UAE national currency

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

The national currency of the United Arab Emirates is the Arab dirham. Before the unification of the Persian Gulf countries, such a currency in the UAE was the rupee. The rupee was the national currency of all the countries of the Persian Gulf. It was replaced by the Saudi riyal, but it did not last long and was replaced by the riyal, which was used in Qatar and Dubai. And only in 1973 the dirham was introduced. If the word "dirham" is translated literally, it means - a handful. Before UAE currency

was used in Greece, and then became national throughout the Ottoman Empire. Dirham retained the status of the national currency of the Ottomans for more than one century. One dirham is equal to 100 fils. In International Economics, it is designated AED. In a market economy, it is denoted DH or Dhs.

In 1978, the UAE currency was indexed. But even before that, the dirham was pegged to the dollar. After all, the UAE currency appeared at a time when the dollar was extremely unstable. Coins were smelted from various types of metal. Depending on the dignity, some of them were smelted from bronze, while others were made from nickel orcopper. All fils were about the same size and shape, but since 1995 the fifty fils and one dirham coins have become smaller,

and they were curved with heptagonal edges. Numbers and letters were designated only in Arabic. Coins in one, five and ten fils are used very rarely. In the United Arab Emirates, prices are often rounded up to twenty-five fils. The denomination of one fils is practically never found. When there is a currency exchange, tourists often confuse fifty old fils and one modern dirham.

In 1976, the Central Bank of the country issued several commemorative coins dedicated to some significant events of the United Arab Emirates, and famous rulers of the emirates were minted on the coins.

UAE currency is often confused with other currencies. This is due to the fact that some coins of other countries are similar to the UAE fils. For example, Australian coins are the same size, weight and shape as the one dirham coin of the United Arab Emirates. The coins of such countries as Pakistan, Oman and Morocco are similar in the same parameters.

Since 1973, banknotes with denominations of one, ten, fifty, one hundred have appeared in the country

and a thousand dirhams, and in 1982 one and a thousand dirhams were removed from this list. In 1983, the country's Monetary Chamber introduces banknotes with denominations of five hundred dirhams, and then in 1989, banknotes of two hundred dirhams appear. In 2000, banknotes denominated inthousand dirhams. At the moment, the following banknotes are used in the United Arab Emirates: five, ten, twenty, fifty, one hundred, two hundred, five hundred, one thousand dirhams. Each banknote has its own color, for example, a banknote of ten dirhams is brown, and five hundred is dark blue. On one side of the banknote, the numbers and letters are written in Arabic, while on the other side, the letters are written in English and the numbers are written in Arabic. The UAE currency has no restrictions on export from the country and import into it, but if the amount is large, you will have to explain to the local authorities.