UAE dirham exchange rate
Are you interested in the current exchange rates and the price of the UAE dirham? Stay up to date at all times! Below we present the current quotes of the UAE dirham in our online exchange.
UAE dirham exchange rate - chart
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Exchange rate 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.
United Arab Emirates dirham
The UAE dirham is the official currency of the UAE. According to the ISO 4217 standard, it is referred to by the code AED. The dirham is divided into 100 fils. It was created in 1973 and united the emirates - prior to the introduction of the dirham, they used the currencies of neighbouring countries with which they had the closest economic ties.
AED currency - what you should know
AED coins come in denominations of 25 and 50 fils and 1 dirham. On the lowest denomination we can see a gazelle, which can be seen in the deserts of Abu Dhabi. On the 50 fils there are three oil drills referring to the oil fields whose presence has allowed the United Arab Emirates to develop. 1 dirham is encircled by a jug to symbolise the hospitality represented in the local culture. The banknotes come in denominations of AED 5, 10, 20, 50, 100, 200, 500 and 1000. They depict further symbols of the United Arab Emirates, including local landmarks and animals. Most of the banknotes also bear the image of Zayid ibn Sultan Al Nahajjan - the UAE's first ever president. AED banknotes have recently been made from polymer. This material is waterproof and more durable than the paper used to date.
AED - history of the UAE currency
Seven years later, on 19 May 1973 to be precise, the AED was created to replace the currencies previously in force. At that time, coins of 1, 5, 10, 25 and 50 fils and 1 dirham were introduced, as well as banknotes of 5, 10, 50 and 100 dirhams. The 1000 dirham denomination was allowed into circulation in 1976. Coins up to 10 fils were made entirely of bronze, the rest were made of cupro-nickel. The creation of this currency was intended to stabilise the economy in the face of a large increase in oil exports. As can be seen, this has been successful, as the UAE now has the second largest economy in the Arab world (after Saudi Arabia). In 1997, the dirham was pegged to the US dollar at a rate of Dh 3.67. The stable exchange rate created a friendly environment for investors, which helped the economy grow and allowed the country to reduce its dependence on oil revenues. This state of affairs is still in place today.
Interesting facts about the UAE dirham
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The name of the currency was borrowed from the Greek word 'drachma' meaning 'handful'. The word was also used to refer to ancient Greek coins.
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In 2006, a scam involving food vending machines came to light. It turned out that one Philippine peso was the same size as one dirham. The scammers decided to take advantage of this fact by saving money on the purchase of snacks and drinks.
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In the past, traders originating from the UAE region preferred metal coins to banknotes - paper money was easy to destroy in the climate
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