International travelers who want to visitDubaiorUnited Arab Emiratesshould have a deep understanding of the local currency and its denominations before entering any financial transaction. This helps him get a better grip of city's lifestyle and makes it easier for an expat to settle down easily in an unknown-new land. For visitors who want the current currency exchange rates and converter the Dubai Government Website has made it available on their websites.
The currency of theUnited Arab Emiratesis the dirham, popularly known as DH or Dhs (pronounced as dir-ham). However, the currency abbreviation for the dirham according to the ISO 4217 code is AED or Arab Emirate Dirham. The dirham is further subdivided into fils wherein 100 fils makeup a single dirham. The fils subdivision is accepted by many Arab countries including UAE. The International Monetary Fund's Special Drawing Right regulates the value of the AED in the global market. Currently currency notes in the denominations of 5, 10, 20, 50, 100, 200, 500, and 1000 and coins in fils of Dh1, 50, 25, 10 and 5 fils are available in the market. However, 10 and 5 fils are rarely used during transactions. The currency notes have value mentioned in Eastern Arabic Numerals and text in Arabic and on the reserve, the text is in English with value in Eastern Arabic Numerals.
Visitors who want foreign currency exchanged for dirhams will find it easily accepted in the UAE. The rate for dirham against the US dollar is fixed, which Dh3.671 is for US $1.00. Yet, for currencies like Euro and Pound, the rates are not fixed and fluctuate from day to day against the dirham. If you are confused as where to exchange currency, then there are many private moneychangers located in the souks and the shopping centres across UAE who provide good rates. The UAE Exchange Centre collaboration and the banks also provide good rates. The website of Central Bank of the UAE has list of banks where one can enquire about the current rates. Bank working hours are Saturday - Wednesday from 8 am to 1 pm and Thursday 8 am to midday. Banks with branches in shopping malls are open for longer period. Banks are closed on Fridays.
History of UAE Dirham: Before UAE introduced the Dirham on December, 1971, the Qatar and Dubai riyal were widely used across all emirates except for Abu Dhabi which had by then started using the dirham replacing Bahraini dinar. Prior to 1966 all emirates used the Gulf Rupee as official currency for transactions. On January 28, 1978 the IMF's Special Drawing Rights officially linked the dirham to the dollar and by 1997 it maintained a fixed exchange rate of Dh3.671 for US $1.00. The name Dirham is Greek word for word "Drachmae" meaning handful in Latin.
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