News in Brief

New Currency Symbol for Dirham

Last month, we reported that Saudi Arabia has a new currency symbol for the riyal. This month, its neighbour, the United Arab Emirates, has also unveiled a new currency symbol for the dirham – both physical and digital.

The unveiling of the new dirham symbol took place in conjunction with the Central Bank of the UAE’s joining of the FX Global Code, becoming the first central bank in the Arab region to do so. It is part of the Bank’s efforts to establish the dirham as an international currency and the UAE as a global financial hub, along with enhancing best practices in the exchange market and promoting ethical practices and sound professional rules for its participants.

The letter D was chosen, derived from the English name of the dirham, to serve as an international symbol representing the nation’s currency. It incorporates two horizontal lines that, says the Bank, embody the stability of the UAE dirham and, inspired by the UAE flag, enhance financial and monetary stability.