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UAE central bank approves 50 dirham polymer banknote

UAE Central Bank

The UAE Central Bank has approved the 50 dirham polymer banknote as an official currency.

The polymer banknote will be circulated alongside the current banknote of the same denomination, the Bank said.

The Bank added that the banknote was distributed to banks and exchange houses in the country.

UAE Central Bank

The Bank had recently launched a new 50-dirham banknote on the occasion of the 50th Union Day.

Polymer banknotes are more durable and sustainable than traditional banknotes. They last two or more times as long as their cotton counterparts.

It can also be completely recycled, thus contributing to efforts to reduce the environmental footprint.

In this regard, the Bank was keen to maintain its approach by adding prominent symbols in Braille, to help blind and visually impaired identify the value of the banknote.

The new 50-dirham banknote has advanced security features. It relies on advanced technologies to enhance customer confidence and combat counterfeiting.

Digital currency

In a related context, the Bank announced its intention to issue a digital currency, during the coming period. The move is a step similar to what many central banks around the world intend to study.

The bank announced its most important strategic directions during the period from 2023-2026. Through which it seeks to be among the top 10 central banks in the world.

The strategic directions of the Bank during the coming years include seven goals. They include issuing a digital currency, and supporting digital transformation in the financial services sector in the UAE, by adopting the latest technologies in artificial intelligence and big data.

The Central Bank set the date of July 15 for the partners to participate in the study that it launched for this purpose, under the title: “Expectations and future needs of the partners.”

The world’s governments are racing to issue digital currencies to keep pace with the development in the field of digital currencies around the world.

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