Dirham Strongest Currency of UAE
Dirham stands in top 15 strongest currencies in the world and the strongest in UAE. In average for this year 1 can purchase $1 using 3,67 Dirham(Dubai Currency Rate). Average monthly wage in the country UAE is $10.206, with its capital,
Dubai developing to a massive economic center in the region. Dirham, dirhm or dirhem is a unit of currency in many Arab states and formerly, the related unit of mass Persian states and Ottoman Empire. The name was derived from the ancient Greek currency the drachma. The name of the currency in the United Arab Emirates and the Dubai is the dirham (Arab Emirate Dirham or AED or DH or Dhs). There are 100 fils in 1 dirham. Notes comes in 5, 10, 20, 50, 100, 200, 500 and 1,000 dirhams denominations. The local currency is dirham (Dhs or AED) which is divided into 100 fils and is fixed against the US $ (US$ 1: AED 3.6725). Debit and credit cards are widely accepted. Foreign currencies and travelers’ cheques may be get exchanged through licensed offices, banks, and hotels, but a passport is required. Personal cheques can be trickier and many places won’t applicable. If you’re shopping in the markets (souks) or in small shops, cash is the best option.
The United Arab Emirates, simply called as the Emirates or the UAE, is a country at the southeast end of the Arabian Peninsula on the Gulf of Persian, bordering Oman to the east and Saudi Arabia to the south, also sharing sea borders with countries like Qatar and Iran. In 2013, the UAE’s population was 9.2 million, of which 1.4 million were citizens of Emirati and expatriates were 7.8 million. The establishment in December 1971, the country is a federation of 7 emirates. The constituent emirates are Abu Dhabi (Capital), Fujairah, Dubai, Ajman, Umm al-Quwain, Sharjah, and Ras al-Khaimah. Each 1 of the emirate is always governed by the monarch; together, they form the Federal Supreme Council. Any 1 of the monarchs is always selected as the President of the UAE. Islam is the official religion of the UAE, and the official language is Arabic, whereas English is also widely spoken and is the language of education and business, especially in Dubai and Abu Dhabi. The UAE’s oil reserves are the 7th largest in the world, whereas natural gas reserves are the world’s 17th largest. Sheikh Zayed, ruler of Abu Dhabi and the 1st President of the UAE, oversaw the development of oil revenues into education, healthcare, and infrastructure.
In 1973, coins were introduced as 1, 5, 10, 25, 50 fils, and 1 dirham denominations. The 1, 5 and 10 fils are struck in bronze, and higher in cupro-nickel. The fils coins were of same composition and size as the corresponding Dubai and Qatar coins. In the year 1995, 50 fils and 1 dirham coins were reduced in the size, with new 50 fils being curve-equilateral-heptagonal shaped. Value and numbers on each of the coin are written in Arabic (Eastern Arabian) numerals and the text simply in Arabic. 1, 5 and 10 fils coins are used rarely in the day to day life, so all amounts are usually rounded or down to multiples of 25 fils. The 1 fil coin is rare in nature and does not circulate too frequently. In making out change there is always a risk of confusing 50 fils, an old coin for 1 dirham, modern coin because of the coins as they are almost of the same size. Since 1976 the Currency Board of UAE has minted several commemorative coins celebrating in the name of different events and rulers of the United Arab Emirates.
On 20 May 1973, the U.A.E. Currency Board has introduced the notes in denominations of 1, 5, 10, 50, and 100 dirhams; a 1000 dirham note was also issued on the dated 3 January 1976. The 2nd series of note was introduced in 1982 which removed the 1 and 1000 dirham notes. Dirham notes of 500 were introduced in the year 1983 and followed by 200 dirhams in the year 1989. 1000 dirham notes were reintroduced in 2000. Banknotes are currently available in the denominations of 5 (Color- brown), 10 (Color- green), 20 (Color- light blue), 50 (Color- purple), 100 (Color- pink), 200 (Color- green/brown), 500 (Color- navy blue) and 1000 (Color- greenish blue) dirhams. The obverse texts are written in the Arabic language with numbers in Eastern Arabic; the reverse texts are in the English language with numbers in Arabic. The 200 dirham denomination is very scarce as it was only produced in the year 1989; any circulating today also comes from bank stocks. The 200 dirham denomination has since been reissued again and is now in circulation from the end of May 2008 – it has been reissued in a very different color; Yellow/Brown to discontinue the older Green/Brown. The UAE Central Bank has released a very new 50 dirham note. The major security thread is a 3-mm wide, color-shifting windowed security with demetallized UAE 50, and it has the very new coat of arms which was adopted on 22 March 2008.
The UAE has its currency as Dirham & it is 1 of the strongest currencies in the world due to their exports of crude oil, Dubai as a very big market place & obviously White Gold.