Dirham. The history of the most stable currency in the Middle East

Before the dirham entered into circulation, the region did not have a specific currency.

The pound, silver riyal and Indian rupee acted as the state's monetary unit. From 1766 to 1837, being under the strong influence of the British state, it was the Indian rupee that became the main currency paid in the whole region. Recall that from the XVIII to the first half of the XX century, the British Empire gradually colonized India.

After some time, the Indian government decided to reduce the cost of the rupee in the Persian Gulf. As a result, trade began to decline, as a result of which it began to lose its value, but the standard of living, on the contrary, increased sharply. As a result, the Emirates abandoned the Indian rupee and its place was taken by the Saudi rial.

During all this time, Abu Dhabi did not experience any difficulties with the currency, it did not have to be changed and it did not adversely affect the standard of living, because until 1973 all residents paid with the Bahraini dinar. While Qatar and Dubai from 1968 to 1973 used their collective currency - rial. She was called - the rial of Qatar and Dubai.

On December 2, 1971, Dubai decided to become a member of the United Arab Emirates, and therefore was forced to terminate an agreement with Qatar on the activities of the Monetary Board. A year and a half later, in May 1973, the riyal of Qatar and Dubai came out of circulation and was replaced by the Qatari riyal, and in Dubai, like in other emirates, a dirham was introduced. At the same time, the Emirates became members of the International Monetary Fund.

The first banknotes put into circulation in 1973 amounted to 1,000 dirhams. After almost 10 years, the UAE issued a series of bills in denominations of 1 and 1000 dirhams, and a year later, in 1983, a banknote of 500 dirhams was issued. In 1989, banknotes of 200 dirhams entered into circulation, in 2000, the Emirates renewed bills of 1,000 dirhams.

It is worth noting that you can not even meet the 200 dirham 1989 note, since its circulation was issued only in the 1989th, and in 2008 it was updated by changing colors. Thus, from now on, a 200-dirham note is issued in yellow and brown, instead of the old green and brown.

Today there are 5, 10, 20, 50, 100, 200, 500 and 1000 dirhams in circulation. On the front side of each of them there are inscriptions in Arabic, and on the back side - in English.

If everything is simple and clear with banknotes, then sometimes coins make tourists stay at the cash desk for a long time, as the numbers are marked with Eastern Arabic numbers, and not with those Arabic numbers that people used to consider them all. To make it easier to navigate in them, you just need to remember that on a 1 dirham coin there is a jug depicted, on 25 Fils there is a gazelle, and on 50 - oil derricks. The last coin can be remembered for its unusual form - it is heptagonal. All coins are made from an alloy of nickel and copper.

In conclusion, it is worth noting that the dollar in the Emirates is not inferior in popularity to the dirham itself. And the dollar against the dirham, for the past 45 years, has been 3.65 dirhams. In different exchange offices, this rate varies and is usually not in favor of the tourist, so it is most advantageous to exchange bills in shopping centers and banks. It is undesirable to do this in hotels and the airport.

The stability of the national currency and the economy as a whole makes the Emirates one of the most attractive countries for the creation and development of business, investment, leisure and permanent residence.