UAE introduces new Dirham symbol for cash and digital use

Web Desk

28 March, 2025 16:23

UAE introduces new Dirham symbol for cash and digital use

The Central Bank of the UAE has introduced a new symbol for the country’s currency, the dirham, which will now appear in both physical cash and digital form.

This step reflects the UAE’s efforts to modernize its financial system and boost its global presence as a leading financial center. It follows the guidance of Sheikh Mansour bin Zayed Al Nahyan, who supports strengthening the country’s economic position.

Alongside the new symbol, the central bank is also preparing to launch a digital dirham. This digital version of the currency is part of a broader modernization program called the Financial Infrastructure Transformation (FIT) Programme, which began in 2023. The goal is to promote innovation in the financial sector and make the UAE a pioneer in digital payments.

The Digital Dirham will function just like regular money and will be accepted across all payment platforms. It uses blockchain technology, which offers strong security, privacy, and faster transaction processing. The digital currency will also help reduce payment costs and allow for safe, efficient transfers.

People and businesses will be able to get digital dirhams from banks, exchange houses, finance companies, and fintech firms once it becomes available. The official launch for public use, especially in the retail sector, is expected by the end of 2025.

In addition, the Central Bank of the UAE has joined the FX Global Code, making it the first central bank in the Arab world to do so. This move aims to increase trust in the UAE dirham on an international level and promote fairness and professionalism in currency exchange.

The Digital Dirham will come with advanced features like tokenization and smart contracts, which will support growth and innovation in how people handle money and transactions.