United Arab Emirates dirham
From Wikipedia, the free encyclopedia
| United Arab Emirates dirham درهم إماراتي (Arabic) |
|||||
|
|||||
| 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 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. A dirham is divided into 100 fils.
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 United Arab Emirates used the Gulf rupee. And as Qatar, the emirates briefly adopted the Saudi riyal between the transition from Gulf rupee to Qatar and Dubai riyal.
[edit] Coins
Coins are available in denominations of 1, 5, 10, 25, 50 fils, and 1 dirham. 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 is not largely circulated. 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 1 Philippine piso coin has the same size as 1 dirham [1]. But 1 piso is only 7 fils worth, leading to dispense machines frauds in the country.
[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
Banknotes are available in the following denominations: 5, 10, 20, 50, 100, 200, 500, and 1000 dirhams. The obverse is written in Arabic with numbers in Eastern Arabic numerals; the reverse is in English with numbers in Hindu Arabic numerals. The 200 dirhams denomination is scarce. The government stopped printing the 200 dirham notes in 1989; any circulating today come from bank stocks.
[edit] Fixed exchange rate
On 28 January 1978, the dirham was officially pegged to the IMF's Special Drawing Rights (SDRs)[2]. In practice, it is pegged to the U.S. dollar for most of the time[3]. Since November 1997, the dirham has been pegged to the 1 U.S. dollar = 3.6725 dirhams[4], which translates to approximately 1 dirham = 0.272294 dollar.
| Use Yahoo! Finance: | AUD CAD CHF EUR GBP HKD JPY USD INR |
| Use XE.com: | AUD CAD CHF EUR GBP HKD JPY USD INR |
| Use OANDA.com: | AUD CAD CHF EUR GBP HKD JPY USD INR |
Note: Rates obtained from these websites may contradict with pegged rate mentioned above
[edit] See also
[edit] References
- ^ Menon, Sunita. "Hey presto! A Peso's as good as a Dirham", gulfnews.com, 2006-08-01. Retrieved on 2006-10-04.
- ^ Dynamic Growth of the UAE Monetary and Banking Sector, Central Bank of the UAE
- ^ Tables of modern monetary history: Asia
- ^ Statistical Bulletin, Quarterly July - Sep. 2005, Central Bank of the UAE
[edit] External links
- Don's World Coin Gallery - United Arab Emirates
- Ron Wise's World Paper Money - United Arab Emirates Mirror site
- Tables of Modern Monetary Systems by Kurt Schuler - Asia Mirror site
- The Global History of Currencies - United Arab Emirates
- Global Financial Data currency histories table
- United Arab Emirates Commemorative Coins
| 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: 10 dirham = 1 dinar |
