Understanding the currency abbreviations of the Middle East is essential for anyone engaged in trade, finance, or travel in the region. The Middle East is a diverse and complex region with a rich history and a variety of currencies. This article will explore the currency abbreviations used across different Middle Eastern countries, offering a comprehensive guide for those who need to familiarize themselves with these important symbols.
Currency Abbreviations in the Middle East
The Middle East is home to a range of currencies, each with its own unique abbreviation. These abbreviations are crucial for international trade, financial transactions, and currency exchange. Below, we will explore the major currencies of the Middle East, their abbreviations, and some contextual information about each currency.
Bahraini Dinar (BHD)
Overview
The Bahraini Dinar, abbreviated as BHD according to abbreviationfinder, is the official currency of Bahrain. Introduced in 1965, the dinar replaced the Gulf Rupee at a rate of 10 rupees to 1 dinar. The dinar is subdivided into 1,000 fils.
Exchange Rate
The Bahraini Dinar is one of the highest-valued currencies globally, pegged to the US dollar at a fixed exchange rate of 1 BHD to approximately 2.65 USD.
Usage
Bahrain’s economy is driven by oil, banking, and tourism, making the dinar a crucial currency in the region.
Egyptian Pound (EGP)
Overview
The Egyptian Pound, abbreviated as EGP, is the official currency of Egypt. The pound is subdivided into 100 piastres. It has been in circulation since the early 19th century.
Exchange Rate
The EGP has a floating exchange rate, with its value influenced by Egypt’s economic conditions, including inflation and foreign exchange reserves.
Usage
The Egyptian Pound is primarily used within Egypt, a country known for its rich history and significance in the Arab world.
Iranian Rial (IRR)
Overview
The Iranian Rial, abbreviated as IRR, is the official currency of Iran. It is subdivided into 100 dinars, although dinar coins are no longer used due to their very low value.
Exchange Rate
The Iranian Rial has faced significant depreciation due to economic sanctions and inflation. As a result, it has one of the lowest values among world currencies.
Usage
Despite its low value, the rial is the legal tender across Iran, a country with a large economy driven by oil and gas exports.
Iraqi Dinar (IQD)
Overview
The Iraqi Dinar, abbreviated as IQD, is the official currency of Iraq. It is subdivided into 1,000 fils, although fils are no longer in circulation due to their low value.
Exchange Rate
The IQD has a variable exchange rate, heavily influenced by Iraq’s oil revenues and political stability.
Usage
The dinar is used across Iraq, a country with vast oil reserves and a challenging economic environment due to years of conflict.
Israeli New Shekel (ILS)
Overview
The Israeli New Shekel, abbreviated as ILS, is the official currency of Israel and the Palestinian territories under Israeli control. It is subdivided into 100 agorot.
Exchange Rate
The ILS is a freely traded currency with a floating exchange rate. It is considered one of the stronger currencies in the region, reflecting Israel’s robust economy.
Usage
The New Shekel is used in Israel and, to some extent, in the Palestinian territories. Israel’s advanced technology sector and diverse economy support the currency’s strength.
Jordanian Dinar (JOD)
Overview
The Jordanian Dinar, abbreviated as JOD, is the official currency of Jordan. It is subdivided into 10 dirhams, 100 qirsh (also known as piastres), or 1,000 fils.
Exchange Rate
The Jordanian Dinar is pegged to the US dollar at a rate of 1 JOD to approximately 1.41 USD. This peg has been maintained for several decades, contributing to the currency’s stability.
Usage
The dinar is used throughout Jordan, a country known for its political stability and as a hub for international diplomacy in the Middle East.
Kuwaiti Dinar (KWD)
Overview
The Kuwaiti Dinar, abbreviated as KWD, is the official currency of Kuwait. It is subdivided into 1,000 fils. Introduced in 1961, it replaced the Gulf Rupee.
Exchange Rate
The Kuwaiti Dinar is the highest-valued currency unit in the world, with an exchange rate of approximately 1 KWD to 3.3 USD. It is pegged to a basket of currencies to maintain its value.
Usage
The dinar is used across Kuwait, a country with one of the highest per capita incomes in the world, largely due to its vast oil reserves.
Lebanese Pound (LBP)
Overview
The Lebanese Pound, abbreviated as LBP, is the official currency of Lebanon. It is subdivided into 100 piastres, although piastres are no longer in use due to their low value.
