In a major move to further solidify the UAE’s position as a major international financial hub, the Central Bank of the United Arab Emirates unveiled a new symbol for the country’s currency, both in its digital and physical forms.
According to the Emirates News Agency, the recently unveiled dirham symbol, which has two horizontal lines that stand for financial stability, is modelled after the English letter ‘D’.
The UAE flag, which represents tenacity and pride in the country, is also referenced in the design. This emblem will promote the UAE’s currency in foreign markets by acting as a worldwide representation of the dirham.
The FX Global Code was adopted by the UAE concurrently with the symbol’s introduction, making the CBUAE the first Arab central bank to join this significant framework.
The UAE’s dedication to honesty and openness in financial transactions is further strengthened by this action, which is part of the FX Global Code, which is well known for encouraging ethical standards and best practices in the foreign exchange market.
As a key component of the Financial Infrastructure Transformation Programme, which was started in 2023, the CBUAE is promoting the issuance and circulation of the digital dirham in addition to the physical dirham symbol.
The digital dirham will have a circular design that incorporates the colours of the UAE flag, reinforcing the country’s modernity and sense of pride in the ever-changing financial landscape.
“We are proud to unveil today the new symbol for the UAE’s national currency and the design of the digital dirham wallet. The digital dirham, built on blockchain technology, is expected to enhance financial stability, improve inclusion, increase resilience, and help combat financial crime,” Khaled Mohamed Balama, governor of the CBUAE, who expressed his excitement for these revolutionary steps, said.
He also underlined how the digital dirham will spur innovation in the financial industry by making it possible to develop new digital goods and services, cut costs, and increase access to global markets.