The United Arab Emirates (UAE) will introduce a new Dh500 banknote into circulation this week equipped with new security features.
Officials from the UAE Central Bank say that the new banknote was necessary not only to stay on top of counterfeit efforts in the region but also to meet the demand of a growing population.
“The Central Bank’s move reflects that there has been a considerable growth in the domestic economy and the money in circulation is getting enlarged. It seems the people, businessmen and the economy as a whole feel the need to use larger bills that show their increased purchasing power and increased number of financial transaction,” Dr Mohammad Amerah, an Abu Dhabi-based economist, told Gulf News.
“The new security features on the note will curb counterfeiting,” Amerah added.
Included among these new security features is a see-through window on the front of the bill and an optically variable stripe showing the national emblem, falcon head and denomination value that changes colour depending on the angle.
In addition to these features, the silver thread once found on the back of the Dh500 note has been replaced with a broader window that reads “UAE 500” that changes colour depending on the angle, and the metallic ink around the UAE emblem on the front of the old bill will be replaced with multi-colour ink and a multi-colour hidden image will be featured on the bottom left side of the bill.
The dirham was put into circulation on May 19, 1973 and the current Dh500 note was issued in 1982, meaning that this is the first new Dh500 design in almost thirty years.
The new banknote will enter into circulation on Tuesday, November 29. Banks will continue to receive the old banknotes according to the Central Bank’s regular procedures.