UAE Central Bank Reveals Dirham's New Symbol

The Central Bank of the UAE has unveiled the new symbol for the UAE's national currency, the Emirati dirham, as part of its efforts to strengthen the UAE's position as a leading global financial center.

The Central Bank of the UAE also unveiled the new symbol for the digital dirham.

The Central Bank of the UAE explained that the new symbol was chosen to represent the stability of the Emirati dirham while also paying tribute to the UAE's flag.

A statement issued by the Central Bank of the UAE on Thursday stated: "The letter, derived from the English name for the dirham, was chosen as the international symbol for the national currency. It includes two horizontal lines that embody the stability of the Emirati dirham and is inspired by the UAE flag, to enhance financial and monetary stability."

The Central Bank of the UAE added that the digital dirham symbol features a circle surrounding the physical currency symbol, using the colors of the UAE flag to express pride and national identity.

The digital dirham, the central bank's digital currency, is expected to be issued for the retail sector in the fourth quarter of the year.

A central bank digital currency is a digital form of government currency. It is similar to cryptocurrencies, except that its value is fixed by the monetary authority and equal to the value of the country's paper currency.

Central banks around the world are considering developing digital currencies amid the growing popularity of cryptocurrencies as an asset class among individual and institutional investors.

Khaled Mohammed Balama, Governor of the Central Bank of the UAE, said: "Today, we are proud to unveil the new symbol of the UAE's national currency, the dirham, in both physical and digital versions, and the design of the digital dirham wallet."

He added: "This reflects significant progress in the implementation of the digital dirham program and represents a qualitative leap towards achieving the Central Bank's vision."