What is the Currency of UAE ? - Mortrends


UAE 
The UAE is officially known as the United Arab Emirates (UAE), which is a federation of seven emirates located in the Arabian Gulf. The UAE was founded in 1971 and has been able to contribute to the development of all its sectors since its establishment. The Emirate of Abu Dhabi is the capital of the United Arab Emirates.

Dirham UAE 
Dirham The UAE dirham is the official currency of the United Arab Emirates, and it is equivalent to the UAE Dirham (Dhs), and the dirham equals 100 fils. The UAE dirham is divided into coins and notes:

The coins include 5 fils, 10 fils, 25 fils, 50 fils, and 1 dirham. Banknotes include the following categories: AED 5, the face of the front coin contains a picture of the central market located in the emirate of Sharjah, It has a picture of a natural area in the north of the UAE. Dhs 10, the face of the front coin contains a picture of an Emirati dagger, and its back face contains a picture of a farm.

The front face contains pictures of both the Yacht Club and the Dubai Golf Club. Its rear face has a picture of a boat called the Wax. AED 50, The rear face contains the image of Al-Jahli, a fort located in Al Ain, one of the UAE cities. AED 100, the face of the front coin depicts Fahidi, one of the fortresses in the emirate of Dubai.

The front face contains pictures of Zayed Sports City and the Sharia Court building in the Emirate of Abu Dhabi. Its back face contains a picture of the main building of the Central Bank of the United Arab Emirates in the Emirate of Abu Dhabi. AED 500, AED 1,000. The face of the front coin depicts the palace of Al Hosn, one of the palaces of the Emirate of Abu Dhabi. Its rear face contains the image of the Corniche area of ​​the Emirate of Abu Dhabi.

History of Money in the UAE

The presence of money in the Emirates dates back to the era of Alexander the Macedonian. An ancient coin was used in the UAE in the area of ​​al-Muleihah. This indicates that there is an ancient civilization in the UAE. Coins were also discovered in the 16th century AD. In order to refer to the ruler Sultan al-Qasimi, after the Treaty of British protection in 1820, many types of currencies, such as the Austrian riyal, the copper lira and the golden light, were published. In 1970, Indian Rupee has also used the currency of the Ottoman lira.

The UAE Dirham emerged with the establishment and establishment of the UAE in the UAE and its importance in the Arab and international worlds. It was necessary to have a special currency in the UAE, which led to the establishment of the UAE Monetary Council, which is responsible for issuing currencies. Used instead of the currencies that were prevalent in the UAE community at the time, and the Monetary Council then keen to issue cash collections for specific events, such as the establishment of the University of the UAE, and the arrival of the football team to the World Cup,And the UAE national anniversary. All versions of UAE coins, whether metallic or paper, contain pictures and inscriptions that refer to the UAE heritage such as horses, falcons, palms, castles, fortresses, daggers, ships, deer and other heritage features that reflect The nature of cultural Emirates. 

The Federal Law was promulgated in the UAE in 1980, concerned with the regulation of banking and the monetary system. This led to the transformation of the UAE Monetary Council into the Central Bank of the United Arab Emirates in the same year, which was considered necessary to support the rapid economic and financial developments. The UAE Federal Law also grants the UAE Central Bank a set of powers and responsibilities in the financial and banking sector. Examples of these powers are the issuance of money according to legal provisions And to contribute to the provision of appropriate support for money, to seek to strengthen the stability of its value locally and internationally, and to participate in the control and guidance of credit policy; to strengthen the balance of growth of the UAE economy, and regulate banking, and to activate the control of the banking system, and retain the financial reserves of the UAE government of minerals Precious and currencies.

UAE Economy

The UAE's oil sector is the most influential in the UAE economy. Both Dubai and Abu Dhabi are the most oil-producing countries. The UAE's agriculture sector has witnessed significant growth in Fujairah, Ras Al Khaimah, Ajman and Al Ain, Water is sufficient to irrigate crops. Dates are one of the main agricultural crops in the UAE, and a variety of other plantations such as eggplant and cucumber. [16] The financial sector is also one of the most important elements of the UAE economy .

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