The AED (United Arab Emirates Dirham) is that the currency abbreviation for the United Arab Emirates dirham, the official currency of Dubai and other Emirates.
The United Arab Emirates Dirham has been used since 1973, when it replaced several currencies, like the Dubai riyal and therefore the Qatar riyal.
The UAE Dirham is that the currency of the United Arab Emirates.
It is sub-divided into 100 fils.
It is pegged to the U.S. dollar and is among the world's most stable currencies.
Basics of AED (United Arab Emirates Dirham)
The United Arab Emirates dirham is formed from 100 fuloos, which is plural for fils. A fils is additionally the sub-unit for the Kuwaiti dinars, Iraqi dinars, Bahraini dinars and therefore the Yemeni rial .
The dirham is out there in denominations of 5, 10, 20, 50, 100, 200, 500 and 1,000.
The 1 dirham unit exists in coin form only.
The financial institution of the United Arab Emirates issues the country's banknotes.
To combat counterfeiting, a watermark of the national emblem appears on the obverse of every note.
The emblem is that the Hawk of Quraish, a golden falcon with a disk surrounded by seven stars in its center and 7 feathers to represent each of the Emirates.
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The United Arab Emirates Dirham (AED) exchange rates represented on this page are live, updated every minute within the forex market's trading.
Exchange Rate Today for AED
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Exchange rates fluctuate constantly and this page allows you to not only check the newest exchange rates United Arab Emirates Dirham today, but also the United Arab Emirates Dirham rate of exchange history in additional detail.
The AED and United Arab Emirates Economy
The United Arab Emirates had a gross domestic product of about $382.6 billion in 2017, making it the 30th largest within the world and second among Gulf Cooperative Council (GCC) nations.
With the exception of Dubai, the emirates rely overwhelmingly on oil exports and gas reserves, although they need been making steady progress toward diversification.
investors consider the UAE dirham to be among the world’s most stable currencies in terms of rate of exchange stability.
It has been pegged to the us dollar since 1973. Since 1997, it's been set at a rate of 1 U.S dollar to three .6725 AED.
The World Competitiveness Centre of the International Institute for Management Development (IMD), based in Switzerland, ranks the UAE dirham because the 24th most stable currency within the world, above the currencies of the many major European countries.
UAE Dirham to Indian Rupee Exchange Rate
Because of the country's reliance on the refining industry , officials see it advantageous to peg its currency to the U.S. dollar. Remember oil prices are denominated in U.S. dollars.
By pegging its currency against the greenback, the UAE government can reduce the volatility of its exports.
The country's economic indicators and accounting should be maintained at optimal levels to take care of the peg.
For example, as of this writing, the UAE government is running a accounting surplus to its GDP.
But the peg also can work against government strategy.
For example, oil prices collapsed in 2015 and reduced revenues for GCC countries.
Many countries toyed with the thought of devaluing their currency against the U.S. dollar.
The devaluation would boost local revenue because U.S. dollars collected from oil sales might be repatriated for more dirhams.