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Dirhams Dubai is an effort to compile all information available on the internet pertaining to Dirhams, the official currency of Dubai and other Emirates of U.A.E.
ISO 4217 Code
AED is the ISO 4217 code for United Arab Emirates Dirhams. However, people in UAE prefer to write the unofficial abbreviation of Dhs. or DH. A large number of Hindi/Urdu/Gujarati speaking expatriates from India/Pakistan also refer to the Dirham as "Rupiya" (Rupee / Rupees) or "Paisa", which is not only the currency in India and Pakistan but also the generic name for money.
Subdivision of Dirhams
The Dirhams is divided into 100 fils. "Fils" is a singular form whereas "Fuloos" is the plural, which is also the Arabic for money.
The coins currently in use in UAE are 25-Fils, 50-Fils and 1-Dirham.
Fils is also the subdivision of Bahraini Dinars, Iraqi Dinars, Kuwaiti Dinars which are 1000 Fils in a Dinar and Yemeni Rials which are 100 Fils for a Rial.
Articles on Dirhams
About the Dirhams - Britannica
The conquering Muslims at first mimicked the coinage of their predecessors. In the western provinces they issued gold and copper pieces imitated from contemporary Byzantine coins, modifying the cross on the reverse of the latter somewhat to suit Muslim sensibilities. In the eastern provinces the Arab governors issued silver dirhams that were copies of late…
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Revaluation of AED Dirhams - AME Info
According to Gulf News internal memos at certain banks are restricting the conversion of more than one million UAE dirhams into US dollars and future commitments. They fear large losses on US currency exposure if the UAE Central Bank revalues the peg against the US dollar.
An advisory note from Standard Chartered Bank now puts the chances of a small revaluation of the UAE dirham this year at 25-30 per cent. For speculators this represents a possible opportunity for instant profits with almost no downside risk of devaluation.
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UAE rules out floating dirham when
'dollar is on its way to strengthening'
The United Arab Emirates will not de-peg its currency from the flagging US dollar, the central bank governor was quoted as saying in remarks published on Thursday. His comments came after former US Federal Reserve chairman Alan Greenspan advised oil-rich Gulf Arab states whose currencies are pegged to the dollar to float.
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UAE money exchanges offer low dollar rates against dirham
Dubai: Anticipating a revaluation of the dirham, money exchanges in the UAE have already revised the rates at which they sell local currency against other currencies.
Some have even stopped accepting the US dollar altogether as the market speculated the UAE Central Bank would revalue the dirham today. A currency dealer at Hadi Exchange said on Friday the exchange was not accepting the US dollar until Sunday. "We think the Central Bank is going to fix the dirham at 3.5 per dollar," he told Gulf News.
UAE Exchange was offering Dh3.50 for every US dollar. While Thomas Cook was offering Dh3.25 per dollar on Friday, Al Ghurair Exchange was offering just 3.10 per dollar. Wall Street Exchange said it was not accepting the US currency against the dirham.
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About Dirham - CRN India
| Introduction |
Dirham is the name of the official currencies of the countries United Arab Emirates and Morocco. It also serves as the subunit of the currencies Qatar riyal (equal to 1/100 of riyal), Libyan dinar (equal 1/1000 of dinar), and Jordanian dinar (equal to 1/10 of dinar). As the currency of United Arab Emirates, dirham is called Emirati dirham that is denoted with the symbol "د.إ" in the Arabic language that translates A.D and is also denoted as "DH or Dhs" in the unofficial abbreviated form. The Emirati dirham is divided into 100 parts of the subunit known as "fils".
According to the ISO 4217 standard, the currency code for the United Arab Emirates dirham is AED and the numeric code for it is 784. The currency is in operation since 1973 when it was introduced for the first time replacing the Qatar and Dubai riyal.
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Overview |
Dirham had been a very important currency in the Islamic world and in the Middle East as it has been a prime medium of exchange since ages. The word dirham was taken up from the word "dirhem" that came from "drachm", the name of an ancient Greek coin. UAE was once considered a poor desert area as there is no scope for agriculture there but now it has transformed into a modern country having a real high standard of living that is ranked 35 out of 232 countries courtesy its oil wealth. The oil exports contribute over one third of the Gross Domestic Product of the country and that is why the prices of the oil access control over the growth and performance of the country.
The UAE dirham keeps constant with the value of the United States dollar, the exchange rate between the two being 1 US dollar = 3.67 UAE dirham, not fluctuating much over a long span of time. Off lately, this linkage with the US dollar is not proving much advantageous, as the recent depreciation of dollar has negatively affected purchasing power parity of UAE dirham against other currencies. Regarding the restrictions on the export and import of currency in the country, a declaration is needed for the amounts exceeding AED 40000 and equivalent amounts.
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