User:Ali Alrubaey

The Emirates Dirham
The Emirates dirham is the basic unit of the United Arab Emirates currency. The dirham consists of 100 fils publish by the United Arab Emirates Central Bank. The United Arab Emirates dirham is pegged to the US dollar at 3.6725 dirhams per dollar and the United Arab Emirates is believed to maintain the dollar relationship despite the downgrade of the United States credit rating.

The United Arab Emirates dirham was first introduced on May 19, 1973 as an alternative to the Bahraini dinar (publish in 1965 by Bahrain as an alternative to the rupee and used by the Emirate of Abu Dhabi). Qatar and Dubai (publish by the Qatar Monetary Council and Dubai in 1966) were used in Dubai and the rest of the five emirates. The Saudi riyal was used temporarily from June 1966 for four months until September of the same year as an alternative to the Gulf rupee in the Emirate of Dubai and the rest of the UAE until the issuance of Qatar and Dubai except the Emirate of Abu Dhabi, which used the Bahraini dinar as an alternative to the Gulf rupee.

On May 19, 1973, the Saudi riyal was replaced by one riyal Qatar, Dubai and ten dirhams against the Bahraini dinar. A total of 12.9 million dinars and 131 million riyals were exchanged against 260 million dirhams in circulation. The Persian Gulf countries (represented in Kuwait, Bahrain, Qatar, Oman, and the Trucial States of Abu Dhabi, Dubai, Sharjah, Ajman, Um Al Quwain, Ras Al Khaimah and Fujairah) have been using the Indian rupee since 1951. In 1959, The Indian rupee was equal in value, shape and size and differed in color only. It was published in a special order between the emirates of the Gulf and the British government, which sponsored the interests of the UAE and the Indian government. Where it was agreed that the Reserve Bank of India would be published. The new currency is bought by the Emirates of the Gulf according to its currency needs to trade between its people and its economic and living affairs. If any government wishes to return the rupee to the Reserve Bank of India, the bank must return the pound sterling without a decrease in value.

Resources
UAE likely to stick with dollar peg Tom Arnold - Aug 8, 2011 - The National A copy is reserved August 12, 2016 on the site Wi-Pak Mashin.

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