimates are given for individual commodity items at geo-referenced market locations. Predicted data for missing entries are based on exchange rates, and price data available either at other market locations or from related price items. RTP estimates of historical and current prices may serve as proxies for sub-national price inflation series or substitute national-level Consumer Price Inflation (CPI) indicators when complete information is unavailable. Therefore, RTP data may differ from other sources with official data, including the World Bank’s International Comparison Program (ICP) or inflation series reported in the World Development Indicators. The following datasets are part of this sub-series:
HIGH-LOW CHART, AND INFLATION
LOCATION OF MARKETS
DATA PREVIEW
Abstract
Currency exchange rate is an important metric to inform economic policy but traditional sources are often produced with delay during crises and only at an aggregate level. This may poorly reflect the actual rate trends in rural or poverty-stricken areas, where large populations reside in fragile situations.
This data set includes currency exchange rate estimates and is intended to help gain insight in price developments beyond what can be formally measured by traditional methods. The estimates are generated using a machine-learning approach that imputes ongoing subnational price surveys, often with accuracy similar to direct measurement of prices. The data set provides new opportunities to investigate local price dynamics in areas where populations are sensitive to localized price shocks and where traditional data are not available.
Version
Version Date
2024/05/20
Version Responsibility Statement
FCV Data Platform
Scope
Notes
List of products included in estimates (not all products are included in country-level estimates): exchange rate unofficial
Keywords
Foreign Exchange Monitor FXM Real Time Foreign Exchange Rates RTFX Inflation FCV Real-time exchange rate data Inflation series Market prices Price analysis Real-time data National prices International prices Price fluctuations Price trends Price Volatility Kenya
Coverage
Geographic Coverage notes
The data cover the following sub-national areas: Coast, North Eastern, Nairobi, Rift Valley, Eastern, Central, Nyanza, Market Average
Geographic Unit
Sub-national level, Admin 2 (selected)
Producers and sponsors
Primary investigators
| Name | Affiliation |
|---|---|
| Bo Pieter Johannes Andrée | World Bank, Development Data Group (DECDG) |
Funding Agency/Sponsor
| Name | Grant number | Role |
|---|---|---|
| Foreign, Commonwealth & Development Office of the United Kingdom | Support to data analytics | |
| Foreign, Commonwealth & Development Office of the United Kingdom | KP-P174529-KMCE-TF0B4149 | Data documentation and dissemination (FCV Data Platform) |
| Department of Foreign Affairs and Trade of Australia | TF0B6892 | Support to methodological development in low data regions |
| Department of Foreign Affairs and Trade of Australia | TF0B6579 | Support to methodological development in low data regions |
| Federal Ministry for Economic Cooperation and Development of Germany as part of the World Bank’s Food Systems 2030 Multi-Donor Trust Fund | TF073570 | Expansion of coverage and maintenance |
| Federal Ministry for Economic Cooperation and Development of Germany as part of the World Bank’s Food Systems 2030 Multi-Donor Trust Fund | TF0C0728 | Expansion of coverage and maintenance |
Other Identifications/Acknowledgments
| Name | Affiliation | Role |
|---|---|---|
| World Food Programme (WFP) | United Nations | Source of market price data |
| Food and Agriculture Organization (FAO) | United Nations | Source of market price data |
Data collection
Dates of Data Collection
| Start | End |
|---|---|
| 2007/01/01 | 2024/05/01 |
Time periods
| Start date | End date |
|---|---|
| 2007/01/01 | 2024/05/01 |
Sources
| Data source | Origin of source | Characteristics |
|---|---|---|
| World Food Programme (WFP) | https://data.humdata.org/organization/wfp?vocab_Topics=prices | World Food Programme (WFP); data published in the Humanitarian Data Exchange (HDX) data catalog at https://data.humdata.org/ |
| Food and Agriculture Organization (FAO) | https://fpma.fao.org/giews/fpmat4/#/dashboard/tool/domestic | Local exchange rates and implied exchange rates data derived from commodity pairs published by FAO through the Food Price Monitoring and Analysis (FMPA) Tool |
Access policy
Location of Data Collection
World Bank Microdata Library, FCV Collection
URL for Location of Data Collection
https://microdatalib.worldbank.org
Data Access
Access authority
| Name | Affiliation | URL |
|---|---|---|
| Data Help Desk | World Bank, Development Data Group | https://datahelpdesk.worldbank.org/ |
Restrictions
The estimates presented in this dataset are all based on publicly-available data.
The dataset of price estimates is published as open data.
Disclaimer and copyrights
Disclaimer
The RTFX data and metadata provided are "as is" and "as available," and every effort is made to ensure their timeliness, accuracy, and completeness. When errors are discovered, they are corrected as appropriate and feasible. For details on the terms and conditions for usage of the RTFX database, please refer to the license details.
