AED to XOF

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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XOF - West African CFA Franc (XOF)

West African CFA Franc

The CFA Franc BCEAO is pegged to the Euro at 1 euro = 655.957 XOF. It is used by eight independent states in West Africa: Benin, Burkina Faso, Côte d'Ivoire, Guinea-Bissau, Mali, Niger, Sénégal and Togo.

The West African CFA is the currency in Benin (BJ, BEN), Burkina Faso (BF, BFA), Ivory Coast (Cote D'Ivoire, CI, CIV), Guinea-Bissau (GW, GNB), Mali (ML, MLI), Niger (NE, NER), Senegal (SN, SEN), and Togo (TG, TGO). The West African CFA is also known as Communaute Financiere Africaine BCEAO Franc. The symbol for XOF can be written CFAF. The West African CFA is divided into 100 centimes. The exchange rate for the West African CFA was last updated on Today from The International Monetary Fund. The XOF conversion factor has 6 significant digits.

Economy

• Benin is underdeveloped and dependent on subsistence agriculture and cotton. Cotton accounts for 40% of GDP and roughly 80% of official export receipts. The country also produces textiles, palm products, and cocoa beans. Maize (corn), beans, rice, peanuts, cashews, pineapples, cassava, yams and other tubers are grown for local subsistence.
• Burkina Faso is one of the poorest countries in the world with an average income per capita of €250 (US$300). More than 80 percent of the population relies on subsistence agriculture, with only a small fraction directly involved in industry and services. Highly variable rainfall, poor soils, lack of adequate communication and other infrastructure, a low literacy rate, and a stagnant economy are longstanding problems for this landlocked country. The export economy remains subject to fluctuations in world prices.
• Côte d'Ivoire has a largely market based economy, and depends heavily on the agricultural sector. It is among the world's largest producers and exporters of coffee, cocoa beans, and palm oil. Almost 70% of the Ivorian people are engaged in some form of agricultural activity.
• Guinea-Bissau exports fish and seafood, along with small crops of peanuts, palm kernels, and timber. License fees for fishing provide the government with some revenue. Rice is the major crop and staple food.
• Mali’s economy is based on agriculture. Its population is overwhelmingly rural, and mostly engaged in subsistence agriculture.
• Niger’s economy is based largely on internal markets, subsistence agriculture, and the export of raw commodities: foodstuff to neighboring countries, and raw minerals to world markets.
• Senegal gains most of its foreign exchange from fish, phosphates, groundnuts, tourism, and services. Its agricultural sector is highly vulnerable to variations in rainfall and changes in world commodity prices.
• Togo serves as a regional commercial and trade centre. The government's decade-long effort, supported by the World Bank and the International Monetary Fund (IMF), to implement economic reform measures, encourage foreign investment, and bring revenues in line with expenditures, has stalled.

History

• BCEAO stands for Banque Centrale des Etats de l'Afrique de l'Ouest.
• The CFA Franc BCEAO replaced the French Franc in 1945 in the French colonies of West Africa (Côte d'Ivoire, Dahomey, French Sudan, Mauritania, Niger, Senegal, Togo and Upper Volta).
• The currency continued to be used after these colonies gained their independence, except in Mali (formerly French Sudan), which replaced the currency with its own Franco in 1961. Mali returned to use the CFA Franc BCEAO in 1984.
• Mauritania adopted the currency in 1973.
• The former Portuguese colony of Guinea-Bissau adopted the currency in 1994.

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