United Arab Emirates Dirham General Info
The United Arab Emirates dirham was introduced on 19 May 1973. It replaced the Qatar and Dubai riyal at par. 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. As in Qatar, the emirates briefly adopted the Saudi riyal during the transition from the Gulf rupee to the Qatar and Dubai riyal. It is pegged to the U.S. dollar for most of the time. Since November 1997, the dirham has been pegged to the 1 U.S. dollar = 3.6725 dirhams, which translates to approximately 1 dirham = 0.272294 dollar.
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 Empire.AED Foreign Transfers AED Travel Money Read our Travel Guide to United Arab Emirates