Today’s exchange rates for the UAE dirham against all foreign and Arab currencies
- The UAE dirham witnessed stability against the dollar at the level of 3.672 UAE dirhams.
- The price of the euro against the UAE currency was about 3.952 UAE dirhams.
- While the value of the British pound reached 4,631 UAE dirhams.
- The Swiss franc recorded 4.188 UAE dirhams against the UAE dirham.
- The Japanese yen recorded 0.0246 UAE dirhams.
- The Saudi riyal recorded 0.979 UAE dirhams.
- Below the UAE dirham against the Egyptian pound is 8.41, and on the black market it is 17.07 Egyptian pounds.
- The value of the Kuwaiti dinar reached 11,923 dirhams, against the Emirati dirham.
- The Bahraini dinar recorded 9,741 UAE dirhams.
- And without the Qatari riyal, it is 1.007 UAE dirhams.
- The Omani riyal is 9,539 dirhams, in front of the Emirati dirham.
- The Chinese yuan against the UAE dirham recorded 0.5106 dirhams.
It is noteworthy that data on foreign currency rates are updated against the UAE dirham on the UAE Central Bank’s website, at the end of each day weekly. Depending on the prices of foreign currencies around the world, which start trading from Monday to Friday of each week.
The Central Bank of the Emirates announced years ago that it published a list of foreign currency rates against the Emirati dirham on its website.
This decision came with the aim of facilitating the process of calculating the value-added tax obligations incurred by commercial entities for the Federal Tax Authority.
The UAE Central Bank emphasized that the list of prices of foreign currencies against the dirham complies with the requirements of Federal Law No. 8 regarding value-added tax.
It appears that the Central Bank of the Emirates decided, on Wednesday, January 31, 2024, to maintain the base rate on overnight deposit facilities at 5.40 percent without change; This follows a similar decision from the Federal Reserve.
The UAE Central Bank stressed that this decision comes following the US Federal Reserve’s announcement to keep the interest rate on reserve balances unchanged, at its meeting held today.
The Central Bank issued a decision to maintain the rate applicable to borrowing short-term liquidity from the Central Bank, through all existing credit facilities, at 50 basis points above the base rate.
The base rate, which is linked to the interest rate on reserve balances approved by the US Federal Reserve Bank, determines the general monetary policy position of the central bank, and also provides a minimum effective interest rate for overnight money market rates in the country, while the UAE dirham is linked to a fixed exchange rate to the dollar. American, at 3.67 UAE dirhams per dollar.
