United Arab Emirates dirham


United Arab Emirates dirham

Infobox Currency
currency_name_in_local = درهم إماراتي ar icon
image_1 = UAE 20 dirham bill obverse.jpg
image_title_1 = 20 dirhams obverse
image_2 = UAE 1 dirham.jpg
image_title_2 = 1 dirham
iso_code = AED
using_countries = United Arab Emirates
inflation_rate = 10%
inflation_source_date = " [https://www.cia.gov/library/publications/the-world-factbook/fields/2092.html The World Factbook] ", 2006 est.
pegged_with = U.S. dollar = 3.6725 dirhams
subunit_ratio_1 = 1/100
subunit_name_1 = fils
symbol = د.إ
used_coins = 1, 5, 10, 25, 50 fils, 1 dirham
used_banknotes = 5, 10, 20, 50, 100, 200, 500, 1000 dirhams
issuing_authority = Central Bank of the United Arab Emirates
issuing_authority_website = www.centralbank.ae

The dirham ( _ar. درهم) (sign: د.إ; code: AED) is the currency of the United Arab Emirates. The ISO 4217 code (currency abbreviation) for the United Arab Emirates dirham is "AED". Unofficial abbreviations include DH or Dhs. The dirham is subdivided into 100 fils (فلس).

History

The United Arab Emirates dirham was introduced in 1973. It replaced the Qatar and Dubai riyal at par. The Qatar and Dubai riyal had circulated since 1966 in all of the emirates except Abu Dhabi, where the dirham replaced the Bahraini dinar at 1 dirham = 0.1 dinar. Before 1966, all the emirates that were to form the UAE used the Gulf rupee. As in Qatar, the emirates briefly adopted the Saudi riyal during the transition from the Gulf rupee to the Qatar and Dubai riyal.

On 28 January 1978, the dirham was officially pegged to the IMF's Special Drawing Rights (SDRs) [ [http://www.centralbank.ae/DynamicGrowthB.php Dynamic Growth of the UAE Monetary and Banking Sector, Central Bank of the UAE] ] . In practice, it is pegged to the U.S. dollar for most of the time [ [http://users.erols.com/kurrency/asia.htm Tables of modern monetary history: Asia] ] . Since November 1997, the dirham has been pegged to the 1 U.S. dollar = 3.6725 dirhams [ [http://centralbank.ae/pdf/StatBull/SBull-q3-2005.pdf Statistical Bulletin, Quarterly July - Sep. 2005, Central Bank of the UAE] ] , which translates to approximately 1 dirham = 0.272294 dollar.

The name Dirham derives from the Greek word Drachmae, being one of the most widely used currencies of all time. Due to centuries old trade and usage of the currency, dirham survived through the Ottoman regime.

Coins

In 1973, coins were introduced in denominations of 1, 5, 10, 25, 50 fils, and 1 dirham. The 1, 5 and 10 fils are struck in bronze, with the higher denominations in cupro-nickel. The fils coins were same size and composition as the corresponding Qatar and Dubai dirham coins. In 1995, the 50 fils and 1 dirham coins were reduced in size, with the new 50 fils being curve-equilateral-heptagonal shaped.

The value and numbers on the coins are written in Eastern Arabic numerals and the text is in Arabic. The 1, 5 and 10 fils coins are rarely used in everyday life, so all amounts will be rounded up or down to the nearest multiples of 25 fils. The 1 fils coin is a rarity and does not circulate significantly. In making change there is a risk of confusing the old 50 fils coin for the modern 1 dirham coin because the coins are almost the same size.

Since 1976 the Central Bank of the United Arab Emirates has minted several commemorative coins celebrating different events and rulers of the United Arab Emirates. For details, see Commemorative coins of the United Arab Emirates dirham.

Fraud problem with 1 dirham coin

By August 2006 it became publicly known that the Philippine 1 peso coin has the same size as 1 dirham [cite news | first=Sunita | last=Menon | title=Hey presto! A Peso's as good as a Dirham | url=http://archive.gulfnews.com/articles/06/08/01/10056780.html | publisher=gulfnews.com | date=2006-08-01 | accessdate=2006-10-04 ] . As 1 peso is only worth 8 fils, this has led to vending machine fraud in the U.A.E.

Pakistani 5 Rupees coin is also the same size as UAE 1 Dirham coin.

Banknotes

In 1973, the U.A.E. Currency Board introduced notes in denominations of 1, 5, 10, 50, 100 and 1000 dirham. A second series of note was introduced in 1982 which omitted the 1 and 1000 dirham notes. 500 dirham notes were introduced in 1983, followed by 200 dirham in 1989. 1000 dirham notes were reintroduced in 2000. Banknotes are currently available in denominations of 5 (brown), 10 (green), 20 (light blue), 50 (purple), 100 (pink), 200 (green/brown), 500 (navy blue) and 1000 (greenish blue) dirham.

The obverse texts are written in Arabic with numbers in Eastern Arabic numerals; the reverse texts are in English with numbers in Hindu Arabic numerals. The 200 dirham denomination is scarce as it was only produced in 1989; any circulating today come from bank stocks. The 200 dirham denomination has since been reissued and is now in circulation since late May 2008 - it has been reissued in a different colour; Yellow/Brown to replace the older Green/Brown. [url=http://archive.gulfnews.com/articles/08/05/24/10215816.html]

Exchange Rate|AED|INR
note=Rates obtained from these websites may contradict with pegged rate mentioned above

ee also

* Gulf rupee
* Cooperation Council for the Arab States of the Gulf
* Economy of the United Arab Emirates

References

External links

Standard numismatics external links
world_coin_gallery_1_url = Emirates
world_coin_gallery_1_name = United Arab Emirates
banknote_world_1_url = united_arab_emirates
banknote_world_1_name = United Arab Emirates
dollarization_1_url = asia
dollarization_1_name = Asia
gfd_1_url = United_Arab_Emirates
gfd_1_name = United Arab Emirates
show_gfd_excel = Y

* [http://www.centralbank.ae/commemorativecoincollection/english/index.html United Arab Emirates Commemorative Coins]


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