UAE dirham was introduced in circulation for the first time on 19 May 1973. The Qatar and Dubai riyal were in circulation since 1966 in all of the emirates except Abu Dhabi, where the dirham replaced the Bahraini dinar. For example, oil prices collapsed in 2015 and reduced revenues for GCC countries.5 Many countries toyed with the idea of devaluing their currency against the U.S. dollar. The word "dirham" ultimately comes from drachma the Greek coin The devaluation would boost local revenue because U.S. dollars collected from oil sales could be repatriated for more dirhams. Currency analysts predict further strengthening of the dirham in the coming months. Emerging markets will most likely continue to struggle and their currency value will depreciate further. This, however, will translate to better returns on remittance for expats in the UAE. Currency analysts advise expats who remit on a monthly basis to continue taking advantage of the soaring dirham...
Ashiq Moideen;holds a Master of Business Administration (MBA) in International Business and Marketing from VMRF College (Chennai) and a Bachelor of Engineering (Hons) in Civil Engineering . Highly motivated MBA International Business graduate with a passion for international relations and diplomacy seeking to launch a career in Foreign Service. My education in International Business has equipped me with a deep understanding of global economic and political systems.