United Arab Emirates Dirham (AED)
19 hours agoThe United Arab Emirates Dirham, abbreviated as AED, is the official currency of the United Arab Emirates (UAE), a federation of seven emirates located in the Middle East. The UAE Dirham is also represented by the symbol “د.إ”. In this overview, we will discuss the history, central bank, denominations, and economy related to the UAE Dirham.
The UAE Dirham was introduced in 1973, replacing the Qatar and Dubai Riyal as well as the Bahraini Dinar, which were previously in use in the emirates that now constitute the UAE. The introduction of the Dirham represented a significant advancement in establishing a unified monetary system for the newly formed federation. Since 1997, the UAE Dirham has been pegged to the US Dollar, maintaining an exchange rate of approximately 3.67 AED for every 1 USD.
The Central Bank of the United Arab Emirates (CBUAE) is tasked with issuing and managing the UAE Dirham. Established in 1980, the CBUAE oversees monetary policy, regulates the banking sector, and ensures the stability of the national currency. The central bank's goal is to maintain the stability of the UAE Dirham while promoting the development of a secure and stable financial system within the country.
The UAE Dirham is divided into 100 fils. Coins are available in denominations of 1, 5, 10, 25, 50 fils, and 1 Dirham. Banknotes can be found in denominations of 5, 10, 20, 50, 100, 200, 500, and 1,000 Dirhams.
The UAE boasts a diverse, high-income economy, significantly bolstered by its oil and gas reserves, which have been pivotal to the country's development. In recent years, however, the UAE has been actively working to diversify its economy, placing emphasis on sectors such as finance, tourism, real estate, and renewable energy. The peg of the UAE Dirham to the US Dollar has played a role in ensuring the currency's stability and attracting foreign investment.
The United Arab Emirates Dirham (AED) serves as the official currency of the UAE, managed and issued by the Central Bank of the United Arab Emirates. Introduced in 1973, the UAE Dirham replaced the previously used currencies in the region and has been pegged to the US Dollar since then. The UAE maintains a high-income economy while actively pursuing diversification of its economic base.
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