The UAE’s currency is the dirham, which is divided into 100 fils. Different denominations of the dirham notes carry fine line drawings of notable UAE landmarks.
The dirham was put into circulation in 1973 two years after the UAE was formed, when it replaced both the Bahraini dinar (favoured by Abu Dhabi) and Qatari riyal (favoured by Dubai) which had been used since 1966. For many decades previously, the emirates had used the Gulf rupee, as well the golden pound or the silver Maria Theresa dollar.
The Central Bank of the UAE was initially established as the UAE currency Board on May 19, 1973. It task was to issue a national currency to replace all other currencies in circulation during the period after the establishment of the federation of the UAE in 1971. The currencies in use were the Bahraini dinar and the Qatari and Dubai rival. The UAE dirham was put in circulation for the first time on May 19,1973. Following this, the Bahraini dinar and the Qatari riyal were replaced within weeks, at the rate of one dirham for one riyal and 10 dirhams for one dinar.