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Saturday 25 May 2013 (UAE)
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Currency in Dubai and UAE is the United Arab Emirates dirham
The UAE dirham is pegged to the US dollar with the rate fixed at Dh3.67 = US$1.00 (or 1 UAE dirham = 0.273 US dollars).
- The currency unit in Dubai and other emirates is the United Arab Emirate dirham, divided into into 100 fils.
- Common abbreviations include AED or Dh before the number, and dh or dhs after the number.
- Shops in the larger shopping centers may accept some foreign currencies. Usually other Gulf (GCC) currencies, US dollars, Euros, and British pounds).
- Up until the mid-1960s, the Indian rupee was used in the UAE, before being replaced with the UAE dirham. You will occasionally hear older residents talk about "rupees" in place of "dirhams".
- UAE banknotes are printed in overseas including the UK and France. The Central Bank has announced plans to build a currency printing plant in Abu Dhabi (Reuters report 12 December 2009).
Money Changers in the UAE
- Foreign currency exchange is available at banks and money changers for most of the common currencies.
- Shopping centers usually have a money changer that is open the same hours as shops are (banks hours are shorter).
- Al Ansari Exchange, Al Rostamani (Thomas Cook), and UAExchange are popular money changers in the UAE.
Banknotes in Dubai and the UAE |
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|---|---|---|---|
| Amount | Color | Picture | Notes |
| 5 dirhams | brown | ||
| 10 dirhams | green | ||
| 20 dirhams | turquoise | ||
| 50 dirhams | purple | Al Jahili Fort, Al Ain | |
| 100 dirhams | red | Dubai World Trade Center | |
| 200 dirhams | orange | older notes are brown | |
| 500 dirhams | blue | Jumeirah Mosque, falcon | |
| 1000 dirhams | brown | darker brown than 5 dhs | |
Coins in Dubai and the UAE |
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| 1 fil | very rarely seen | ||
| 5 fils | very rarely seen | ||
| 10 fils | very rarely seen | ||
| 25 fils | common | ||
| 50 fils | common | ||
| 1 dh | common | ||
- All banknotes are issued by the UAE Central Bank and are printed in English on one side, and Arabic on the other. Coins have "United Arab Emirates" and the denomination in Arabic on one side, and a picture and date on the other.
- Chicklets are not an official UAE currency unit issued by the Central Bank, but an irritating replacement common at petrol stations and small supermarkets in lieu of change. Chicklets are a one-way transaction only, you can't use them for purchases (although if enough people tried, maybe that would encourage shops to give proper change).
- The 200 dh bank note was updated in May 2008 to reduce confusion with the 5 dh and 1000 dh banknotes.
- Banknotes are of increasing size as the value increases.
UAE currency updates
- 20 Aug 2012 - the UAE Central Bank announced that a new version of the 50 dirham note would be issued, and circulation of the new notes would begin on Monday 30 July 2012. The new note would have a new security feature - the silver metallic thread on the front of the note would be replaced with a broader (3mm) colour shifting thread reading "UAE 50".
- 2012? New AED 500 notes were put into circulation, with new security features but otherwise looking much the same as the older 500 dirham notes.
UAE commemorative coins and other special issues
Since 1976, the UAE Central Bank has issued commemorative coins on a regular basis, annually from 1998. In 1976 two coins were issued in denominations of 500 dhs and 1000 dhs, made of gold. You probably won't get one as change from your shopping trip to Carrefour. In subsequent years a range of denominations have been issued, including 1 dh, 5 dhs, 10 dh, 50 dh, and 100 dhs coins. Materials include copper-nickel alloy, silver, and gold.
- 10 March 2012 (announcement date) - The UAE Central Bank will issue a silver coin to commemorate the 5th anniversary of the Khalifa International Date Palm Award, with the logo on the back, and the portrait of UAE President His Highness Shaikh Khalifa Bin Zayed Al Nahyan on the front.
- 03 March 2012 (Gulf News report) - the "UAE's first gold coin" will be available by the end of March 2012 reportedly. The announcement that it will be the first gold coin issued by the UAE seems a bit odd - there were gold coins issued in 1976. But anyway, the coin will have a portrait of President His Highness Shaikh Khalifa Bin Zayed Al Nahyan on the front, and a picture of the Burj Khalifa on the back. Coin is being marketed by the Dubai Multi-Commodities Center (DMCC). A prototype was launched in August 2011.
GCC Common Currency and Monetary Union
- The six GCC countries - Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, UAE - had planned to launch a common currency by 2010.
- Oman pulled out in 2006, and the UAE withdrew in 2009 after the GCC Central Bank location was proposed for Saudi Arabia instead of the UAE.
- In 2009, the 2010 deadline was cancelled. A May 2010 Reuters report said that 2015 might be a revised target, but even that might be optimistic according to Abdulrahman al-Attiyah, Secretary-General of the Gulf Cooperation Council (GCC), who said to Reuters "... I don't foresee the currency to be launched in 2015 ..."
Last update Friday 31-Aug-2012
Related pages
Related websites (new window)
- www.centralbank.ae - UAE Central Bank website
- Dubai directory - add your link free