The United Arab Emirates dirham is the currency of the United Arab Emirates. The dirham is subdivided into 100 fils. It is also the currency used in the emirates of Dubai and Sharjah. The dirham is issued by the Central Bank of the United Arab Emirates. The name dirham comes from the Greek word drachmae. The Greek word was used for the silver coin of ancient Persia.



The dirham was introduced in 1973, replacing the Qatar and Dubai riyal at par. The Qatar and Dubai riyal had been in use since 1966 in all of the Emirates except Abu Dhabi, where the dirham was introduced in 1973. When the United Kingdom left the Sterling Area in 1971, the Qatar and Dubai riyal, which were pegged to the pound sterling, replaced the Gulf rupee in all the emirates except Kuwait, where the Kuwaiti dinar was introduced.


The dirham was initially pegged to the International Monetary Fund's special drawing rights (SDRs). In 1986, the UAE dirham was revalued and pegged to the US dollar at a rate of 1 dirham = US$0.2722. This peg lasted until 1997, when the UAE dirham was again revalued at 1 dirham = US$0.25.


Since the revaluation of the UAE dirham in 1997, the UAE Central Bank has maintained a managed float of the dirham's value against a basket of currencies. The dirham is currently pegged to the US dollar at a rate of 1 dirham = US$0.2723.


The Central Bank of the UAE is responsible for issuing the UAE dirham. The dirham is minted by the London-based firm of De La Rue. The dirham is available in denominations of 1, 5, 10, 20, 50, 100 and 200 dirhams.


FAQ


1. What is the name of the currency in Dubai?


The name of the currency in Dubai is the dirham.


2. How much is 1 dirham worth?


One dirham is worth approximately $0.27 USD.


3. How many dirhams are there in 1 US dollar?


There are 3.67 dirhams in 1 US dollar.


4. What coins are used in Dubai?


The coins used in Dubai are the dirham and the fils.


5. What notes are used in Dubai?


The notes used in Dubai are the dirham, the riyal, and the UAE dirham.


6. What is the exchange rate between the dirham and the US dollar?


The exchange rate between the dirham and the US dollar is 3.67 dirhams to 1 US dollar.


7. What is the exchange rate between the dirham and the euro?


The exchange rate between the dirham and the euro is 4.22 dirhams to 1 euro.


8. What is the exchange rate between the dirham and the pound sterling?


The exchange rate between the dirham and the pound sterling is 5.37 dirhams to 1 pound sterling.


9. What is the exchange rate between the dirham and the Japanese yen?


The exchange rate between the dirham and the Japanese yen is 0.033 dirhams to 1 Japanese yen.


10. What is the exchange rate between the dirham and the Chinese yuan?


The exchange rate between the dirham and the Chinese yuan is 0.49 dirhams to 1 Chinese yuan.

Post a Comment

Previous Post Next Post