The UAE dirham (AED) is the official currency of the United Arab Emirates, including Dubai. The dirham is pegged to the United States dollar at a rate of 1 USD to 3.6725 AED. The currency is divided into 100 smaller units called fils. There are coin denominations of 1, 5, and 10 fils, as well as banknotes in denominations of 5, 10, 20, 50, 100, 200, 500, and 1000 dirhams. The dirham plays a crucial role in global finance as a reserve currency and is popular in forex trading.
The Emirati dirham was established in 1973 to replace the currencies of Qatar and Dubai. It was created to stabilize the economy, as oil exports were booming. The currency was initially pegged to the US dollar at a rate of 3.6725 AED to 1 USD. Over the years, the dirham has changed in size and composition and introduced new coin denominations.
The UAE dirham holds a significant position in global finance as a reserve currency and is widely used in forex trading. Its stable exchange rate with the US dollar has helped maintain economic stability in the country and attract foreign investors. The currency's value also has an impact on the country's economy and global trade.
The pegging of the dirham to the USD has provided stability in the country's economy, making it an attractive destination for foreign investment. The currency's value affects the cost of imports and exports, impacting the country's global trade.
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