What Is The Currency In Dubai?

The currency of Dubai and the rest of the United Arab Emirates (UAE) is known as the dirham. The International Standards Organisation (ISO) 4217 code gives abbreviated code names for each currency. According to the ISO 4217 code, the standard abbreviation for the United Arab Emirates dirham is AED. Unofficially, the common abbreviations Dh. or Dhs. are also widely recognised and accepted. The dirham is the chief unit of currency of the United Arab Emirates. It is divided into 100 fils. The rate of inflation in the United Arab Emirates is pegged at about four-and-a-half per cent per annum, according to an estimate in the 2005 edition of The World Factbook. The dirham is pegged with the United States dollar.

The foreign exchange rate is U.S$1.00 is equivalent to 3.6725 dirhams. The apex banking institution of the UAE is called the Central Bank of the United Arab Emirates. The banknotes are issued in the denominations of AED 5, 10, 20, 50, 100, 200, 500 and 1,000, and the coins are issued in the denominations of 1 fils, 5 fils, 10 fils, 25 fils, 50 fils and AED 1.       

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