Currency Rates for UAE Dirham
Currency Information on UAE Dirham - Currency Information on AED- United Arab Emirates dirham - د.إ The foreign exchange currency code for AED represents the UAE Dirham currency exchange rate.
The word Dirham was founded in 1971 and is the second largest currency in GCC (Gulf Corporation Council). The currency is written as AED.
The concept of paper money was alien to Bedouins prior to the foundation of Emirates. Due to extreme hot weather Bedouins were not in favor of carrying paper money. They were in favour of using metal coins in place of paper money. Over a period , it was difficult to transact in coins due to heavy weight and paper currency emerged. Although it was believed that paper currency was traded in the region since 1930's and paper money was formalized with the official founding of UAE.
The word Dirham has been derived from the Greek word "Drachmae". Each Dirham is divided into 100 fils so that it can be used for smaller transactions and for exchange trade. Currently Dirham is available in denominations of 5, 10, 20, 100, 200, 500 and 1000. Later Central bank of UAE issued 50 AED bank notes.
The UAE currency board introduced coins in 1973 with a range from 1 fill to 1 dirham. To prevent copies and fake currency the notes have a falcon watermark printed on it.
Dirham pegged with US dollar in 1978 creating fixed rate of exchange. Other exchange rates including, Peso, Rupee, Sterling are determined by open market forces and changes daily.
In 2006, the news came that Dirham coin was the same size as Peso- Philippine one peso which led to a vending machine fraud. One Philippine Peso was equal to eight fils and due to the large Philippine expat community, the economy was badly impacted.
Dirham weakened significantly in 2007, with Dubai crash. Sine then Dirham had made a strong recovery.
There has also been recommendation from IMF- International Monetary Fund that Emirates should switch the monetary policy to be controlled by the UAE central bank in place of the UAE Government but is yet to be brought in practice.
###GBP to AED### The dirham subdivides into 100 fils and was introduced to the United Arab Emirates in 1973, replacing the Qatar and Dubai riyal at a ratio of 1:1. In Abu Dhabi, the dirham replaced the Bahraini dinar at a ratio of 0.01 dinar: 1 dirham. Send Money Transfer to United Arab EmiratesCoins are available in denominations of 25 and 50 fils, and 1 dirham, where banknotes are in circulation in denominations of 5, 10, 20, 50, 100, 200, 500 and 1,000 dirhams. Bank Exchange Rates for UAE Dirham. The foreign exchange rates for United Arab Emirates also known as the ISO code AED. Send money transfer online with us with the cheapest options.