United Arab Emirates | 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
United Arab Emirates
Records
63
Source
United Arab Emirates | Official exchange rate (LCU per US$, period average)
1960
1961
1962
1963
1964
1965
1966 4.7619
1967 4.7619
1968 4.7619
1969 4.7619
1970 4.7619
1971 4.74796288
1972 4.38597784
1973 3.99627131
1974 3.95904516
1975 3.961285
1976 3.9530725
1977 3.9032475
1978 3.87121083
1979 3.81567583
1980 3.707365
1981 3.671
1982 3.671
1983 3.671
1984 3.671
1985 3.671
1986 3.671
1987 3.671
1988 3.671
1989 3.671
1990 3.671
1991 3.671
1992 3.671
1993 3.671
1994 3.671
1995 3.671
1996 3.671
1997 3.671125
1998 3.6725
1999 3.6725
2000 3.6725
2001 3.6725
2002 3.6725
2003 3.6725
2004 3.6725
2005 3.6725
2006 3.6725
2007 3.6725
2008 3.6725
2009 3.6725
2010 3.6725
2011 3.6725
2012 3.6725
2013 3.6725
2014 3.6725
2015 3.6725
2016 3.6725
2017 3.6725
2018 3.6725
2019 3.6725
2020 3.6725
2021 3.6725
2022 3.6725

United Arab Emirates | 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
United Arab Emirates
Records
63
Source