Maldives | Official exchange rate (LCU per US$, period average)

Official exchange rate refers to the exchange rate determined by national authorities or to the rate determined in the legally sanctioned exchange market. It is calculated as an annual average based on monthly averages (local currency units relative to the U.S. dollar). Development relevance: In a market-based economy, household, producer, and government choices about resource allocation are influenced by relative prices, including the real exchange rate, real wages, real interest rates, and other prices in the economy. Relative prices also largely reflect these agents' choices. Thus relative prices convey vital information about the interaction of economic agents in an economy and with the rest of the world. Limitations and exceptions: Official or market exchange rates are often used to convert economic statistics in local currencies to a common currency in order to make comparisons across countries. Since market rates reflect at best the relative prices of tradable goods, the volume of goods and services that a U.S. dollar buys in the United States may not correspond to what a U.S. dollar converted to another country's currency at the official exchange rate would buy in that country, particularly when nontradable goods and services account for a significant share of a country's output. An alternative exchange rate - the purchasing power parity (PPP) conversion factor - is preferred because it reflects differences in price levels for both tradable and nontradable goods and services and therefore provides a more meaningful comparison of real output. Statistical concept and methodology: The exchange rate is the price of one currency in terms of another. Official exchange rates and exchange rate arrangements are established by governments. Other exchange rates recognized by governments include market rates, which are determined largely by legal market forces, and for countries with multiple exchange arrangements, principal rates, secondary rates, and tertiary rates.
Publisher
The World Bank
Origin
Republic of Maldives
Records
63
Source
Maldives | Official exchange rate (LCU per US$, period average)
1960 4.7619
1961 4.7619
1962 4.7619
1963 4.7619
1964 4.7619
1965 4.7619
1966 4.7619
1967 4.76090834
1968 4.75
1969 4.75
1970 4.75
1971 4.73441667
1972 4.375
1973 3.98566667
1974 3.93
1975 5.76483333
1976 8.36466667
1977 8.76675
1978 8.96875
1979 7.48858333
1980 7.55
1981 7.55
1982 7.17366667
1983 7.05
1984 7.05
1985 7.09808333
1986 7.15073333
1987 9.223
1988 8.78458333
1989 9.04083333
1990 9.55174167
1991 10.25266667
1992 10.56916667
1993 10.95699167
1994 11.58575
1995 11.77
1996 11.77
1997 11.77
1998 11.77
1999 11.77
2000 11.77
2001 12.24208333
2002 12.8
2003 12.8
2004 12.8
2005 12.8
2006 12.8
2007 12.8
2008 12.8
2009 12.8
2010 12.8
2011 14.6020084
2012 15.36483532
2013 15.36671003
2014 15.38039352
2015 15.36633122
2016 15.36840768
2017 15.38696851
2018 15.39083727
2019 15.38204192
2020 15.38126953
2021 15.37269841
2022 15.386625

Maldives | Official exchange rate (LCU per US$, period average)

Official exchange rate refers to the exchange rate determined by national authorities or to the rate determined in the legally sanctioned exchange market. It is calculated as an annual average based on monthly averages (local currency units relative to the U.S. dollar). Development relevance: In a market-based economy, household, producer, and government choices about resource allocation are influenced by relative prices, including the real exchange rate, real wages, real interest rates, and other prices in the economy. Relative prices also largely reflect these agents' choices. Thus relative prices convey vital information about the interaction of economic agents in an economy and with the rest of the world. Limitations and exceptions: Official or market exchange rates are often used to convert economic statistics in local currencies to a common currency in order to make comparisons across countries. Since market rates reflect at best the relative prices of tradable goods, the volume of goods and services that a U.S. dollar buys in the United States may not correspond to what a U.S. dollar converted to another country's currency at the official exchange rate would buy in that country, particularly when nontradable goods and services account for a significant share of a country's output. An alternative exchange rate - the purchasing power parity (PPP) conversion factor - is preferred because it reflects differences in price levels for both tradable and nontradable goods and services and therefore provides a more meaningful comparison of real output. Statistical concept and methodology: The exchange rate is the price of one currency in terms of another. Official exchange rates and exchange rate arrangements are established by governments. Other exchange rates recognized by governments include market rates, which are determined largely by legal market forces, and for countries with multiple exchange arrangements, principal rates, secondary rates, and tertiary rates.
Publisher
The World Bank
Origin
Republic of Maldives
Records
63
Source