UAE used the Indian rupee as the national currency until 1966, when different parts of the country started using different currencies. In 1973, the government established the dirham as the national currency, and the exchange rate of 3.67 dirhams to 1 US dollar has been constant since 1980. After a period of instability in the banking structure, the government reluctantly passed a law to convert the Currency Board into the Central Bank, strengthening the country's system.
Source: countrystudies.us.
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