Euro to UAE dirham exchange rate
Are you interested in the current exchange rates and the price of the Euro to UAE dirham? Stay up to date at all times! Below we present the current quotes of the Euro to UAE dirham in our online exchange.
Euro to UAE dirham exchange rate - chart
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Exchange rate Euro to UAE dirham in the charts is presented for indicative purposes, based on approximate data and is not of a transactional nature, i.e. it is not part of the website's offer or a proposal to make a transaction.
UAE dirham
The United Arab Emirates dirham is the official currency of the UAE. According to ISO 4217, it is designated by the code AED. The dirham is divided into 100 fils. It was created in 1973 and unified the emirates – before the introduction of the dirham, they used the currencies of neighbouring countries with which they had the closest economic ties.
AED currency – what you need to know
AED coins come in denominations of 25 and 50 fils and 1 dirham. The lowest denomination features a gazelle, which can be seen in the deserts of Abu Dhabi. The 50 fils coin features three oil rigs, referring to the oil deposits. This raw material has enabled the United Arab Emirates to develop rapidly. The 1 dirham coin is decorated with a jug, symbolising the hospitality of the local culture. Banknotes are available in denominations of 5, 10, 20, 50, 100, 200, 500 and 1,000 AED. They depict various symbols of the United Arab Emirates, including local monuments and animals. Most banknotes also feature an image of Zayed bin Sultan Al Nahyan, the first president of the UAE. AED banknotes have recently been made from polymer. This material is waterproof and more durable than the paper used previously.
AED – history of the currency
Until 1966, the United Arab Emirates used the Gulf rupee, which was linked to the Indian rupee. On 6 June, as a result of devaluation, individual emirates decided to adopt the Dubai rial and the Qatari rial. Seven years later, on 19 May 1973, the AED was created, replacing the currencies in use at the time. Coins with values of 1, 5, 10, 25 and 50 fils and 1 dirham were introduced, as well as banknotes with values of 5, 10, 50 and 100 dirhams. The 1000 dirham denomination was put into circulation in 1976. Coins up to 10 fils were made entirely of bronze, while the rest were made of cupronickel. The purpose of creating this currency was to stabilise the economy in the face of a large increase in oil exports. As can be seen, this was successful, as the UAE now has the second largest economy in the Arab world (after Saudi Arabia). In 1997, the Dubai currency was pegged to the US dollar at a rate of Dh 3,67. The stable exchange rate created a favourable environment for investors, which helped economic development and reduced the country's dependence on oil revenues. This situation continues to this day.
Interesting facts about the UAE dirham
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The name of the currency was borrowed from the Greek word „drachma”, meaning „handful”. This word was also used to describe ancient Greek coins.
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In 2006, a scam involving purchases from vending machines came to light. It turned out that 1 Philippine peso is the same size as one dirham. The scammers decided to take advantage of this fact to save money on snacks and drinks.
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In the past, traders from the UAE region preferred metal coins to banknotes – in the climate there, paper money was easily damaged.
