The United Arab Emirate’s Currency is the Dirhams. Who doesn’t know that? But do you all know what is the history behind the UAE’s currency?
There has been alot of stages in the UAE currency. The United Arab Emirates dirham was introduced December 1971. It replaced the Qatar and Dubai riyal. The Qatar and Dubai riyal had circulated since 1966 in all of the emirates except Abu Dhabi, where the dirham replaced the Bahraini dinar at 1 dirham = 0.1 dinar. Before 1966, all the emirates that were to form the UAE used the Gulf rupee, also known as the Persian Gulf rupee used between 1959 and 1966. It was issued by the Government of India and the Reserve Bank of India and was equivalent to the Indian rupee.
As in Qatar, the emirates briefly adopted the Saudi riyal during the transition from the Gulf rupee to the Qatar and Dubai riyal.
Remained the UAE by the union deals in Bahraini Dinars and Real Qatar and Dubai all segments hundred Riyals, Fifty Riyals, Twenty-five riyals, Ten Riyals, Five Riyals, and its parts as half of the Real “50 dirhams,” and a quarter of Real “25 dirhams,” ten dirhams, five dirhams and DRAM, and DRAM equivalent Fils and remained so until the deal in 1973, the date of the beginning of the first version of the currency of the United Arab Emirates.
The establishment of the United Arab Emirates in 1971 and there is circulation in 1973 was issued Federal dirham United Arab Emirates, which is still rolling so far.
The name Dirham derives from the Greek word Drachmae, literally meaning “handful”, through Latin. Due to centuries of old trade and usage of the currency, dirham survived through the Ottoman regime.