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Orgin&Rise-UAE Dirham

 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. Investors and other remitters looking to transfer large amounts should consider waiting for a more favorable time if they are looking for greater benefits. Patience could be key here.

 

The Currency Board issued the national currency dirham in 1973 for the first time. Prior to this, the UAE had currencies such as the Bahraini Dinar and the Qatari and Dubai Riyal in circulation.

The UAE Dirham is expected to trade at 3.67 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 3.67 in 12 months time.

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