Country ISO code: AE

Official language: Arabic

Language ISO code: ar

Current official currency: United Arab Emirates Dirham

Currency ISO code: AED

Complete Financial History of the United Arab Emirates

Current official currency: United Arab Emirates Dirham (AED)

• ISO code: AED

• Symbols: د.إ, AED

• Singular name: Dirham

• Plural name: Dirhams

• Monetary subdivision: 1 Dirham = 100 Fils

• Fraction singular name: Fil

• Fraction plural name: Fils

• Initial production date: May 19, 1973 (introduction of the dirham as official currency)

• Final production date: Still in circulation

• Initial circulation date: May 19, 1973

• Final circulation date: Still in circulation

• Mint: Produced by various international mints, including the Royal Canadian Mint and others under contract

• Issuing bank: Central Bank of the United Arab Emirates

Coin denominations

• 1 Fil

• 5 Fils

• 10 Fils

• 25 Fils

• 50 Fils

• 1 Dirham

• 2 Dirhams

• 5 Dirhams

Banknote denominations

• 5 Dirhams

• 10 Dirhams

• 20 Dirhams

• 50 Dirhams

• 100 Dirhams

• 200 Dirhams

• 500 Dirhams

• 1000 Dirhams

Economic and historical context

• Prior to the dirham’s introduction in 1973, various currencies circulated in the emirates, including the Gulf rupee, Qatar and Dubai riyal, and Kuwaiti dinar.

• The formation of the UAE in 1971 necessitated a unified currency to facilitate trade and economic integration.

• The dirham was initially pegged to the US dollar, ensuring exchange rate stability.

• The Central Bank of the UAE was established in 1980 to regulate monetary policy and issue currency.

• The UAE economy is highly diversified, with strong sectors in oil, gas, trade, tourism, and financial services.

Minting and production locations

• Coins and banknotes are produced by contracted international mints, including the Royal Canadian Mint and others.

Designs and symbols on coins and banknotes

• Coins feature Arabic and English inscriptions, national symbols, and cultural elements such as palm trees and iconic buildings.

• Banknotes depict UAE leaders, traditional and modern architecture, and cultural symbols.

Production volumes, honorees, and seals

• The Central Bank periodically publishes data on production volumes and issuance.

• Banknotes bear signatures of the Central Bank Governor and the Minister of Finance.

Commemorative coins and curiosities

• The UAE issues commemorative coins for national events, anniversaries, and cultural celebrations.

Current circulation status

• The dirham is the sole legal tender and is actively circulated throughout the UAE.

Issuing authority

• Central Bank of the United Arab Emirates

Relevant monetary legislation

• Currency issuance and regulation are governed by federal financial laws and Central Bank regulations.

Names and titles on banknotes

• Banknotes bear the signatures of the Governor of the Central Bank of the UAE and the Minister of Finance.

Persons honored on coins and banknotes

• Historical and current UAE leaders, including founding figures and rulers, are honored on banknotes and coins.

Official language recognized by the state for administrative, legislative, judicial, monetary, and educational use:
Arabic is the official language of the United Arab Emirates, used in all governmental, legal, economic, and educational sectors.