The Central Bank of the UAE (CBUAE) announced on Thursday the launch of two new banknotes as part of efforts to promote sustainable practices and develop enhanced environmental standards in the financial sector.
The new banknotes, in five- and ten- dirham denominations, are the third issue of the UAE currency. One of them is scheduled to enter circulation today.
Made of polymer, the new banknotes are considered to be more durable and sustainable than traditional cotton paper banknotes and are expected to last two or more times longer in circulation.
The banknotes are also enhanced by advanced technical characteristics and security features, the banking authority said in a statement.
The new five-dirham banknote retains the colour characteristics of the same denomination that is currently in circulation.
The image of the Ajman Fort, an ancient monument that bears witness to the cultural and historical legacy of the UAE’s forefathers, appears in the front centre face of the banknote, while the reverse side shows the image of Dhayah Fort, one of the UAE’s popular cultural landmarks located in Ras Al Khaimah.
The ten-dirham banknote also retains the original green colour. Its front central face shows an image of the Sheikh Zayed Grand Mosque, a religious, national and cultural iconic landmark. The reverse side features an image of the Khorfakkan ampitheatre, another important landmark in the emirate of Sharjah.
The new ten-dirham banknote is circulated today (April 21), while the five-dirham banknote will enter circulation on April 26. The current banknotes of both denominations will remain in circulation along with the new polymer notes.
(Reporting by Cleofe Maceda; editing by Anoop Menon)