Emirates currency

United Arab Emirates

The Emirates is known by its official name, the United Arab Emirates, and it is a country that forms a federation of seven emirates located in the Arabian Gulf region. Which led to it being one of the Arab countries that contain the most important economic facilities in the Middle East, and the emirate of Abu Dhabi is considered the capital of the Emirates.

The dirham is the currency of the UAE

The UAE dirham is the official currency in the United Arab Emirates, and it symbolizes the UAE dirham using the English letters (Dhs), and one dirham is equal to 100 fils. The UAE dirham is divided into coins and banknotes, which are:

• Coins: 5 fils, 10 fils, 25 fils, 50 fils, and XNUMX dirham.
• banknotes, They include the following categories:
  • 5 dirhams, and the front side of the coin contains a picture of the central market located in the Emirate of Sharjah, while its back side contains a picture of a natural area in the north of the Emirates.
  • 10 dirhams, and the front side of the coin contains a picture of an Emirati dagger, while its back side contains a picture of a farm.
  • 20 dirhams, and the front side of the coin contains pictures of the yacht club and golf club in the Emirate of Dubai, while its back side contains a picture of a marine boat called the Sam'a.
  • 50 dirhams, and the front side of the coin contains a picture of the head of an oryx deer, while its back side contains a picture of Al-Jahili, a fortress located in Al-Ain, one of the Emirati cities.
  • 100 dirhams, and the front side of the coin contains a picture of Al-Fahidi, one of the forts located in the Emirate of Dubai, while its back side contains a picture of the trade building located in the Emirate of Dubai.
  • 200 dirhams, and the front side of the coin contains pictures of Zayed Sports City and the Sharia Court building in the Emirate of Abu Dhabi, while its back side contains a picture of the main building of the Central Bank of the United Arab Emirates in the Emirate of Abu Dhabi.
  • 500 dirhams, and the front side of the coin contains a picture of a falcon, while its back side contains a picture of a mosque in the Emirate of Dubai.
  • 1000 dirhams, and the front side of the coin contains a picture of Qasr al-Hosn, one of the palaces of the Emirate of Abu Dhabi, while its back side contains a picture of the Corniche area in the Emirate of Abu Dhabi.

History of money in the Emirates

The existence of money in the Emirates dates back to the era of Alexander the Great; Where an ancient coin used in the Emirates appeared in the Al-Malihah region, and this indicates the existence of an ancient human civilization in the Emirati lands, and coins appeared in the sixteenth century AD belonging to the Qawasim (one of the Emirati tribes), and these coins were known as Marduf Al-Qawasim, and the word Sultan was written on them; In order to refer to the ruler Sultan Al-Qasimi, and after the conclusion of the British Protection Treaty in 1820 AD, many types of currencies spread, such as the Austrian riyal, the copper lira and the golden naira, but in the year 1970 AD the Indian rupee currency was used, as was the Ottoman lira currency.

The Emirati dirham appeared with the establishment and establishment of the state in the Emirates, and the enhancement of its importance in the Arab and international worlds, so it was necessary to have a monetary currency for the Emirates; This led to the establishment of the UAE Currency Board, which has the responsibility for issuing currencies. In 1973, it issued the dirham, the national currency of the Emirates. In order to be used instead of the currencies that were prevalent in Emirati society at the time, and the Monetary Council was keen after that to issue monetary collections for specific occasions, such as the establishment of the UAE University, the arrival of the football team to the World Cup Finals, and the anniversary of the UAE National Day, and it contained All issues of Emirati money, whether metal or paper, contain images and inscriptions that refer to the heritage of the Emirates, such as: horses, falcons, palm trees, castles, forts, daggers, ships, deer, and other heritage manifestations that reflect the cultural nature of the Emirates.

The Federal Law was issued in the Emirates in 1980 AD, and concerned with the organization of banking and the money system, and this led to the transfer of the UAE Monetary Council to the Central Bank of the United Arab Emirates in the same year; Where this step was considered necessary to support the rapid economic and financial developments; With the aim of keeping pace with the spread of local banks in the UAE society, the Federal Law also contributed to granting the Central Bank of the UAE a set of powers and responsibilities affecting the financial and banking sector. Its value locally and internationally, and participation in controlling and directing credit policy; In order to enhance the balance of the growth of the UAE economy, regulate banking business, ensure the activation of supervision over the banking system, and maintain the financial reserves of the UAE government of precious metals and currencies.

UAE economy

The UAE oil sector is the most influential in the UAE economy. Where the emirates of Dubai and Abu Dhabi are considered the most oil-producing, and the UAE agricultural sector has witnessed remarkable development in both the emirates of Fujairah and Ras Al Khaimah, and in the regions of the emirates of Ajman and Al Ain; By relying on water wells that provide sufficient water to irrigate crops, and dates are one of the most important main agricultural crops in the UAE, and are shared by a group of other types of crops such as eggplant and cucumber. The financial sector is also distinguished as one of the most important factors affecting the UAE economy; As the Emirate of Dubai has become one of the important international banking centers, so many financial institutions have spread that specialize in dealing with foreign money transfers, and the first financial market in the Emirates was opened in 2000 AD and it was the Dubai Financial Market, and later in 2005 AD the Dubai Market for international funds was opened.