- August 16, 2022
- Posted by: axiom_admin
- Categories:
The United Arab Emirates Dirham or AED in short is the official currency of the UAE. It is also referred to with the symbol Dhs or DH and has been the official currency of the country since 1973 after the union of the 7 Emirates that came together to form one of the most economically sound nations of the GCC region.
It is considered one of the world’s most stable currencies in terms of exchange rate stability since being pegged to the US dollar in1997 at a rate of 1 U.S dollar to 3.6725 AED.
The UAE relies heavily on the oil industry; therefore, the dollar peg is considered an advantage for the economic stability of the country as it allows the UAE government to reduce the volatility of its exports. It also keeps the government under pressure to keep the country’s economic indicators at optimal levels to maintain the peg. In short, the future of the UAE dirham is currently bright for years to come.
Thus, UAE is one of the strategic countries which provides stability for your business. It is recommended to discuss with specialists from Axiom Mark to receive the best business set up service in UAE.
