The Central Bank of the UAE (CBUAE) has introduced a new symbol for the UAE Dirham, aiming to reinforce the nation’s status as a global financial hub.
The newly unveiled Dirham symbol signifies the stability of the Emirati currency while also paying tribute to the UAE’s national flag. Additionally, the CBUAE has revealed the symbol for the digital dirham, as reported by The National.
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“The letter, derived from the English name of the dirham, was selected to serve as an international representation of the currency. It features two horizontal lines symbolizing the stability of the UAE Dirham, inspired by the UAE flag, to promote financial and monetary stability,” the CBUAE stated on Thursday.
The digital dirham symbol incorporates a circular design around the physical currency symbol, using the UAE flag’s colors to reflect national identity and pride.
The issuance of the digital dirham for the retail sector is expected in the last quarter of the year.
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Globally, central banks are increasingly developing digital currencies as cryptocurrencies gain traction among retail and institutional investors.
“We are proud to introduce the new symbol for the UAE’s national currency, the ‘dirham,’ in both physical and digital forms, along with the design of the digital dirham wallet,” said Khaled Mohamed Balama, Governor of the CBUAE.
“This marks a significant milestone in the implementation of the Digital Dirham programme and a step forward in realizing the CBUAE’s vision,” he added.
The digital dirham will be accessible to individuals and businesses through licensed financial institutions, including banks, exchange houses, finance companies, and FinTech firms.