UAE unveils new symbol for dirham in physical, digital forms

A new symbol for United Arab Emirates (UAE) currency has been unveiled by the Central Bank of the UAE (CBUAE), in a bid to strengthen its position as a leading global financial hub. 

The new Dirham symbol represents the stability of the Emirati currency and also paying homage to UAE's national flag. 

The symbol for the digital dirham was also revealed by the CBUAE, according to The National.

"The letter was chosen, derived from the English name of the dirham, to serve as an international symbol representing the nation's currency, incorporating two horizontal lines that embody the stability of the UAE Dirham and inspired by the UAE flag, to enhance financial and monetary stability," read a statement from the CBUAE on Thursday.

"The digital dirham symbol features a circle surrounding the physical currency symbol, using the colours of the UAE flag to reflect pride and national identity."

Digital dirham's issuance is expected to take place in the last quarter of the year for the retail sector. 

Globally, central banks are inclined towards the development of their digital currencies as popularity of cryptocurrencies, as an asset class among retail and institutional investors, are at a rise. 

"We are proud to unveil today the new symbol for the UAE's national currency the "dirham" in both its physical and digital forms, and the design of the digital dirham wallet," said Khaled Mohamed Balama, governor of the CBUAE. 

"This reflects the significant advancements in the implementation of the Digital Dirham programme and a leap towards realising the CBUAE’s vision," he added. 

The digital dirham, for individuals and businesses, will be available on licenced financial institutions, such as banks, exchange houses, finance companies and FinTech companies.