AED to MVR

AED - United Arab Emirates Dirham (د.إ)

The United Arab Emirates dirham is the currency of the United Arab Emirates. The dirham is abbreviated by the currency code AED, and its symbol is د.إ. Unofficial abbreviations include ‘Dhs’ and ‘DH’. The most popular AED exchange is with Indian rupees (INR to AED). The dirham is a fiat currency, and its conversion factor has 6 significant digits.

The Dirham (AED) is the currency of the United Arab Emirates. 1 Dirham = 100 fils. Exchange can be done at a bank, but is less costly at an exchange office. The United Arab Emirates Dirham was pegged to the IMF’s drawing rights in 1978. In 1997 the Dirham was pegged to the US Dollar at 1 USD = 3.6725 dirham.

The United Arab Emirates Dirham is the currency in United Arab Emirates (AE, ARE, UAE). The symbol for AED can be written Dh, and Dhs. The United Arab Emirates Dirham is divided into 100 fils. The exchange rate for the United Arab Emirates Dirham was last updated on Today from The International Monetary Fund. The AED conversion factor has 6 significant digits.

Economy

• The United Arab Emirates is ranked second in the Corporation Council for the Arab States of the Gulf (CCASG).
• Natural gas and petroleum exports play an important role in the economy.
• The service sector is also an important source of income.
• Construction forms a huge part of the economy; there is currently an average of $350 billion in construction projects.
• The United Arab Emirates is part of the World Trade Organization.
• Imports are machinery, manufactured goods, and transport equipment.
• In 2009, 85% of exports were natural resources.
• The United Arab Emirates has the fastest-growing economy in the world.

History

• The original currency in the United Arab Emirates was the Bahraini Dinar.
• Before 1966 the United Arab Emirates used the Gulf Rupee.
• The United Arab Emirates dirham started circulating in December 1971. The dirham replaced the Dubai Riyal as well as the Qatar Riyal at par.
• From 1973 to 1982 the United Arab Emirates issued the Dirham.
• In 1976 the United Arab Emirates minted commemorative coins.
• In the late 1980s a fixed rate was established between the Dirham and the USD.
• 200-dirham denominations were produced only in 1989 and are scarce; however, the 200-dirham was re-introduced in May 2008 in a different color from the original.
• In 1997 the Dirham was pegged to the US Dollar.

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MVR - Maldivian Rufiyaa (MVR)

Maldivian Rufiyaa

The Rufiyaa is the official currency of the Maldives. The Monetary Authority of Maldives determines the rate vs. the US Dollar and controls the issue of currency. The name Rufiyaa is derived from the Hindi word rupiyaa or Sanskrit rupya. The Rufiyaa is divided into 100 laari.

The Maldives Rufiyaa is the currency in Maldives (MV, MDV). The symbol for MVR can be written Rf. The Maldives Rufiyaa is divided into 100 lari. The exchange rate for the Maldives Rufiyaa was last updated on May 24, 2019 from Yahoo Finance. The MVR conversion factor has 4 significant digits.

Economy

• The economy of the Maldives is based on shipping, fishing, and tourism.
• Tourism is the largest commercial activity in the Maldives, accounting for 28% of the GDP. At least 60% comes from the foreign exchange trade.
• Fishing is the second most important factor in the economic success of the Maldives.
• Economic reforms have increased imports and opened export opportunities to the private sector.
• Government manufacturing and agricultural programs play only a minor part in the economic success, because there is limited cultivable land and a lack of domestic labor.

History

• Cowry shells were the very first form of currency used in the Maldives.
• Larin were imported and used as a currency for trading in the 17th and 18th centuries. During at this period, larin were also used as currency in India, the Persian Gulf, Ceylon, and in far eastern countries.
• Sultan Ibrahim Iskandar introduced the first coins during his reign. The coins were cast in the capital city of Male.
• In 1947, the Ceylonese Rupee joined the coins in circulation; this change was also initiated by the Sultanate. Rufiyaa banknotes were introduced, with a value equal to the Rupee.
• In 1960 coins denominated in laari, valued at 1/100th of a Rufiyaa, were introduced.

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