What is the Utd. Arab Emir. Dirham (AED)? Basic information about the Utd. Arab Emir. Dirham currency

Description

The United Arab Emirates dirham (AED) is the currency of the United Arab Emirates. One dirham is divided into 100 fils. The United Arab Emirates dirham is pegged to the US dollar at the exchange rate of 1 USD = 3.6725 AED.

Economy

  • The United Arab Emirates (UAE) is ranked second in the Gulf Cooperation Council (GCC).
  • Natural gas and petroleum exports play an important role in the country’s economy.
  • The UAE’s economy relies on the service and industry sector, with each accounting for almost 50 percent of GDP.
  • Construction forms a huge part of the United Arab Emirates’ economy with over $400 billion in active and ongoing construction projects.
  • The United Arab Emirates is part of the World Trade Organization (WTO) and Organization of the Petroleum Exporting Countries (OPEC).
  • Imports include machinery and transport equipment, food, chemicals.
  • The United Arab Emirates has one of the fastest-growing economies in the world.

History

  • Before 1966, the United Arab Emirates used the Gulf rupee.
  • In 1973, the United Arab Emirates dirham replaced the Dubai riyal and the Qatar riyal
  • Since 1997, the dirham has been pegged to the US dollar at the rate of 1 USD = 3.6725 AED.
Symbolsد.إ; (Arabic)
NicknamesNone
ISO 4217 codeAED
Central bankCentral Bank of the United Arab Emirates
Currency subunitsFile = 1/100
DenominationsBanknotes: 5, 10, 20, 50, 100, 200, 500, 1,000 dirhams
Coins: 1, 5, 10, 25, 50 fils. 1 dirham
Countries using this currencyUnited Arab Emirates
Currencies pegged to AEDNone
AED is pegged to1 USD = 3.6725 AED