History
For a wider history surrounding currency in the region, see British currency in the Middle East.The United Arab Emirates dirham was introduced 19 May 1973. It replaced the Qatar and Dubai riyal at par. The Qatar and Dubai riyal had circulated since 1966 in all of the emirates except Abu Dhabi, where the dirham replaced the Bahraini dinar at 1 dirham = 0.1 dinar. Before 1966, all the emirates that were to form the UAE used the Gulf rupee. As in Qatar, the emirates briefly adopted the Saudi riyal during the transition from the Gulf rupee to the Qatar and Dubai riyal.
On January 28, 1978, the dirham was officially pegged to the IMF's special drawing rights (SDRs). In practice, it is pegged to the U.S. dollar for most of the time. Since November 1997, the dirham has been pegged to the 1 U.S. dollar = 3.6725 dirhams, which translates to approximately 1 dirham = 0.272294 dollar.
The name Dirham derives from the Greek word Drachmae, literally meaning "handful", through Latin. Due to centuries of old trade and usage of the currency, dirham survived through the Ottoman regime.
Read more about this topic: United Arab Emirates Dirham
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“I am ashamed to see what a shallow village tale our so-called History is. How many times must we say Rome, and Paris, and Constantinople! What does Rome know of rat and lizard? What are Olympiads and Consulates to these neighboring systems of being? Nay, what food or experience or succor have they for the Esquimaux seal-hunter, or the Kanaka in his canoe, for the fisherman, the stevedore, the porter?”
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“As I am, so shall I associate, and so shall I act; Caesar’s history will paint out Caesar.”
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