UAE Central Bank Starts Publishing Daily Foreign Exchange Rates.
A press announcement was made by the Central bank on 17 th May 2018 that it will publish on its website, a list of foreign currency rates against the AED.
This was done as per the requirements of Federal Law No. 8 on Value Added Tax to enable UAE business entities to calculate and report their VAT obligations.
The Central Bank uses the rates from Thomson Reuters and then converts them to AED. The rates are updated from Monday to Friday and are based on FX rates prevailing at 6pm UAE time each day.
When there is no rate available due to local holidays, then the relevant rate will be the prevailing rate of the previous day at 6 p.m.