United Arab Emirates dirham

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United Arab Emirates dirham
درهم إماراتي (Arabic)
20 dirhams obverse 1 dirham
20 dirhams obverse 1 dirham
ISO 4217 Code AED
User(s) United Arab Emirates
Inflation 10%
Source The World Factbook, 2006 est.
Pegged with U.S. dollar = 3.6725 dirhams
Subunit
1/100 fils
Symbol د.إ
Coins 1, 5, 10, 25, 50 fils, 1 dirham
Banknotes 5, 10, 20, 50, 100, 200, 500, 1000 dirhams
Central bank Central Bank of the United Arab Emirates
Website www.centralbank.ae
For other currencies called dirham see dirham

The dirham (Arabic: درهم) 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).

Contents

[edit] 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)[1]. In practice, it is pegged to the U.S. dollar for most of the time[2]. Since November 1997, the dirham has been pegged to the 1 U.S. dollar = 3.6725 dirhams[3], 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.

[edit] 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 hi.

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.

[edit] Fraud problem with 1 dirham coin

By August 2006 it became publicly known that the Philippine 1 piso coin has the same size as 1 dirham [4]. As 1 piso is only worth 8 fils, this has led to vending machine fraud in the U.A.E.

[edit] Commemorative Coins

Since 1976 the Central Bank of the United Arab Emirates has minted several commemorative coins. These coins celebrate different events and rulers of the United Arab Emirates.

