AUSTRALIAN DOLLAR Meaning and
Definition
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The Australian Dollar (AUD) is the official currency of Australia, a country in the southern hemisphere. It is abbreviated as AUD in international currency exchange markets. It is subdivided into 100 smaller units called cents.
The Australian Dollar holds the distinction of being the fifth most traded currency in the world, reflecting Australia's prominent position in the global economy. It is regulated by the Reserve Bank of Australia (RBA), which manages its supply, regulates interest rates, and maintains overall stability.
Introduced in 1966, the Australian Dollar replaced the Australian Pound as the nation transitioned to decimal currency. Since then, it has undergone fluctuations in value against other currencies due to various economic factors, market forces, and global events.
The Australian Dollar is commonly used as a medium of exchange in Australia for daily transactions, including purchasing goods and services, paying bills, and wages. It has a printed representation in banknotes, which come in denominations of $5, $10, $20, $50, and $100. Additionally, it circulates in the form of coins, ranging from 5 cents to $2.
As a commodity currency, the Australian Dollar's value is heavily influenced by Australia's vast natural resources, particularly in mining and agriculture. Changes in commodity prices, such as those of iron ore, coal, gold, and wheat, can impact its exchange rate. Additionally, factors like interest rate differentials, economic growth, inflation, and global market sentiment also play a role in determining the Australian Dollar's value.
Common Misspellings for AUSTRALIAN DOLLAR
- zustralian dollar
- sustralian dollar
- wustralian dollar
- qustralian dollar
- aystralian dollar
- ahstralian dollar
- ajstralian dollar
- aistralian dollar
- a8stralian dollar
- a7stralian dollar
- auatralian dollar
- auztralian dollar
- auxtralian dollar
- audtralian dollar
- auetralian dollar
- auwtralian dollar
- ausrralian dollar
- ausfralian dollar
- ausgralian dollar
Etymology of AUSTRALIAN DOLLAR
The word "Australian Dollar" is derived from its two main components: "Australian" and "Dollar".
The term "Australian" refers to the country of Australia, which was named after the Latin term "Terra Australis", meaning "southern land". The name Australia was officially adopted when British explorer Matthew Flinders presented it as a suggestion for the name of the continent in 1804.
The term "Dollar" originates from the German word "Thaler", which was a silver coin used in much of Europe during the 16th and 17th centuries. The Thaler coin was later introduced to the British colonies in North America, where it became known as the "Spanish dollar" due to its widespread use in the Spanish colonies. This Spanish dollar also became a common currency in Australia during the early colonial period.
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