The dirham is the currency of Dubai, United Arab Emirates. It is divided into 100 fils. It is issued by the Dubai Currency Board and the coins are minted by the Royal Canadian Mint. The dirham replaced the Gulf rupee as legal tender in Dubai on 1 October 1966 at par with a rate of US$2 = Dh1.
Dirham Intrdouction
The dirham was introduced on January 1, 1973, replacing the Gulf rupee at a rate of 1 dirham = 2 rupees. The first series of coins were introduced in 1973 (1, 5, 10 and 25 fils) and 1974 (50 fils). The second series of coins was introduced in 1984 (1, 2 and 5 dirhams), followed by 20 fils in 1986, 50 fils in 1988, 1 dirham in 1989 (copper-plated steel) and 5 fils in 1990 (copper-plated steel).
The third series of coins
The third series of coins was introduced in 1993 with the same denominations as the second series but different designs. A 50 fils coin was issued for general circulation on December 21, 1994 with an image of the historic Qusais Fort on its reverse side. In 1997 a bi-metallic 200 fils coin was issued to celebrate 40 years of independence from Britain and the opening of Expo 2020 Dubai.
Coins were introduced in denominations
In 1966, coins were introduced in denominations of 1, 5 and 10 fils; 1, 2, 5 and 10 dirhams; together with a 50 fils coin struck in 1968 only (for circulation). In 1969, 2/5 dirham coins were introduced. These were followed by 10 dirham coins in 1975 and 20 dirhams in 1976 (all are still struck today). Banknotes were issued between 1966 and 1971 by the Dubai Currency Board which was established by an order of the Ruler of Dubai on 19 March 1966.
Notes for 5 dinars
It issued notes for 5 dinars dated 23 May 1968; 10 dinars dated 23 May 1969; 20 dinars dated 14 January 1970; 50 dinars dated 12 July 1970; 100 dinars dated 12 July 1970; 500 dinars dated 12 July 1970 and 1000 dinars dated 4 August 1970. All were withdrawn from circulation.
What Is The Dirham?
The dirham is the currency of Morocco, which is a country in North Africa. The word “dirham” comes from the Roman denarius, which was part of the Byzantine Empire. Morocco has been using dirhams since 1912 when it replaced its former currency, called francs or francs marocaines (FM), after France took over Morocco as a protectorate.
Subdivided into 100 centimes
The dirham is subdivided into 100 centimes (c) or mils, which were introduced during the French occupation period between 1912 and 1956. Although there were plans to replace them with francs again after independence in 1956, they managed to survive until 1984 when they were finally replaced by dinars (MAD).
The dirham is heavily influenced by oil prices. The UAE has some of the largest oil fields in the world, so if oil prices increase significantly, then this will affect the value of the dirham. In contrast, if oil prices fall, then this will also affect the value of your currency.
Conclusion
The UAE’s economy is diversified and stable because it has many different industries including financial services and tourism such as rentalcarsuae.com. This means that even if one industry suffers a downturn due to external factors, then another industry can help support it.
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