United Arab Emirates Commemorative Coins
Year Description Denomination Alloy Diameter (mm) Weight (g) Finess
1976 United Arab Emirates 5th National Day 1000 gold 40 40 916.6
1981 The 15th Hijra Century 5 cupronickel 32 14.25 N/A
1986 The 27th Chess Olympiad in Dubai 1 cupronickel 28.5 11.31 N/A
1987 The 25th anniversary of the first offshore oil shipment from Abu Dhabi 1 cupronickel 28.5 11.31 N/A
1987 The 10th anniversary of United Arab Emirates University 1 cupronickel 28.5 11.31 N/A
1990 Qualification of the UAE national football team to 1990 FIFA World Cup 1 cupronickel 28.5 11.31 N/A
1992 Commemoration of the late Sheikh Rashid bin Saeed Al Maktoum 1000 gold 40 40 916.6
1992 Commemoration of the late Sheikh Rashid bin Saeed Al Maktoum 500 gold 25 20 916.6
1992 Commemoration of the late Sheikh Rashid bin Saeed Al Maktoum 50 silver 40 40 0.925
1992 The 10th anniversary of the Central Bank of the UAE 1000 gold 40 40 916.6
1992 The 10th anniversary of the Central Bank of the UAE 500 gold 25 20 916.6
1992 The 10th anniversary of the Central Bank of the UAE 50 silver 40 40 0.925
1995 The 20th anniversary of the General Woman's Union 1000 gold 40 40 916.6
1995 The 20th anniversary of the General Woman's Union 500 gold 25 20 916.6
1995 The 50th anniversary of the Arab League 50 silver 40 40 0.925
1996 The 30th anniversary of the late Sheikh Zayed bin Sultan Al Nahyan N/A gold 65 200 916.6
1996 The 30th anniversary of the late Sheikh Zayed bin Sultan Al Nahyan N/A gold 40 40 916.6
1996 The 30th anniversary of the late Sheikh Zayed bin Sultan Al Nahyan 50 silver 40 40 0.925
1996 United Arab Emirates 25th National Day N/A gold 65 200 916.6
1996 United Arab Emirates 25th National Day N/A gold 40 40 916.6
1996 United Arab Emirates 25th National Day 50 silver 40 40 0.925
1998 The 10th anniversary of the Higher Colleges of Technology 50 silver 40 40 0.925
1998 The 10th anniversary of the Higher Colleges of Technology 1 cupronickel 24 6.4 N/A
1998 The 35th anniversary of National Bank of Dubai 50 silver 40 40 0.925
1998 The 35th anniversary of National Bank of Dubai 25 silver 28 20 0.925
1998 The 35th anniversary of National Bank of Dubai 1 cupronickel 24 6.4 N/A
1998 The 50th anniversary of UNICEF 50 silver 40 27.22 0.925
1998 Sharjah the cultural capital of the Arab world 50 silver 40 40 0.925
1998 Sharjah the cultural capital of the Arab world 1 cupronickel 24 6.4 N/A
1998 Sheikha Fatima Bint Mubarak the humanitarian personality of 1998 N/A gold 40 40 916.6
1998 Sheikha Fatima Bint Mubarak the humanitarian personality of 1998 N/A gold 28 20 916.6
1999 The 25th anniversary of the first oil shipment from Abu Al Bukush oil field in Abu Dhabi 25 silver 28 20 0.925
1999 The 30th anniversary of Abu Dhabi Chamber of Commerce & Industry 50 silver 40 40 0.925
1999 The 100th anniversary of Dubai Ports & Customs Department 100 silver 40 40 0.925
1999 Sheikh Zayed bin Sultan Al Nahyan Islamic personality of the Year N/A gold 40 40 916.6
1999 Sheikh Zayed bin Sultan Al Nahyan Islamic personality of the Year 50 silver 40 40 0.925
1999 Sheikh Zayed bin Sultan Al Nahyan Islamic personality of the Year 1 cupronickel 24 6.4 N/A
1999 Ministry of Finance and Industry ISO-9001 certification 50 silver 40 40 0.925
2000 The 25th anniversary of Dubai Islamic Bank 50 silver 40 40 0.925
2000 The 25th anniversary of Dubai Islamic Bank 25 silver 28 20 0.925
2000 The 25th anniversary of Dubai Islamic Bank 1 cupronickel 24 6.4 N/A
2000 The 25th anniversary of the General Woman's Union 50 silver 40 40 0.925
2000 The 25th anniversary of the General Woman's Union 1 cupronickel 24 6.4 N/A
2000 The 25th anniversary of the Arab Bank for Investment and Foreign Trade 50 silver 40 40 0.925
2000 Inauguration of Sheikh Rashid's Terminal at Dubai International Airport 50 silver 40 40 0.925
2001 The 25th anniversary of the unification of the UAE Armed Forces 50 silver 40 40 0.925
2001 The 25th anniversary of the unification of the UAE Armed Forces 1 cupronickel 24 6.4 N/A
2001 The 30th anniversary of Al Ain National Museum 50 silver 40 40 0.925
2001 The 20th anniversary of the Administrative Development Institute 50 silver 40 40 0.925
2002 The 25th anniversary of United Arab Emirates University 50 silver 40 40 0.925
2002 Commemoration of Sheikh Hamdan Bin Rashid Al Maktoum Award for Medical Sciences 50 silver 40 40 0.925
2002 Commemoration of the Ahmadia School in Dubai 50 silver 40 40 0.925
2003 The 30th anniversary of Central Bank of the UAE N/A gold 40 40 916.6
2003 The 30th anniversary of Central Bank of the UAE 50 silver 40 40 0.925
2003 World Bank-IMF Annual Meetings in Dubai N/A gold 40 40 916.6
2003 World Bank-IMF Annual Meetings in Dubai 50 silver 40 40 0.925
2003 World Bank-IMF Annual Meetings in Dubai 1 cupronickel 24 6.4 N/A

[edit] Banknotes

100 UAE dirham banknote
100 UAE dirham banknote

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.

Current AED exchange rates
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Note: Rates obtained from these websites may contradict with pegged rate mentioned above

[edit] See also

[edit] References

  1. ^ Dynamic Growth of the UAE Monetary and Banking Sector, Central Bank of the UAE
  2. ^ Tables of modern monetary history: Asia
  3. ^ Statistical Bulletin, Quarterly July - Sep. 2005, Central Bank of the UAE
  4. ^ Menon, Sunita. "Hey presto! A Peso's as good as a Dirham", gulfnews.com, 2006-08-01. Retrieved on 2006-10-04. 

[edit] External links


Preceded by:
Qatari and Dubai riyal
Location: Trucial States except for Abu Dhabi
Reason: formed United Arab Emirates (in 1971)
Ratio: at par		 Currency of United Arab Emirates
1973 –		 Succeeded by:
Current
Preceded by:
Bahraini dinar
Location: Abu Dhabi
Reason: formed United Arab Emirates (in 1971)
Ratio: 1 dirham = 0.1 dinar
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