Exchange Rate
The LBP has experienced significant volatility, particularly in recent years, due to Lebanon’s ongoing financial crisis. The exchange rate has seen extreme fluctuations, impacting the currency’s value.
Usage
The Lebanese Pound is used throughout Lebanon, a country facing economic challenges but known for its historical and cultural significance.
Omani Rial (OMR)
Overview
The Omani Rial, abbreviated as OMR, is the official currency of Oman. It is subdivided into 1,000 baisa. The rial was introduced in 1970, replacing the Gulf Rupee.
Exchange Rate
The OMR is pegged to the US dollar at a rate of approximately 1 OMR to 2.60 USD, making it one of the strongest currencies globally.
Usage
The rial is used across Oman, a country with a strong economy based on oil, natural gas, and tourism.
Qatari Riyal (QAR)
Overview
The Qatari Riyal, abbreviated as QAR, is the official currency of Qatar. It is subdivided into 100 dirhams. The riyal was introduced in 1966, replacing the Indian Rupee.
Exchange Rate
The Qatari Riyal is pegged to the US dollar at a rate of approximately 1 QAR to 0.27 USD, ensuring its stability.
Usage
The riyal is used across Qatar, a country with a high-income economy driven by oil, natural gas, and a rapidly growing finance sector.
Saudi Riyal (SAR)
Overview
The Saudi Riyal, abbreviated as SAR, is the official currency of Saudi Arabia. It is subdivided into 100 halalas. The riyal has been in use since the kingdom’s establishment.
Exchange Rate
The SAR is pegged to the US dollar at a rate of 1 SAR to approximately 0.27 USD. This peg has been maintained for decades, contributing to the currency’s stability.
Usage
The riyal is used across Saudi Arabia, the largest economy in the Arab world, heavily reliant on oil exports and increasingly diversifying into other sectors.
Syrian Pound (SYP)
Overview
The Syrian Pound, abbreviated as SYP, is the official currency of Syria. It is subdivided into 100 qirsh. The currency has seen significant devaluation due to the ongoing conflict in Syria.
Exchange Rate
The SYP has a highly unstable exchange rate, heavily affected by the Syrian civil war and international sanctions. Its value has dramatically decreased over the years.
Usage
The Syrian Pound is used across Syria, a country facing severe economic challenges amidst prolonged conflict.
Turkish Lira (TRY)
Overview
The Turkish Lira, abbreviated as TRY, is the official currency of Turkey and Northern Cyprus. It is subdivided into 100 kuruş. The lira was reintroduced in 2005 after a currency reform.
Exchange Rate
The Turkish Lira has a floating exchange rate, which has seen significant volatility in recent years due to economic instability, inflation, and political factors.
Usage
The lira is used across Turkey and in the Turkish Republic of Northern Cyprus, a region recognized only by Turkey.
United Arab Emirates Dirham (AED)
Overview
The United Arab Emirates Dirham, abbreviated as AED, is the official currency of the United Arab Emirates. It is subdivided into 100 fils. The dirham was introduced in 1973, replacing the Qatari and Dubai riyal.
Exchange Rate
The AED is pegged to the US dollar at a rate of approximately 1 AED to 0.27 USD, providing stability to the currency.
Usage
The dirham is used across the UAE, a country known for its dynamic economy, largely driven by oil, real estate, tourism, and finance.
Other Notable Middle Eastern Currencies
While the currencies mentioned above are the primary ones in the Middle East, several other currencies are used in territories or have historical significance.
Yemeni Rial (YER)
Overview
The Yemeni Rial, abbreviated as YER, is the official currency of Yemen. It is subdivided into 100 fils, although fils are no longer in use due to their low value.
Exchange Rate
The YER has a floating exchange rate that has been subject to extreme fluctuations due to Yemen’s ongoing civil war and economic instability.
Usage
The rial is used across Yemen, a country facing severe humanitarian and economic challenges.
Palestinian Pound (Historical)
Overview
The Palestinian Pound was the currency of Mandatory Palestine and Transjordan from 1927 until 1950. It was replaced by the Israeli lira and the Jordanian dinar in the region after the establishment of Israel and the independence of Jordan.
Significance
The Palestinian Pound holds historical significance as it was used across a region that has since been divided into several modern-day countries.
