Time Period: 1950-1973

Timeline

  • 29.04.1959
  • Indian Act [Reserve Bank of India (Amendment) Act, No. 14] for the issuance of special banknotes for the Gulf region by the Reserve Bank of India; effective 01.05.1959
  • 11.05.1959
  • Start of currency exchange:
    - 11.05.1959: Start of issuance of the special Indian banknotes for the Gulf region
    - 22.06.1959: End of exchange period, demonetization of the regular Indian banknotes.
  • ??.??.1964
  • Sharjah issued collector coins denominated in "Rupee" (not authorized by the British administration)
  • 07.07.1965
  • Monetary agreement between Abu Dhabi, Bahrain, Dubai and Qatar on the creation of a common currency; not implemented
  • 21.03.1966
  • Monetary agreement between Dubai and Qatar on the creation of a common currency; effective 18.09.1966
  • 06.06.1966
  • India unilaterally devalued the (Gulf) Rupee by 36.5%
    - Immediately afterwards, Abu Dhabi adopted the Bahraini Dinar while Ajman, Dubai, Fujairah, Ras al-Khaimah, Sharjah and Umm al-Quwain imported Saudi Arabian currency as interim means of payment, and the (Gulf) Rupee was demonetized until end June 1966.
  • 18.09.1966
  • Ajman, Dubai, Fujairah, Ras al-Khaimah, Sharjah and Umm al-Quwain adopted the Qatar-Dubai Riyal, replacing the Saudi Arabian currency
  • 1968-1972
  • Ajman, Fujairah, Ras al-Khaimah, Sharjah and Umm al-Quwain issued collector coins denominated in "Riyal"


Time Period: 1973- (AH:1393-)

Currency: United Arab Emirates Dirham


Timeline

  • 19.05.1973
  • AH:16.04.1393
  • Law [No. 2] on the establishment of the United Arab Emirates Currency Board; effective upon constitution of the board on 19.05.1973
  • 19.05.1973
  • Start of currency exchange:
    - 19.05.1973: Start of issuance of the new banknotes and coins
    - 18.08.1973: Demonetization of the banknotes in Qatar-Dubai Riyal (coins tolerated until 30.11.1973)
    - 18.11.1973: Demonetization of the Bahraini Dinar (in Abu Dhabi).
  • 02.08.1980
  • AH:21.09.1400
  • Law [No. 10] on the establishment of the Central Bank of the United Arab Emirates; effective upon constitution of the bank on 10.12.1980

Valuation Regimes

  • 1973-1978
  • Fixed rate against US Dollar
  • 1978-1980
  • Fixed rate against IMF Special Drawing Rights (SDR) unit
  • 1980-
  • Fixed rate against US Dollar

Rate Arrangements

  • 19.05.1973
  • Fixed
  • US Dollar at 1 : 3.947
  • -
  • 28.01.1978
  • Fixed
  • SDR at 1 : 4.762
  • +0.7%
  • 22.12.1980
  • Fixed
  • US Dollar at 1 : 3.671
  • +2.8%
  • ??.11.1997
  • Fixed
  • US Dollar at 1 : 3.67275
  • -0.0%


End-year Forex Rates (Units per US Dollar)