AED to MZN

AED - United Arab Emirates Dirham (د.إ)

The United Arab Emirates dirham is the currency of the United Arab Emirates. The dirham is abbreviated by the currency code AED, and its symbol is د.إ. Unofficial abbreviations include ‘Dhs’ and ‘DH’. The most popular AED exchange is with Indian rupees (INR to AED). The dirham is a fiat currency, and its conversion factor has 6 significant digits.

The Dirham (AED) is the currency of the United Arab Emirates. 1 Dirham = 100 fils. Exchange can be done at a bank, but is less costly at an exchange office. The United Arab Emirates Dirham was pegged to the IMF’s drawing rights in 1978. In 1997 the Dirham was pegged to the US Dollar at 1 USD = 3.6725 dirham.

The United Arab Emirates Dirham is the currency in United Arab Emirates (AE, ARE, UAE). The symbol for AED can be written Dh, and Dhs. The United Arab Emirates Dirham is divided into 100 fils. The exchange rate for the United Arab Emirates Dirham was last updated on Today from The International Monetary Fund. The AED conversion factor has 6 significant digits.

Economy

• The United Arab Emirates is ranked second in the Corporation Council for the Arab States of the Gulf (CCASG).
• Natural gas and petroleum exports play an important role in the economy.
• The service sector is also an important source of income.
• Construction forms a huge part of the economy; there is currently an average of $350 billion in construction projects.
• The United Arab Emirates is part of the World Trade Organization.
• Imports are machinery, manufactured goods, and transport equipment.
• In 2009, 85% of exports were natural resources.
• The United Arab Emirates has the fastest-growing economy in the world.

History

• The original currency in the United Arab Emirates was the Bahraini Dinar.
• Before 1966 the United Arab Emirates used the Gulf Rupee.
• The United Arab Emirates dirham started circulating in December 1971. The dirham replaced the Dubai Riyal as well as the Qatar Riyal at par.
• From 1973 to 1982 the United Arab Emirates issued the Dirham.
• In 1976 the United Arab Emirates minted commemorative coins.
• In the late 1980s a fixed rate was established between the Dirham and the USD.
• 200-dirham denominations were produced only in 1989 and are scarce; however, the 200-dirham was re-introduced in May 2008 in a different color from the original.
• In 1997 the Dirham was pegged to the US Dollar.

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MZN - Mozambican Metical (MT)

Mozambican Metical

The new Metical is the official currency of Mozambique. It is subdivided into 100 centavos. In the southern part Mozambique, US Dollars, the South African Rand, and the British Pound Sterling are also used for business transactions.

The New Mozambican Metical is the currency in Mozambique (MZ, MOZ). The symbol for MZN can be written Mt. The New Mozambican Metical is divided into 100 centavos. The exchange rate for the New Mozambican Metical was last updated on May 24, 2019 from Yahoo Finance. The MZN conversion factor has 3 significant digits.

Economy

• Mozambique is part of the Southern African Development Community, whose trading protocols aim to make the Southern African region more competitive by removing trade barrier such as tariffs.
• In 2007, the World Bank recognized the economic growth of Mozambique. The World Bank and UNICEF describe the country as a paradox, given its increasing, chronic child malnutrition in spite of its GDP development.
• From 1994 to 2006, the average annual GDP reached 8%, yet the country was still on the list of the poorest and most undeveloped countries in the world.
• According to a 2006 study, three-quarters of Mozambique’s population stated that in recent years their economic status has stayed the same or gotten worse.

History

• In 1980, the Metical replaced the Escudo at par. The country then experienced a period of hyperinflation, leading to a devaluation of the currency. Mozambique re-valued the new Metical in 2006 at a rate of 1,000:1.
• On July 1, 2006 a new series of coins and banknotes was issued. The transitional phase, during which both old and new Metical were used, ended on December 31, 2006.
• The old Metical currency is still accepted and redeemed by the Bank of Mozambique for a period of six years, ending on December 31, 2012.

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