The Central Bank of the UAE (CBUAE) has unveiled a new symbol for the UAE Dirham, a crucial step towards increasing the currency’s worldwide recognition. According to the CBUAE, the use of the new symbol is consistent with efforts to establish the Dirham as an international currency.
The new symbol is based on the English term for the Dirham and contains two horizontal lines to reflect the currency’s stability. The design is also influenced by the UAE flag, which emphasises the country’s commitment to financial and monetary security.
In addition to introducing the new symbol, the CBUAE revealed progress in the implementation of the Digital Dirham, a crucial component of the Financial Infrastructure Transformation Program, which was launched in 2023. The Digital Dirham is set to become a widely accepted legal tender across all payment platforms and venues.
The CBUAE-issued Digital Dirham will be available through licensed financial institutions, such as banks, exchange houses, and fintech enterprises. Governor Khaled Mohamed Balama emphasised that this project represents a significant step forward in digital finance by boosting financial inclusivity and security. He stated that blockchain-based Digital Dirham technology will improve financial resiliency while also promoting innovation and cost-effectiveness in international transactions.
